Giles Cadman

by Giles Cadman JP Morgan has ongoing issues with compliance, with a number of regulatory agencies investigating a variety of different issues. Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath. The […]

by Giles Cadman One of the biggest scandals in the Global Financial Crisis was how much bankers were paid in bonuses while their banks were failing. Various banks have taken various approaches to claw back bonuses, and Lloyds have announced they are looking at cutting bonuses for former directors. The Sunday Telegraph can disclose that the Lloyds board, […]

by Giles Cadman The Global Financial Crisis was in part caused by banks getting too big to fail, meaning they took risks they should not have, knowing governments would bail them out.Bloomberg has an excellent article explaining the subsidy, and calculating it to be $83b a year. So what if we told you that, by […]

by Giles Cadman A group of alleged tax evaders have been told to comply with subpoenas to provide the IRS details of offshore bank accounts and financial interests. A New York federal judge on Tuesday ordered five unidentified taxpayers to hand over information about their foreign bank accounts to a federal grand jury, saying they […]

by Giles Cadman The fallout from the Global Financial Crisis showed that many regulators did not protect economies from crises, and this came at a huge cost to taxpayers. The natural reaction has been for governments to expand regulations and expand regulators. Britain has expanded the regulatory role of the Bank of England, with a […]

by Giles Cadman The PPI scandal has continued for a number of years, and many have suffered from banks misleading customers. It seems that some of the claims were not legitimate. Former Lloyds boss Eric Daniels has told MPs that 50pc of mis-selling claims received by the bank related to payment protection insurance (PPI) were […]

by Giles Cadman Both banks and their regulators got something wrong in the lead up to the Global Financial Crisis. It is good to see that the Financial Services Authority is now being proactive in monitoring banks and the investment advice they are providing consumers. The Financial Services Authority is understood to be taking action […]

by Giles Cadman Barclays has had to restructure for a variety of reasons, with one of the major contributing factors being its poor ethical record before the Global Financial Crisis. Barclays has said it will cut 3,700 jobs following a strategic review, as it aims to reduce costs by £1.7bn. Barclays boss Antony Jenkins told the […]

by Giles Cadman In the continued fallout from the Libor scandal RBS‘s investment banking chief, John Hourican, is to resign. He is the most senior executive to resign. Mr Hourican’s departure is expected to be announced to RBS staff as the bank publishes details of a settlement of around £400m over accusations it manipulated key […]

by Giles Cadman Barclays Bank is changing according to Antony Jenkins, the Chief Executive. He is likely to recommend the closing of the Structured Capital Markets unit, which has been described as the tax avoidance unit. In the mid-2000s the unit made profits of as much as £1bn in a single year and became synonymous […]