BusinessBusiness

Scandal Hit Bank Urged To Quit US

The Irish Independent reports that Allied Irish Banks' (AIB) institutional shareholders want the group to quit the US following the $691m trading scandal at its Maryland Allfirst unit there.

AIB chief executive Michael Buckley has already said that the group would spend the next few months restoring Allfirst's reputation and then look at whether it should be sold. Some major shareholders, however, are thought to want to ditch the unit now and cuts the bank's losses.

The bank reached agreement with US regulators earlier this month on new risk and internal audit procedures which will be introduced immediately at Allfirst.

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