The New York Post reports that the bank is bracing itself for as much as a $600m fine to be levied by US regulators in the next few weeks, the newspaper has learned.
The fine stems from a joint investigation alleging that the bank laundered $250 billion for the dictatorial Iranian regime.
In the meantime, Finextra has reported that Citigroup has been fined $30,000 by Australian securities regulators for a fat-finger trading error which caused the share price of a stock to plunge by 99%.
And Reuters reports that when Blackstone Group named a new global head of private equity last month, Chief Executive Stephen Schwarzman was looking for more than just a business unit chief.
Even though the buyout king has no plans to retire, the appointment of Joe Baratta, a 41-year-old dealmaker credited with building up the firm's European buyouts practice, was the latest step in a wider succession plan, Blackstone insiders said.
Finally, Bloomberg reports that ex-Goldman Sachs director Rajat Gupta’s sentencing on securities fraud for leaking inside information to fund manager Raj Rajaratnam was reset for October 17th, a day earlier than previously set.
Gupta, 63, formerly managing partner of McKinsey & Co., was convicted by a federal court jury in Manhattan on June 15 of three counts of securities fraud and one count of conspiracy. Prosecutors said Gupta, who sat on the board of New York-based Goldman Sachs and Cincinnati-based Procter & Gamble Co. (PG), leaked tips he learned from board meetings to Rajaratnam, who had also been his business partner.
Citigroup fined for fat-finger trade that floored stock price
Blackstone grooms six executives for Schwarzman's job
Gupta Insider-Trading Sentence Is Re-Set for Oct. 17
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