Associated Press says that Daily Sueddeutsche Zeitung reports that the unnamed employees were involved in a lucrative "tax carousel" trading system for carbon emissions credits.
In the meantime, Bloomberg reports that Antoine Cornut, who led flow-credit trading in the Americas and Europe for Deutsche Bank AG, plans to start his own hedge fund, according to two people with knowledge of the matter.
Cornut, 37, will likely begin raising money next year for his fund, which will focus on European credit, said the people, who asked not to be identified because his plans are private. Cornut applied to register his firm, Camares Capital LLP, in August with the U.K.’s Companies House, according to a regulatory filing.
Finally, Reuters reports that HSBC is to significantly scale back the scope of its global Islamic banking operations, as the business becomes the latest area to be affected by a wider restructuring at the UK-based bank.
HSBC is cutting thousands of jobs and exiting non-core businesses as part of Chief Executive Stuart Gulliver's plans to cut costs and improve profitability. The bank has already divested assets in more than 26 countries, including the United States, South Korea and Pakistan.
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Ex-Deutsche Bank Credit Trader Cornut Said to Plan Hedge Fund
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