Bloomberg reports that regulators have granted key approvals for the move, and the firm is almost done gathering consent from investors and counterparties, the New York-based lender said in a statement. The business will contain hedge funds that have been managed by the bank’s Citi Capital Advisors unit.
In the meantime, Reuters reports that Credit Suisse said on Thursday it does not expect to have any material issues in relation to a global investigation into rigging of benchmark interest rates.
The news agency also reports that HSBC was forced into its biggest restructuring in almost 150 years because the bank's complex structure and wide geographical spread had made it attractive to criminals, its chief executive said.
'Our structure was not fit for purpose for a modern world', Stuart Gulliver told MPs on a British banking inquiry on Wednesday. 'Our geographic footprint became very attractive to trans-national criminal organisations, whether they are terrorist in origin or criminal in origin'.
And Bloomberg reports that Bank of America’s Merrill Lynch unit won dismissal of a lawsuit by Woori Bank over losses on $143m of collateralized debt obligations because the South Korean company filed too late.
U.S. District Judge Victor Marrero in Manhattan ruled in a written decision made public earlier this week that Seoul-based Woori failed to sue within three years as required by a South Korean statute of limitations. Marrero rejected Woori’s argument that the three-year period didn’t begin to run until the Financial Crisis Inquiry Commission published a January 27th, 2011, report.
Reuters reports that the conduct of some Royal Bank of Scotland staff who rigged Libor interest rates was disgraceful and brought shame on the bank, the head of its investment bank told staff on Wednesday.
Finally, the news agency reports that the big bonuses that UBS Wealth Management Americas has been paying to recruit top advisers appeared to pay off in the fourth quarter.
Average revenue generated by the approximately 7,000 advisers at UBS AG's U.S. brokerage topped $1m in the fourth quarter of 2012, the Swiss bank reported on Tuesday. It was a record for the U.S. unit, and probably for any U.S. retail brokerage, consultants said.