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Banking

WireTap 1400 03/02/12

A round-up of the key stories across the specialist financial media, including news that UBS and Credit Suisse, among others, are being investigated in a rate-fixing probe.


UBS, Credit Suisse in Swiss rate-fixing probe

UBS and Credit Suisse Group are among 12 banks facing a Swiss inquest into possible manipulation of Libor, the latest probe into how the benchmark for $350 trillion of financial products is set.

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Spain coaxes banks to merge to purge losses

Spain’s government gave banks an extra year to recognize losses if they agree to merge, as it tries to repair the damage done to the country’s financial industry following the collapse of the property boom four years ago.

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Rösler opposes ECB write-down on Greece

Philipp Rösler, German economy minister, has rejected demands to involve the European Central Bank directly in efforts to reduce Greece's debt.

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Wegelin charged with aiding tax evasion

US prosecutors have filed criminal charges against Swiss bank Wegelin for allegedly helping Americans evade paying taxes, marking the first time US authorities have indicted an overseas bank for aiding tax fraud.

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Institutions warm to leveraged and inverse funds

Investors are showing increased interest in leveraged and inverse ETFs, which have previously been criticised for delivering unexpected results and increasing market volatility.

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