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Banking

WireTap 1400 11/05/12

A round-up of the key stories across the specialist financial media, including news that JPMorgan has been holding discussions with UK regulators about the trading losses incurred by the bank's investment office


JPMorgan holding talks with UK regulators

JPMorgan has been holding discussions with UK regulators about the roughly $2 billion of trading losses incurred by the bank''s investment office.

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Spain accepts independent banking sector audit

Spain agreed to commission an independent audit of its financial system on Friday, trying to dispel market concerns that a state-funded bank bailout, set to be approved by the cabinet, could strain public finances to breaking point.

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Spain set to miss deficit target

Spain will badly miss its budget deficit target for this year and next year, according to European Union forecasts released on Friday, which mean Madrid will have to adopt even deeper austerity measures if it is to avoid big fines from Brussels.

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EU: signs of recovery, risks remain

The European Commission says there are initial signs of a recovery in the bloc''s growth next year, although risks remain from the sovereign-debt crisis or a global increase in oil prices.

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Greek exposure hits Crédit Agricole

Crédit Agricole reported a 75% fall in first-quarter net profits after taking another hit from its exposure to Greece through Emporiki, its loss-making Greek bank.

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