Here’s your Cheat Sheet to this week’s financial industry business headlines:
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UBS (NYSE:UBS) nears resolutions with American and British authorities over the manipulation of interest rates as it is anticipated that the Swiss bank will pay more than $450 million to settle claims that some of its employees reported false rates so as to increase profit, according to knowledgeable but anonymous officials. The authorities say that traders at UBS colluded with peer banks to influence rates in an endeavor to augment their profits and some were suspended in 2012 in regards to the matter. In reaction to the Libor situation, a reform movement gained traction after worldwide authorities reached a settlement with Barclays (NYSE:BCS), having accused that firm of similar misdeeds with rates. Other banks that are involved, such as The Royal Bank of Scotland (NYSE:RBS), are in advanced settlement discussions and in November, Deutsche Bank (NYSE:DB) said that it is setting reserves aside to cover potential fines.
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Daniel Bailey, the head of tech at Citigroup (NYSE:C), is exiting as a part of the bank’s cost reductions, reacting to the stalled economic climate on the continent and also tougher regulation, said inside sources to Reuters on Monday. The resignation is immediately effective and Bailey will be replaced by the firm’s European head of mergers and acquisitions, Wilhelm Schulz.
In a Monday press release, American International Group (NYSE:AIG) said that its life and retirement division, AIG Life and Retirement, purchased Woodbury Financial Services from the Hartford Financial Services Group (NYSE:HIG). The parties had completed a definitive agreement for the acquisition on July 31st. Woodbury Financial Services is now a part of AIG Life and Retirements Advisor Group, which is one of the country’s largest networks of independent broker-dealers, and brings about 1,400 advisors and $25 billion in assets under management to the Advisor Groups network, including FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial.