Inadequate controls at HSBC allowed it to be used to launder suspicious money from around the world, including Mexican drug money, a damning US report has found.

WEB GURUS

Lloyds Banking Group is close to selling some 630 branches to the Co-operative Group at a significant discount to the original price tag of £1.5bn, reports suggest.

'AVE IT

Goldman Sachs has predicted the London Olympic Games will boost the nation's economic output by as much as 0.4 percentage points in Q3.

PROTECTION WATCH

The government is to announce details of a deferred payment scheme for residential care for the elderly, which will allow councils to lend individuals money to pay for care, then recoup the money when their house is sold after their death.

An independent financial adviser is spearheading a campaign to revive trust in financial services, which he said has reached "crisis point".

Zurich UK Life is to restructure the business into a three-pronged proposition, with one unit to cater for all pre-retail distribution review (RDR) business and products.

Investec Structured Products has launched its latest collection of plans offering a variety of structured risk and return profiles across two product risk categories; Deposit and Investment.