The City regulator has ended its investigation into the short selling of HBOS shares despite repeated attacks on the bank that last week pushed its stock price below the level of a planned rights issue, The Guardian reports.
It is understood that the Financial Services Authority, which continues to believe some traders are abusing the system, has failed to piece together a case against individual firms for driving down the price of HBOS shares.
A similar investigation into suspicious trades in Bradford & Bingley shares is also expected to draw a blank as the regulator struggles to establish enough evidence of a conspiracy among traders or an attempt to spread malicious rumours about some of Britain's high street banks.
INVESTMENT BANKERS IN London are steeling themselves for more job losses as Citigroup and Goldman Sachs eliminate thousands of roles, according to The Times.
Citigroup, America’s largest bank, is expected to cut up to 6,500 investment banking jobs – as much as 10 per cent of its roughly 65,000 headcount worldwide. Some staff could be told today that their services will no longer be required.
It is believed that entire trading desks in New York, London and other cities will be eliminated. Senior managing directors will not be immune from the layoffs, sources said last night.
BRADFORD & BINGLEY will once again up the stakes in the battle for consumer deposits today, becoming the first bank to offer a no-notice savings account that guarantees to pay interest above the Bank of England base rate – for life, The Independent reports.
Although many banks now offer competitive rate guarantees on savings accounts, some for as long as five years, no provider has gone as far as to offer a loss-leading account for the duration of a customer's life.
While the credit crunch has pushed current savings rates well above the base rate – with the top no-notice accounts now paying around 6.5%, and many banks offering fixed rate bonds paying more than 7% – historically, the best savings rates have tended to be much closer to the Bank of England rate.IFAonline
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