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Name | Symbol | Market | Type |
---|---|---|---|
Royal Bank of Scotland Group PLC | NYSE:RBS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.09 | 0 | 01:00:00 |
GOLDMAN SACHS
Financial Institution Unit Revamps Top
Goldman Sachs Group Inc. has reshuffled the leadership of the banking unit that counts other banks as clients.
Mike Esposito, who currently co-heads the global financial institutions group, known as FIG, will be promoted to chairman of that unit effective next month, according to a memo reviewed by The Wall Street Journal.
He will be succeeded by Luke Sarsfield, who is chief operating officer of Goldman's investment-banking division and will split the role with FIG co-chief Todd Leland, based in London. The reshuffling comes as Goldman has sought to deepen its reach among financial institutions.
--Liz Hoffman
DELOITTE TOUCHE
Brazil Arm to Pay $8 Million Penalty
The Brazil affiliate of accounting firm Deloitte Touche Tohmatsu agreed to pay $8 million to settle a U.S. regulator's allegations that it issued false audit reports and tried to cover it up.
The fine for Deloitte Touche Tohmatsu Auditores Independentes, Deloitte's Brazilian member firm, is the largest ever imposed by the Public Company Accounting Oversight Board, the U.S. audit-industry regulator. Twelve former Deloitte Brazil partners and other personnel were sanctioned as well.
In settling, Deloitte Brazil admitted it violated quality-control standards and failed to cooperate with the PCAOB's inspection and investigation. Deloitte Brazil said in a statement that "unethical behavior is not tolerated in our firm," and that the conduct of the individuals involved was "wholly incompatible with our culture." The firm is under new leadership now, and "we have full confidence in the quality of our audits," the firm said.
--Michael Rapoport
ROYAL BANK OF SCOTLAND
Lawsuits Are Settled On Rights Disclosure
Royal Bank of Scotland Group PLC said it would pay as much as GBP800 million ($1.02 billion) to settle claims with shareholder groups over allegations that it misled them in the run-up to an emergency rights issue during the financial crisis.
RBS said that it had concluded settlements with three out of the five shareholder groups without admitting fault and said that it would "vigorously defend" claims from any parties that wouldn't settle.
The dispute relates to a GBP12 billion cash call just before RBS was bailed out by taxpayers in 2008. The GBP800 million already has been set aside in RBS's accounts. RBS continues to negotiate with the remaining two groups. If no agreement is reached, a trial is due to commence next year.
--Max Colchester
PENSION FUNDS
Dallas Mayor Sues To Stop Withdrawals
Dallas Mayor Mike Rawlings filed a lawsuit to halt exits from the city's police and fire pension fund following more than $500 million in withdrawals since early August.
The retreat by the city's police officers and firefighters is heightening the risk that a major U.S. pension could run out of money. Pension officials say the fund could be insolvent in 10 years.
Officers say they are pulling their money because of concerns about the financial standing of the Dallas Police and Fire Pension Fund following a series of investment blunders that produced more than half a billion dollars in losses.
The fund made an ill-fated foray into real estate that included luxury homes and shopping centers in Hawaii, student housing in Texas and raw land in Idaho and Colorado.
The Dallas mayor, who said he is acting in his private capacity as a Dallas taxpayer and paying for the suit himself, has been publicly critical of the fund and has said the city doesn't intend to bail out the retirement plan.
--Heather Gillers
(END) Dow Jones Newswires
December 06, 2016 02:47 ET (07:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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