Barclays has come under fire once again after a 244-page report by Anthony Salz, the lead reviewer commissioned by the bank in the wake of the Libor rigging scandal last July, who blasted the bank for its high-handed attitude resulting from its pay culture. The Salz review was compiled after 600 employees of Barclays were interviewed. Following the revelations, Anthony Salz, a lawyer and investment banker called on Barclays to strengthen its…

When it comes to healthcare needs of the individuals it is quality cover that has comprehensive features which matters and hence many people prefer the private health insurance companies to meet their requirements. However as inflation is being outpaced by premiums resulting in shrinking the choice of the insurer it signifies some tough times for those even on the private health insurance card. The five companies that offer the best…

This New Year if you have resolved to make some changes to your costly lifestyle such as giving up on your alcohol or impulsive shopping spree then it means that you will be saving some money in your kitty but the next problem that arises is to find the right place to put these savings. A savings account can be the best bet for you at this juncture but it…

Lloyd’s of London, the globe’s oldest insurance marketplace, has returned to a profitable condition in spite of Superstorm Sandy of 2012, which resulted in Lloyd’s of London having to shell out a humungous £1.4bn payment. Lloyd’s of London’s payout, due to Superstorm Sandy, was one of the biggest in its history of 325 years. Lloyd’s of London, nonetheless, still made pre-tax profits of £2.77bn, overturning a loss for 2011 of…

Cyprus Popular or Laiki Bank has imposed cash withdrawal restrictions to prevent it from going bust as angry customers queued up at ATMs to withdraw cash. The cash withdrawal restriction means that customers will not be able to withdraw more than 260 euros (£221) a day from cash machines, as MPs ask for more time to reach a deal to save Cyprus economy. With banks closed until next week in…

Standard Chartered chairman Sir John Peace has apologised and withdrew his comment regarding the bank’s breaches on Iran sanctions after the US regulators forced him to issue an apology over his appalling remark that the breaches occurred due to “clerical errors” and insisted that the breaking of the rules was not a “willful act”. Standard Chartered was forced to issue a formal stock market statement on Thursday by US regulators,…

Citigroup will pay $730m (£483.7m) to settle 48 investor claims that it made misstatements and omissions in disclosures before the financial crisis when the investors purchased its debt and preferred stock. Although, Citigroup denied the allegations, it said that it had agreed to settle the lawsuit to avoid further expenses and uncertainties that stem from a drawn out litigation.

HSBC is again plagued by fresh money laundering claims by Argentina government which alleged that the bank facilitated tax evasion through the creation of an illegal scheme that enabled clients to hide more than £50m. Argentina’s tax chief Ricardo Echegaray claimed that the scheme, which was set up by HSBC’s Argentina subsidiary, was approached by a criminal organisation and fake receipts were used to launder money for various companies. Last…

HSBC is planning to cut around 5,000 jobs in a fresh round of sacking as it outlines its next stage of turnaround strategy aimed at saving $1bn (£660m) in 2013. Sources close to the bank fear that the job cuts tally may even scale up to 10,000, if HSBC maintained the recent rate of staff cuts to cost savings as the bank warms up to outsourcing approach. Over the past…

Insurer Legal & General (L&G) has partnered with European private equity group Patron Capital to buy Lloyds-owned Cala Homes in a deal worth £210m. The investment groups plan to acquire 46.5% equity stakes in Cala from Lloyds Banking Group, with Cala’s management lapping up the remaining 7% share. Lloyds took control of Cala following a debt-for-equity swap at the end of 2009. The acquisition will be financed by £140m of…