Accountancy firm Ernst & Young (E&Y) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result.
The report has accused E&Y of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks...
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Finance
on 03-12-2010
Filed under: All Financial News, report, Banking News, collapse, senior executives, Ernst & Young, legal action, Lehman Brothers, examiner, Repo 105, accounting gimmicks, Jenner & Block, Anton Valukas
HSBC has reunited customers with £10.4 million held in lost or forgotten bank accounts.
The bank, which started searching out owners for unclaimed funds in September 2008, said over 7,000 customers have been reunited with dormant accounts.
The average money in each account was £1,400.
People in London...
Posted to
Finance
on 03-11-2010
Filed under: All Financial News, UK, savings, Banking News, HSBC, dormant accounts, forgotten, bank accounts
City watchdog, the Financial Services Authority (FSA), has today announced banks will face stricter stress testing to ensure they can survive a further 4 years of falling economic growth and a 13.3% unemployment rate.
Stress tests were introduced following the financial crisis to ensure that banks had...
Posted to
Finance
on 03-10-2010
Filed under: All Financial News, Economy News, fall, Banking News, Financial Services Authority, FSA, new, unemployment rate, economic growth, stress tests, property prices, survive, stricter
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year.
Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving...
Posted to
Finance
on 03-10-2010
Filed under: All Financial News, Economy News, savers, 2009, Banking News, losses, Northern Rock News, bad bank, good bank, bonuses, narrow, guarantee