Martin Wheatley, chief executive officer of the UK Financial Conduct Authority (FCA), speaks during a news conference following an announcement by the FCA, the Commodity Futures Trading Commission and the Swiss Financial Market Supervisory Authority yesterday, about penalties given to five banks following a global foreign-exchange rigging probe. The FCA said its fines relate to “ineffective” controls at UBS, Citigroup, JPMorgan Chase, Royal Bank of Scotland Group, and HSBC,  that allowed the banks to put their “interests ahead of those of their clients, other market participants and the wider UK financial system.” (Photograph: Matthew Lloyd/Bloomberg)

In an early morning chat, three senior currency traders at some of the world’s biggest banks weighed the pros and cons of admitting a fourth member(...)

US soldiers at a base near Najaf, Iraq, in 2004. “The government does a very good job of sending people to war and a very poor job of bringing them home.”  Photograph: AP Photo/Saurabh Das

When I close my eyes, I can easily flash back to a time when it was cool to call people in uniform “pigs” and “baby killers.” If you had any family me(...)

In London, supermarket giant Tesco was back under pressure with a decline of nearly 3 per cent or 4.6p to 180.6p. Photograph: Rui Vieira/PA Wire.

European stocks were little changed today as investors signalled they are likely to hold fire until they see stronger signs of a recovery. Values slu(...)

British lender Barclays has axed 2,700 jobs at its investment bank this year as part of a wider cull of 19,000 roles over three years

The banking sector’s long and painful restructuring accounted for a further 1.2 per cent fall in staff numbers at Europe’s biggest lenders in the firs(...)

Apple will receive fees from banks when consumers use an iPhone in place of credit and debit cards for purchases, a deal that gives the handset maker (...)

RBS said last year it would sell 20-25 per cent of Citizens Financial Group by the end of 2014 through a US IPO as the bank faces pressure from British regulators to bolster its capital and sell off non-core assets. Photograph: Reuters/Toby Melville

Citizens Financial Group, the US unit of Britain’s Royal Bank of Scotland, said its initial public offering was expected to raise as much as $3.5 bill(...)

People familiar with Bank of America, Citigroup and Morgan Stanley say they have considered Ireland a favourable location for some of their European business if they need to move them out of the UK. Photograph: Bobby Yip/Reuters

SAM FLEMING Wall Street banks are drawing up preliminary plans to move some London-based activities to Ireland to address concerns that the UK is dr(...)

A sign of US bank Goldman Sachs on the floor of the New York Stock Exchange. EPA/JUSTIN LANE

Wall Street firms led by Goldman Sachs Group are close to buying a stake in chat and instant messaging startup Perzo in pursuit of an alternative to a(...)

Goldman Sachs reported a 5 per cent rise in quarterly profit, spurred by higher revenue from investment banking and a smaller decline in fixed-income(...)

When the contest is between the big firms it is especially pointless. Photograph: Getty Images

Some time ago I sat on a committee that had the job of hiring a headhunter. For the best part of a day we shut ourselves into a room in the City of(...)