New York City -
Federal regulators in Britain and in the U.S. have issued a combined fine of $920 million in connection to the "London Whale" fraudulent trading and coverup which lead to massive losses for the banking firm.
The breakdown of the fines:
$220 million from the U.K.'s Financial Conduct Authority,
$200 million from the British Securities and Trade Commission.
$200 million from the U.S. Federal Reserve Board.
and $300 million from the Office of the Comptroller of the Currency.
New York City -
In a new report by the FDIC, the nation's largest banks earned a record $42.2 billion in the second quarter of this year, April through June, an increase of 23% over the same period last year. In fact, the gain was so large, it has set the record for the highest profits in any second quarter on record.
Helping boost the bottom line of most banks was a 30% drop in bad loans and higher fees associated with banking plus a new matrix of fees.
Convicted fraudster and ATM thief Valentin Boanta is currently serving a five year prison sentence after being caught making and distributing skimming devices to steal banking customer's debt card information illegally and has not developed an antitheft anti-tampering device for ATM's.
U.S. companies have earned a record $1.9 trillion in profits in overseas operations and offshore accounts according to reports.
Multinational Conglomerate General Electric earned the most profit in its overseas operations at $108 billion, and coming in second was drugmaker Pfizer at $73 billion.
Under current tax rules, corporations do not have to pay taxes on income earned overseas as long as they do not intend to bring the money back into the United States.
Fort Lauderdale, Fla. -
Bank Atlantic will be laying off about 365 employees as part of it being bought by BB&T. The report comes from state filings from BB&T.
Most of the lay offs will come from back office positions and administrative positions at Bank Atlantic's current headquaters that overlap BB&T or are duplicate of existing BB&T positions at its Winston-Samlem, NC headquaters.
A new study conducted by James Henry, a former chief economist at the consultancy McKinsey, and commissioned by the Tax Justice Network, has found that $21 trillion are being kept in off shore hidden accounts around the world. Henry added, that $21 trillion was a conservative number and that it could be as much as $32 trillion.
How much is $21 trillion? That is the GDP of the United States and Japan, combined.
[Update] 7-17-12 2:30pm
The head of HSBC Compliance has said he is stepping down, other top executive apologize for "lapses".
Washington, D.C. -
According to a year long congressional investigation, a new report says HSBC has intentionally not enforced security and overlooked numerous red flags that allows Mexican drug cartels and Middle East terrorist to launder as much as $17 billion in physical cash, and that HSBC failed to monitor some $60 trillion in wire transfer and account activities.
New York City -
At nearly ever major corporation with operation in multiple countries, a recent poll by Fireapps found that as much as 88% are actively preparing plan in case the Euro collapses, as many fear its possibility. Fireapps consults for many of the Fortune 500 companies in the United States.
Among the most common plans are moving money every day out of European markets and into other more stable centers. The constant movement of large funds are futher putting Europe one step closer to a financial implosion.
Bank Of America will be laying off 675 employees in two offices in Fort Lauderdale as part of its overall 30,000 layoffs that is previously had announced. The offices affected were primarily responsible for modifying homeowner mortgages.
The move is expected to save BofA an estimated $43 million a year and together with other layoffs will save the bank nearly $2 billion.
The bank has been under pressure to show better profits and has taken a beating by the public and regulators in its mortgage practices in the past which have cost it $11 billion in all.