FINANCES : Sortir de la boîte, Penser autrement Index du Forum

FINANCES : Sortir de la boîte, Penser autrement
Finance Européenne, Crise de la Dette, Banques, Zone Euro, Forum temporaire pour analyser l'activité , informer donner des nouvelles à ceux qui en ont envie .

 FAQFAQ   RechercherRechercher   MembresMembres   GroupesGroupes   S’enregistrerS’enregistrer 
 ProfilProfil   Se connecter pour vérifier ses messages privésSe connecter pour vérifier ses messages privés   ConnexionConnexion 

Les Banques ARCHIVES 2012 2013
Aller à la page: <  1, 2, 332, 33, 3453, 54, 55  >
 
Poster un nouveau sujet   Répondre au sujet    FINANCES : Sortir de la boîte, Penser autrement Index du Forum -> ARCHIVES Billets -> Archives Revue de presse
Sujet précédent :: Sujet suivant  
Auteur Message
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mar 12 Fév - 09:26 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Barclays closes tax avoidance factory

Lucrative dark arts were practiced in the run-up to the banking crisis by the company's Structured Capital Markets division
19 comments


Revenir en haut
Publicité






MessagePosté le: Mar 12 Fév - 09:26 (2013)    Sujet du message: Publicité

PublicitéSupprimer les publicités ?
Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mar 12 Fév - 10:45 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

BANQUES 08:50

Barclays annonce la suppression d’au moins 3700 emplois en 2013
L’établissement britannique a dévoilé mardi un plan stratégique qui concerne l’activité de détail en Europe et la banque d’investissements. Objectif: 1,7 milliard de livres d’économie en 2015


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mar 12 Fév - 16:25 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

THE WALL STREET JOURNAL
The Morning Brief

___________________________________

LONDON-- Barclays PLC on Tuesday said it would slash several thousand jobs as part of a three-year effort to rebuild the bank's tattered reputation and ready it for a tougher regulatory environment.

Under Chief Executive Antony Jenkins' new plan for the lender, around 3,700 jobs will go, mostly in its investment bank, as it aims to slice around 9% from its �18.5 billion cost base by 2015.

Barclays will focus future investment on its U.K., U.S. and African operations. Meanwhile, the bank's loss-making European retail operations will prioritize targeting wealthy customers. The bank's powerful investment bank, which historically has accounted for more than half of profits, will be "repositioned" in Europe and Asia, where the division has less traction with clients than in the U.K. and U.S. Some 1,600 jobs have already been cut, mostly in Barclays European and Asian equities teams.

http://online.wsj.com/article/SB10001424127887324880504578299263719702472.h…


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mar 12 Fév - 17:49 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

BANQUES 11:17

Barclays annonce la suppression d’au moins 3700 emplois en 2013
Les coupes s’inscrivent dans le cadre d’un plan stratégique annoncé mardi par son nouveau patron Antony Jenkins, qui veut réaliser des économies et restaurer la réputation de l’établissement touché par une série de scandales


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mer 13 Fév - 11:21 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

From COMPANIES 9:03amING unveils 2,400 fresh job cutsLender presses on with cost cuts after ‘transformational year’

Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mer 13 Fév - 17:07 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Un début :


From COMPANIES 10:46amSocGen unveils shake-up amid lossesFrench bank to split investment and retail banking


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mer 13 Fév - 18:00 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

La Société Générale élague son organisation pour gagner en efficacité
13/02 | 16:05 | Ninon Renaud 
 
Le groupe bancaire réunit dans un pôle sa banque de détail et ses services financiers à l'étranger. Elle crée aussi un pôle chapeautant banque d'investissement, banque privée et gestion d'actifs. 


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Mer 13 Fév - 22:59 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Entangled in Tuscany
The repercussions of the Monte dei Paschi bank scandal




High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/7809ab88-7541-11e2-b8ad-00144feabdc0.html#ixzz2KoZP4DkE


In recent weeks, after the eruption of a banking scandal at Monte dei Paschi di Siena, the world’s oldest lender, residents of the Tuscan hilltop city at its epicentre have taken a perverse pride in asking themselves a question. 
 
Where does this saga – mired in high finance, allegations of corruption and political interference – put them in the pecking order of Italy’s corporate scandals? Is this more serious than the demise of Parmalat, the dairy company that collapsed in 2003, in Europe’s biggest bankruptcy? 
 
Could it be, they ask, the start of another Tangentopoli, the explosive 1990s corruption investigations at the highest levels of corporate and political life that forced the exit of a generation of Italian leaders? 
 
As judicial investigations develop and the political fallout from the affair widens, ascribing MPS its rightful place in Italy’s hall of shame still needs time. But what is becoming clear is the extent to which, in the darkest days of the eurozone sovereign crisis, MPS joined another list: one of the too-big-to-fail banks. 
 
 
 
The scandal has pulled in Mario Draghi, who was Italy’s banking supervisor at the time. From Frankfurt the president of the European Central Bank has been forced to defend regulation under his watch as it poses big questions about banking union and the difficulties faced by the ECB as single banking supervisor. 
 




It also looks set to drag into its sphere a wider circle of international finance operators who made many millions of euros out of Siena for a decade. Advisers to the Tuscan bank and its main shareholder, the local banking foundation, run like a roster of the big beasts of high finance from local institution Mediobanca to Deutsche Bank and Nomura, JPMorganBank of America Merrill Lynch and Goldman Sachs
 
But at its heart, MPS raises persistent questions about transparency in Italian business and why Italy’s third-largest bank by assets was allowed to rack up risk for so long so that it became a systemic threat in the heat of the sovereign crisis. 
 
“Monte Paschi was important to the entire Italian system. It had to be defended,” says one senior banker with direct knowledge of the affair. 
 
 
 
An expensive acquisition
The roots of MPS’s downfall lie in its costly €9bn acquisition of Banca Antonveneta in the last days of the economic boom in November 2007. The buyout, done without due diligence, gave MPS the largest corporate loan book relative to its size in Italy, which today remains the jewel at the centre of the bank.
But at nearly 20 times earnings, almost double the average for Italian banks at the time, it drastically weakened its capital strength just as the financial crisis was about to hit. It was a deal from which chairman Giuseppe Mussari – a Calabrian dubbed Belli Capelli for his wavy, near shoulder-length hair – and his softly spoken chief executive Antonio Vigni, were never to recover.
The bank’s share price dropped 11 per cent to €3.72 on the day following the announcement of the takeover, valuing the entire group at less than the value of its acquisition target. Santander, which had sold Antonveneta to MPS in one of the most audacious “flips” in banking history, had valued Antonveneta, minus a subsidiary which it kept, at €5.6bn.
The high cost of the takeover sparked immediate controversy not least because the sale came out of the fated break-up of ABN Amro that later engulfed Royal Bank of Scotland and Fortis. An analyst on the conference call with MPS management the day after bluntly asked: “Did you negotiate?” Within months, magistrates were probing the transaction and those investigations are now part of allegations of possible corruption.
Whatever the reasons for the price – and supervisors and those close to the deal say it was just a reflection of the euphoria of the boom – the transaction propelled the bank into a flurry of activity to rebuild capital. This ultimately led to a series of disastrous derivatives trades and the taking of huge debt by its main shareholder. This has deepened speculation about whether MPS can survive in its present form.
The Antonveneta deal was to be funded by a €5bn rights issue and €1bn issue of hybrid capital securities. But by the time of the rights issue, the stock price had fallen sharply to €2.03 and the shares in the rights issue were offered at €1.50. Moreover, it would turn out to be just the first in a series of requests for capital that pushed the bank’s ownership structure, dominated by a local banking foundation, to the brink.




By March 2009, MPS had to ask the government for its first slug of state aid as its plans to sell assets to pay for Antonveneta floundered in the financial crisis. The bank took €1.9bn in the form of “Tremonti Bonds”, named after Giulio Tremonti, economy minister in Silvio Berlusconi’s centre-right government. The bank’s net profit plunged to €220m in 2009, from €953m in 2008.
Priming the time bomb
While MPS’s receipt of state aid was played out in public, in private the bank was creating a time bomb in its castellated Renaissance headquarters. From the end of 2008 and through 2009, MPS restructured as many as eight derivatives deals apparently to keep losses worth hundreds of millions of euros off its balance sheet, according to people with knowledge of the matter.
The leading players
Giuseppe Mussari 
Resigned as chairman of MPS in April under pressure from the Bank of Italy. Quit as head of Italy’s banking lobby amid allegations of market abuse, which he denies.
Mario Draghi 
Made a robust defence of regulation of MPS while head of the Bank of Italy, detailing interventions by the central bank and calling for extra supervisory powers.
Giulio Tremonti 
Former economy “superminister” was responsible for supervising the MPS foundation as it ran up €1.1bn in debts. Has said the Treasury shares no blame.
Alessandro Profumo 
Arrived at MPS last year to oversee a clean-up. That process unearthed €730m of “hidden” derivatives losses, which are now the subject of judicial inquiries.

Significantly in 2008, MPS did a deal with Deutsche Bank to restructure a lossmaking 2002 swap called “Santorini” which at today’s prices books a loss of €429m.
A few months later, MPS applied similar treatment to another lossmaking derivatives trade called “Alexandria”, this time with Nomura as a counterparty. Again at today’s prices, the losses are worth €308m, according to the bank’s new management. But at the time the hit was spread over three decades by repurchase agreements based on Italian sovereign debt.
“There was a clear intention to spread losses over a 30-year period,” according to a person with direct knowledge of the term sheets. The Bank of Italy says the scope of the transactions, which are now the subject of regulatory and judicial scrutiny, were not fully discovered until October 2012.


At the same time the bank’s top managers were building a huge portfolio of €25bn of Italian BTP sovereign bonds, storing up another problem just as the eurozone sovereign crisis was about to strike. In July 2010, even though the bank’s share price continued to fall, MPS surprised analysts by passing the first round of European Banking Authority stress tests.
However, the bank’s board was being given a different message privately by the central bank. According to the central bank, MPS’s board and its auditors in the autumn of 2010 requested that the bank again increase its capital levels. Nonetheless, on October 25 2010, with its share price down to €1.05, MPS dismissed media reports about the need for a capital raising as “groundless”.
Three months later with still no word about capital raising, there was a rare public expression of the high tension between the central bank and MPS. Mr Draghi, speaking at an annual banking congress, broke away from a scripted speech to “make a suggestion”. “It would be wise for you either to raise capital or make clear any plans to raise capital before the stress tests,” he said. Mr Mussari, sitting in the front row, directly in Mr Draghi’s view, left the conference abruptly at the end of the speech, visibly angered.
When the €2.5bn capital raising finally took place in April 2011, it pushed the foundation that owned more than half of MPS shares to the brink, putting the bank’s ownership in play as Italy roared into the crisis.
Extra funds
To maintain its control of the bank, the MPS foundation decided in 2011 it needed to come up with an additional €1bn. The foundation, which is controlled by the traditionally centre-left Sienese political community and the heads of local guilds, owned more than half of MPS shares. Mr Mussari, now head of Italy’s banking lobby, had been chairman of the foundation before becoming chairman of MPS.
Having run down its finances subscribing to previous capital raisings, particularly the 2008 rights issue to fund the acquisition of Antonveneta, the foundation called Goldman Sachs and JPMorgan. The latter bank lined up a consortium to lend the foundation €600m. It raised a further €400m by transferring nearly 10 per cent of its shares in MPS to Goldman to sell.
That sale by Goldman, which reduced the foundation’s stake in the bank to about 51 per cent, put downward pressure on the MPS stock price, according to people familiar with the matter. In the first half of June 2011, the shares fell 20 per cent, which caused the collateral to lose value.
By late October 2011, as dividends from the bank dried up as its profits fell, the foundation was forced to ask for a standstill from its creditors on its total €1.1bn of debt, say people with direct knowledge of the event. With more than 95 per cent of the foundation’s assets tied up in the bank, and the MPS share price falling rapidly, the loan to value ratio had soared to levels that put it in breach of covenants.
Over the next two months, the bank teetered as creditors came close to seizing the shares that they held as collateral on the foundation’s loan and selling them in the open market. However, they were discouraged from doing so by Italy’s most senior financial authorities, according to several people familiar with the matter.
In parallel, the Bank of Italy was staging its own covert intervention at the bank. That October, the central bank has said it was “obliged” to conduct emergency securities lending operations in order to enable MPS to increase its recourse to refinancing from the ECB. As lender of last resort, it allowed MPS to swap loans and mortgages that were not ECB eligible with some €2bn of Italian Treasury bonds. Regulators told the Financial Times that the bank was the most at risk in Europe of full or partial nationalisation. MPS denied this and said it was being victimised.
A lurid unravelling
Now five years after the acquisition of Antonveneta, accusations of a systemic cover-up have exploded before the national elections on February 25, as campaigning politicians have sought to make capital out of the bank’s request for its second bailout in four years. This time the rescue is worth €3.9bn. This is partly to account for attempts by new management, led by Alessandro Profumo, to mark to market €730m of losses from the derivatives deals.
Mr Mussari and Mr Vigni, who quietly left the bank in early 2012 amid moral suasion from the Bank of Italy, are now facing noisy recriminations and allegations of market abuse.
On one side, senior bankers say, given that the eurozone crisis has eased, Italy’s supervisors succeeded in averting a banking crisis and today is a better time for a clearer view of MPS’s weakness to emerge.
Nevertheless, the longer-term impact may reverberate far beyond the walls of Siena.
Lurid tales of the bank’s unravelling tarnish Italy’s reputation and raise questions about how the country is run when, for the sake its long-term competitiveness, it needs to instil confidence in foreign investors.
For those in Siena mulling their place in Italy’s scandals, in this respect at least, the scandal in their city takes its place alongside Tangentopoli and Parmalat.

Copyright The Financial Times Limited 2013. You may share using our article tools.




 
 


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 09:05 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Des pratiques :


07:49 USA-Intesa débouté face à CASA dans une affaire de CDO (Reuters)




USA-Intesa débouté face à CASA dans une affaire de CDO
14/02 | 07:49

Un juge américain a débouté mercredi Intesa Sanpaolo qui accusait Crédit agricole de lui avoir causé 180 millions de dollars (134 millions d'euros) de pertes en lui vendant des produits financiers faussés. 
 
Le juge Robert Sweet a estimé que la banque italienne a attendu un mois de trop pour porter son affaire devant les tribunaux. 
 
Selon la plainte déposée par Intesa, Calyon - devenue depuis Crédit agricole CIB - filiale du Crédit agricole, avait vendu à des investisseurs un CDO (collateralized debt obligation) baptisé Pyxis en le présentant comme un investissement reposant sur des valeurs mobilières adossées à des actifs immobiliers choisies de bonne foi par la société de conseil Putnam Advisory. 
 
En réalité, poursuit Intesa, Calyon avait dissimulé le fait que c'était le fonds spéculatif Magnetar Capital qui avait choisi ces titres puis avait joué contre eux sur le marché. 
 
Les avocats d'Intesa, Crédit Agricole, Putnam et Magnetar n'ont pas répondu dans l'immédiat à des demandes de commentaires. 
 
Le juge a dit que la banque italienne pourrait reformuler une nouvelle plainte dans les 20 jours. 
 
 
 
 
 
 
 
 


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 09:39 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

From WORLD 8:21pmUS banks warn over planned EU ‘Tobin tax’Institutions claim proposals are ‘unprecedented and inconsistent’

Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 11:53 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Arrestation de l'ancien directeur financier de Monte Paschi (Reuters)                 

Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 14:15 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

From COMPANIES 11:42amEx-Monte dei Paschi banker held in probePolice make first detention in derivatives investigation

Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 14:50 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

From WORLD 12:32pmBrussels proposes €30bn ‘Tobin tax’Washington and London strongly opposed to initiative

Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Jeu 14 Fév - 22:39 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

G20 des Finances: usage irrégulier des instruments bancaires au menu
Dossier:G20: la Russie prend le relais
MOSCOU, 14 février - RIA Novosti
Les ministres des Finances et les gouverneurs des banques centrales du G20 se pencheront à Moscou sur le problème de l'usage d'instruments bancaires par des structures qui ne sont pas des banques, a déclaré le ministre russe des Finances Anton Silouanov.



 


Revenir en haut
Danyves
Groupe des Six

Hors ligne

Inscrit le: 16 Oct 2012
Messages: 8 405

MessagePosté le: Sam 16 Fév - 21:45 (2013)    Sujet du message: Les Banques ARCHIVES 2012 2013 Répondre en citant

Une négociation bancaire avec les Etats-Unis au temps de la Guerre froide


.../...


Les deux parties sont sous la pression de leur gouvernement et de leur opinion publique. Leur marge de manœuvre est étroite. Furgler indique à Zwahlen les limites des concessions possibles. Une réunion a lieu à Montréal. C’est la bonne, une entente est trouvée. La Suisse permettra à ses banques de coopérer avec la SEC dans les cas de délit d’initié. Les banques avertiront leurs clients que le secret ne sera plus illimité. En contrepartie, les Américains s’engagent à ne plus attaquer frontalement le secret bancaire. John Fedders et Jean Zwahlen signent un accord de principe en août 1982. Six ans plus tard, le délit d’initié entre dans le Code pénal suisse. La diplomatie a triomphé de la force brute. C’était au temps où la Suisse était stratégiquement utile aux Etats-Unis.
* Thomas J. Carty, Backwards in High Heels, Faith Whittlesey, Reagan’s Madam Ambassador in Switzerland and the West Wing. Casemate, Philadelphia &  Oxford, 2012.


Revenir en haut
Contenu Sponsorisé






MessagePosté le: Aujourd’hui à 15:39 (2016)    Sujet du message: Les Banques ARCHIVES 2012 2013

Revenir en haut
Montrer les messages depuis:   
Poster un nouveau sujet   Répondre au sujet    FINANCES : Sortir de la boîte, Penser autrement Index du Forum -> ARCHIVES Billets -> Archives Revue de presse Toutes les heures sont au format GMT + 2 Heures
Aller à la page: <  1, 2, 332, 33, 3453, 54, 55  >
Page 33 sur 55

 
Sauter vers:  

Portail | Index | créer son forum | Forum gratuit d’entraide | Annuaire des forums gratuits | Signaler une violation | Conditions générales d'utilisation
Powered by phpBB © 2001, 2005 phpBB Group
Traduction par : phpBB-fr.com