Markets

The UK's five major banks could see their profits take a significant hit in 2012 as regulatory pressures and a series of recent scandals take their toll, according to KPMG.

The Governor of the Bank of England has said the financial crisis is "far from over" as he joined fellow central bank chiefs including Ben Bernanke to discuss economic policy.

Schroders is considering having two flagship UK equity funds running alongside each other once its £424m acquisition of Cazenove Capital is complete.

The S&P 500 is on the verge of passing its all-time closing high after rising as much as 0.5% in early trading.

The Financial Services Authority has finalised new rules and regulations for financial benchmarks as it attempts to "bring integrity" back to the London Interbank Offered Rate.

Paul Griffiths is leaving his role as global co-head of fixed income at Aberdeen Asset Management, handing over sole responsibility for the role to Brad Crombie.

Shares in asset management giant Schroders were up sharply in early trading after the group announced it had agreed a deal to buy Cazenove Capital for £424m.

Cyprus has agreed a €10bn bailout deal that will force large losses on some big deposit holders but avoids a controversial levy on all bank accounts.

Schroders has agreed a £424m cash offer for Cazenove Capital in a deal that significantly strengthens its private banking, wealth management and funds businesses.

At first glance, Schroders' confirmation that is in talks to acquire Cazenove Capital makes perfect sense.