Financial services

JPMorgan Chase & Co has sold off around 70% of the ‘London Whale' position which caused $2bn of trading losses for the investment bank, according to reports.

Banks should use the row over the sail of complex financial instruments to small businesses to overhaul their customer relationships and link pay to customer service, according to Hector Sants.

China is looking at relaxing rules for foreign investment in its financial markets in a bid to stimulate its domestic economy.

The Financial Services Authority (FSA) has admitted it had concerns about the way in which the industry was being asked to fund the Money Advice Service (MAS), although is hand was forced by the Treasury.

Three people have been handed custodial sentences after pleading guilty to charges of insider dealing.

Almost one in five schemes say they have suffered from fraud in the past two years, representing a 55% rise compared to last year, according to research from Baker Tilly.

Former billionaire Allen Stanford, who stole $7bn from his investors in a Ponzi scheme, has been sentenced to 110 years in US courts.

Investment Quorum's investment committee is looking to deploy cash piles into the markets on its model portfolios as it urges clients to "be brave" and embrace opportunities found in market volatility.

Members of the Treasury Select Committee have published a special review of the government's "defective" banking reforms, according to reports.

Companies are still 'seriously unprepared' for the FATCA rules which will come into force in January next year, a new survey by Thomson Reuters has revealed.