Wealth managers

Swiss National Bank chairman Philipp Hildebrand will receive a CHF900,000 (£615,000) payoff as he leaves the central bank following a scandal over his wife's currency trades.

The Royal Bank of Scotland (RBS) today announced its plan to cut 3,500 jobs as part of a reorganisation of its investment bank, which will see the sale or closure of the equities and corporate broking divisions.

Prime minister David Cameron has promised shareholders a binding vote on executive pay to try curbing excessive salaries.

Britons rank second in a list of non-US nationals most keen to tip America's regulators off about suspected financial crime, according to the first annual report on the Securities & Exchange Commission's whistleblower programme.

Special advisers to the Treasury Select Committee have revealed they felt compelled to press the Financial Services Authority to better scrutinise its role in the downfall of Royal Bank of Scotland.

HSBC has announced it will take responsibility for all customers mis-sold investment products by NHFA, a care fees advice business it acquired in 2005.

The FSA has fined HSBC £10.5m for inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA), to elderly customers.

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The Financial Services Authority's report into the collapse of Royal Bank of Scotland will not examine in any detail the role played by Sir Fred Goodwin and Sir Tom McKillop, its two most senior directors.

The Bank of England has warned lenders it is considering changes to the way bonuses are measured to make it far harder for investment bankers to justify their multi-million pound awards.