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Home » Daily Briefing » Morning Briefing 09 June 2016

Morning Briefing 09 June 2016

Morning Briefing

Morgan Stanley has agreed to pay a $1 million fine to settle civil charges brought by the Securities and Exchange Commission (SEC) in the United States which claimed that security lapses at the bank allowed a former financial adviser to access its computers and take client data, the SEC said yesterday.

The settlement resolves allegations relating to unauthorised transfers of data from around 730,000 accounts by Galen Marsh to his home computer in New Jersey between 2011 and 2014. Some of the data was hacked by third parties and offered for sale online. In December, Marsh received three years probation and an order to pay $600,000 in restitution. The SEC said Morgan Stanley violated a federal regulation by failing to protect its customers' data.

There has been another instalment in the long drawn out demise of the retailer-led MCX mobile payments consortium with the announcement that it is halting its CurrentC app's beta test on 28 June and closing all accounts. A few weeks ago, MCX laid off a number of employees and postponed plans for a nationwide roll-out.

Germany's (partly state-owned) Commerzbank is considering stockpiling billions of euros rather than paying a penalty charge for keeping the money with the European Central Bank, according to a Reuters report citing sources familiar with the matter.

The report says that the bank has discussed the matter with German authorities due to frustration with the ECB's charge on deposits — about four euros annually on each €1,000 ($1,137) banks deposit with the ECB. The charge is aimed at encouraging banks to lend money.

Brazil's antitrust watchdog has approved Banco Bradesco's $5.2 billion purchase of HSBC's Brazilian unit as long as Bradesco doesn't engage in any rival acquisitions for at least 30 months. The deal, initiated last August, increases Bradesco's assets by 16 percent and adds five million clients.

Why smaller banks pay the price for Europe's doom loop
Dyme releases prototype of first Facebook financial chatbot
Whole industries will be wiped out by new technology, warns Bank of England's Mark Carney
Citigroup warns staff of Brexit jobs risk
Powerful US hedge fund sues 'Panama Papers' law firm
Credit Suisse and VTB probed over tuna bond
China is slated for payment card companies operation under law

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