RBS to cut hundreds of jobs in U.S., according to reports

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RBS will eliminate hundreds of jobs in its U.S. trading divisions as the company braces for regulatory changes that will result in more oversight from the Federal Reserve, according to separate stories that appeared online Tuesday in the Wall Street Journal and Financial Times. Both the Wall Street Journal and Financial Times cited people familiar […] [Read More]
Categories: Banking, General, RBS, Stamford

RBS slapped with $50M fine in Conn.

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A federal judge in Connecticut this week sentenced the Royal Bank of Scotland with paying $50 million as part of a plea agreement following charges that its Japanese subsidiary manipulated interest rates. Altogether, RBS accumulated $612 million in penalties for the actions of 20 traders found to have been rigging the Japanese Yen London Interbank […] [Read More]
Categories: Banking, RBS, Wall Street
Edward Lampert is the founder of ESL investments, a hedge fund with offices on Greenwich Avenue, and chairman of Sears Holdings Corp. through his fund's controlling investment in the retail chain's parent company.
Photo: Contributed Photo, ST

Ex-Greenwich hedge funder suffers tough week

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Updated to correct two typos noted by alert reader “William”: Last week wasn’t pretty for one billion-dollar name in Fairfield County hedge funding: Edward S. Lampert. The founder of ESL Investments — who caused a stir last year when he moved his firm’s HQ from Greenwich to Bay Harbour, Fla. — disclosed that for the […] [Read More]

Shelton High grad turned Citigroup CEO garnering praise

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He was brought in, in part, to get Citgroup out from under the regulators’ microscope. He was brought in, perhaps, to be a little boring. Today, former Shelton High football star Michael L. Corbat — whom we profiled this past summer — got some rather unconventional praise in a New York Times piece that ran […] [Read More]

Attorney thinks SAC trader looking safe in trial

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Today begins the latest step in the government’s probe of Stamford-based hedge fund SAC Capital Advisors — money manager Michael Steinberg goes on trial at Manhattan federal courthouse for insider trading charges. We at Financial Mines got an email from Chicago securities attorney Andrew Stoltmann, who thinks prosecutors face an uphill climb and are unlikely […] [Read More]

Stamford finance firm offers November profits to veterans fund

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Mischler Financial Group — a California investment bank and institutional brokerage with a Stamford office — is pledging 10 percent of its November profits to Children of Fallen Patriots Foundation, a national outfit that gives college scholarships and school counseling to children of soldiers killed in combat. Mischler, which was founded in 1994, is owned […] [Read More]

Reported: Mandel’s Lone Pine launching fund, merging others

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  Kudos to Institutional Investor’s Alpha for keeping tabs on October changes out of Stephen Mandel’s Lone Pine Capital, one of Greenwich’s — ergo the world’s — largest and most successful hedge funds. The 16-year-old firm, one of the so-called “Tiger Cubs” that emerged from Julian Robertson Jr.’s Tiger Management Corp., currently manages some $22 […] [Read More]
Categories: Banking, General, Wall Street

Banking giant to speak at Westport women’s lunch

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Peyton Patterson, president and CEO of Bankwell Financial Group, will offer the keynote address at next Thursday’s second-annual Working Women’s Luncheon, put on by the Westport-Weston Chamber of Commerce. There are still spots open to register — $65 for chamber members; $75 for “future” members — for the event at The Inn at Longshore, which […] [Read More]

Steve Cohen gets big backing on CNBC

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With rumors swirling that SAC Capital’s Steve Cohen and the government could finalize a billion-dollar settlement to insider-trading allegations any day now, the embattled Greenwich hedge fund magnate got some hefty backing from another hedge fund heavyweight on CNBC Monday: Skybridge Capital’s Anthony “Mooch” Scaramucci. “I think it’s sad for the people who have their […] [Read More]

Home hunters rising

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This is not a reference to a never before heard Door’s song, this is all about the real estate market and mortgages. But you can click the link to find the Door’s site and song LA Woman. The Mortgage Banker’s Association said Wednesday its index of mortgage application activity showed a 5 percent increase in home […] [Read More]