UK regulator fines four banks �100m over traders� sharing of information The Guardian https://www.theguardian.com/business/2025/feb/21/banks-fined-cma-uk-regulator-competition-law-compliance The UK's competition authority has imposed fines exceeding $127 million (�100m) on four major banks after uncovering that their traders exploited Bloomberg chatrooms to exchange sensitive information regarding government bonds. This action follows an extensive investigation by the Competition and Markets Authority (CMA), which revealed that traders from Citi, HSBC, Morgan Stanley, the Royal Bank of Canada (RBC), and Deutsche Bank communicated with competitors about the buying and selling of UK government bonds�termed gilts�on specific dates from 2009 to 2013. The CMA acknowledged that while the banks had implemented "extensive compliance measures" to prevent such misconduct, it still issued fines. RBC faced the heaviest penalty at $43.4 million, followed by Morgan Stanley at $37.7 million, HSBC at $29.7 million, and Citi at $21.8 million. Deutsche Bank was spared any fines after proactively notifying the CMA of the misconduct. Citi benefited from a more than 50% reduction in its penalty due to its cooperation in the investigation. Synapse Executive Alerted Accountants Before $100 Million Missing Funds Scandal The Wall Street Journal https://www.wsj.com/finance/banking/synapse-missing-fund-scandal-grand-jury-investigation-e8afc1a9 A grand jury is investigating potential criminal misconduct at a Silicon Valley fintech company after customer funds went missing. Authorities have already interrogated an executive who had previously raised concerns before the firm's downfall, according to sources familiar with the situation. Synapse was instrumental in connecting financial technology firms with banking services, facilitating startups offering attractive savings apps to hold their customers' digital funds securely. At its peak, this intermediary managed billions of dollars, but its sudden collapse in April left thousands of clients unable to access their money. Subsequently, a court-appointed mediator revealed that as much as $96 million in customer funds linked to Synapse may be unaccounted for, with many individuals reporting the devastating loss of their life savings. China Gives Ex-ICBC Banker Zhang Death Sentence With Reprieve Bloomberg https://www.bloomberg.com/news/articles/2025-02-19/china-gives-ex-icbc-banker-zhang-death-sentence-with-reprieve Zhang Hongli, a former banker at the Industrial & Commercial Bank of China Ltd., has been sentenced to death with a two-year reprieve for accepting bribes as the Chinese government continues to tighten its grip on the $67 trillion financial industry. The ruling was delivered in a Zhejiang province court, and all of Zhang's assets would be seized. Zhang, also known as Lee Zhang, is among a growing list of prominent bankers who have received similar sentences in the past year, reflecting Beijing's relentless anti-corruption campaign that has persisted since 2021. The investigation into Zhang, a former vice president at ICBC, began in late 2023, leading to his arrest in May of the following year and subsequent bribery charges in August. Authorities found that between 2011 and 2022, Zhang had accepted bribes totaling 177 million yuan (approximately $24 million) in return for facilitating loans and helping others secure employment.