Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

SCOTIABANK was last month named Bank of the Year and Best Foreign Exchange Trader in Jamaica by The Banker, a Financial Week publication, and Global Finance magazine, respectively.

Scotia, in a news release on Friday, said that this was the second consecutive year that it has received the Bank of the Year award, and the seventh year in which it took the title of Best Foreign Exchange Trader.

“We are proud of this award because it is a reflection of the hard work of our employees and their focus on providing sound financial advice and good service to our customers,” the news release quoted Jacqueline Sharp, president and CEO, Scotia Group. “Scotiabank has had a presence in Jamaica for 125 years and we’re pleased to be known for our customer service and for delivering superior results for our shareholders.”

She added: “I would like to thank the customers who continue to believe in us and support us. I am fortunate to work with a professional team of exceptionally talented individuals who continuously demonstrate their commitment to helping our customers discover what’s possible.”

Scotia also said it was named Bank of the Year in Antigua, Bahamas, Barbados, Belize, Grenada, Guyana, and Trinidad & Tobago by The Banker. The publication, Scotia explained, has been the reference point for accessing the performance of banks across the world.

“The award acknowledges the success and overall achievements of the world’s top financial institutions as it seeks to reward and promote industry-wide excellence in the global banking community. One award is given to a single bank in each country for best overall performance. Winners of the award are selected based on their ability to deliver shareholder returns and gain strategic advantage,” the news release said.

Global Finance has been highlighting outstanding financial institutions in the banking industry since 1987. The criteria for choosing the winners in foreign exchange trading included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Scotia said that these prestigious awards are the latest in a series of accolades it has received, which include:

* Best Consumer Internet Bank Award 2014 – Global Finance

* World Class Certification for Customer Contact Centre 2014 – Service Quality Management Group – (three years in a row)

* Best Bank in Jamaica 2013 – Euromoney Magazine

* Best Emerging Markets Bank – 2013

* Global Bank of the Year and Bank of the Year in the Americas – The Banker 2012.

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Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

Trader liable in $1bn Goldman fraud

1 August 2013 Last updated at 17:10 ET Fabrice Tourre worked for Goldman Sachs in the run-up to the global financial crisis A New York jury has found former Goldman Sachs trader Fabrice Tourre liable for fraud in a complex mortgage deal that cost investors $1bn (£661m).

Jurors concluded that the trader, who nicknamed himself “Fabulous Fab”, had misled investors in the run up to the global financial crisis in 2008.

Complex mortgage investments played a significant role in the crisis.

Mr Tourre was found liable in six of the seven fraud claims brought by US financial regulators.

He was accused by the Securities and Exchange Commission (SEC) of misleading investors about investments linked to subprime mortgages that he knew would fail.

Because the case is civil rather than criminal, he faces possible fines and a ban from the financial services industry.

‘Surreal and dream-like’

The exact punishment will be determined at a later hearing.

In his closing arguments, SEC lawyer Matthew Martens described Mr Tourre’s testimony as “surreal, imaginary, unreal, dream-like”.

He was also described by the regulator as the “face of Wall Street greed”.

Two years ago, the disclosure of emails from Mr Tourre sparked widespread debate about Wall Street’s role in the financial crisis.

In them he described himself as Fabulous Fab, saying of the financial markets that the “whole building is about to collapse anytime now”.

Goldman Sachs settled its case with the SEC in 2010

“Only potential survivor, the Fabulous Fab… standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrosities!!!”

Subprime mortgages became increasingly popular in the US in the years before the financial crisis.

They were mortgages given to borrowers at higher risk of being unable to pay the money back.

These high-risk loans were repackaged by banks into more complex mortgage investments and sold on to other banks, causing chaos in the banking system when borrowers began to default.

Responding to the verdict, Andrew Ceresney, co-director of the SEC’s enforcement division, said: “We will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street.”

The SEC has faced criticism over its efforts to hold banks and their employees accountable for the financial crisis, which pushed the US and other global economies into recession.

According to its website, the commission has charged 157 firms and individuals so far, including 66 senior executives, and has secured $2.7bn in fines and penalties.

Goldman Sachs settled its case with the SEC in 2010, paying $550m without admitting or denying any wrongdoing.

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Trader liable in $1bn Goldman fraud