The UK’s main banks have agreed to report each year on their behaviour and competence and to set up an independent body to oversee the industry.

http://www.bbc.co.uk/news/business-27465994#

Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients evade paying taxes to the US government and agreed to pay a $2.6bn (£1.5bn) fine.

http://www.bbc.co.uk/news/business-27478532#

A Royal Bank of Scotland Group Plc unit must stop using trade finance software the bank claims is critical to its business after a judge ruled the rights to it were sold seven years ago. . .

http://www.bloomberg.com/news/2014-05-09/abn-amro-can-t-use-trade-finance-software-lacking-license.html

TWO sets of numbers tell a contradictory story about the euro zone. Economic data point to improvements by the month, even by the day: growth is picking up and the borrowing costs of even the most indebted countries keep falling. The crisis is over, say some Eurocrats. By contrast, polls ahead of this month’s European elections point to political upheaval. Voters are exasperated with their governments and with Europe; anti-establishment groups are on the rise and may come top in some places. . .

http://www.economist.com/news/europe/21601900-stagnation-and-looming-political-backlash-make-optimism-about-euro-overdone-beware?fsrc=rss|eur

European banks are being urged to boost their ability to withstand losses before the conclusion of a stress test that is drawing criticism for its design.

http://www.bloomberg.com/news/2014-05-12/eu-banks-urged-to-boost-capital-now-as-stress-test-doubts-voiced.html