Banking giant Citigroup will pay $7bn (£4bn) to US authorities to settle an investigation into risky sub-prime mortgages. . .

http://www.bbc.co.uk/news/business-28292114#

Bruised by David Cameron’s defeat over the leadership of the European Union’s executive arm, the U.K. faces its next clash with the EU tomorrow. It touches a sensitive point — the City of London. . .

http://www.bloomberg.com/news/2014-07-07/u-k-to-fight-for-city-of-london-in-court-clash-with-ecb.html

Commerzbank AG Germany’s second-largest lender, will probably be the next bank to resolve alleged U.S. sanctions violations, a person with knowledge of the matter said. . .

http://www.bloomberg.com/news/2014-07-08/commerzbank-said-next-to-face-penalties-in-u-s-probe.html

Europe’s lenders are running out of time to get their books in order before the European Central Bank passes judgment on them. . .

http://www.bloomberg.com/news/2014-07-07/ecb-summons-bankers-for-catch-up-as-stress-test-looms.html

Royal Bank of Scotland Group Plc was asked by investors suing over losses from a 2008 share sale to disclose details of probes by U.K. and U.S. regulators into its near-collapse and 45.5 billion-pound ($78 billion) bailout. . . .

http://www.bloomberg.com/news/2014-07-03/rbs-asked-to-hand-over-fsa-sec-probe-details-in-share-sale-suit.html

(Reuters) – A former JPMorgan Chase & Co trader has filed an appeal with a London tribunal court to challenge civil findings made by Britain’s financial watchdog against the bank over the “London Whale” debacle of 2012, the Financial Times reported on Sunday, citing tribunal records. . .

http://uk.reuters.com/article/2014/07/06/uk-jpmorgan-chase-whale-fca-idUKKBN0FB10220140706

Europe’s banks face a further $50 billion of legal costs as they catch up with their U.S. counterparts, according to analysts at Morgan Stanley . . .

http://www.bloomberg.com/news/2014-07-07/european-banks-seen-facing-50-billion-more-in-legal-expenses.html

BNP (BNP) Paribas SA, seeking to settle claims it violated U.S. sanctions, is close to an agreement with New York state’s top banking regulator that would curtail some of its dollar-clearing operations for as long as a year, according to a person familiar with the matter. . .

http://www.bloomberg.com/news/2014-06-26/bnp-said-to-face-dollar-clearing-curb-under-settlement.html

Some 30% of WPP shareholders revolt over £30m windfall for Sir Martin Sorrell, while RBS chairman insists progress made . . .

http://www.theguardian.com/business/2014/jun/25/investors-wpp-rbs-bonuses-pay-martin-sorrell

UBS AG (UBSN), BNP Paribas SA (BNP), Credit Suisse Group AG (CSGN) and other banks providing wealthy French people a home for their money in Switzerland are being told: No more tax evasion. . .
http://www.bloomberg.com/news/2014-06-25/ubs-hsbc-bnp-warned-of-france-s-zero-tolerance-on-tax-evasion.html