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Wachovia settles drug cartel laundering case

Wachovia bank has agreed to pay $160m to settle charges brought by the US justice department and bank regulators that lax controls allowed Mexican drug cartels to launder millions of dollars through the bank using exchange houses that line the US-Mexican border

Generali reports surge in inflows and net profit

Italian insurance giant at the centre of fevered speculation about the appointment of a chairman expects a small rise in profitability in 2010

Savills buoyed by London and overseas sales

Property adviser and estate agent cautions that its performance will be flat in 2010, even though full-year results confirm strength of rebound in business

Nomura appoints first foreigner to board

The group is to re-organise its non-retail operations and hand leadership of the global unit to a former top Lehman Brothers banker who had planned to leave the Japanese bank this month

US consumer protection proposals attacked

A US bank regulator joined financial executives in calling for changes to consumer protection rules proposed by Chris Dodd, the chairman of the Senate banking committee

LGIM chief signals retirement

Peter Chambers, head of Legal & General Investment Management, says that he wants to retire in September after five years as chief executive of the insurer’s investment arm

Madrid push for faster bank consolidation

Elena Salgado, the Spanish finance minister, joins the calls for mergers of the country’s weaker savings banks, admitting potential ‘solvency problems’ for some institutions

FSA on defensive over Lehman failings

British financial regulators said they had no reason to question the so-called Repo 105 ‘accounting gimmick’ used by Lehman Brothers to flatter results

Korea Life rises after $1.6bn share sale

Rise of country’s second-largest insurer on its debut bodes well for other large initial public offerings planned by rivals such as Samsung Life

Israeli central bank governor takes second term

Stanley Fischer has accepted a second term as governor of the Israeli central bank, ending months of speculation

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VIDEO

Barclays eyed UBS

Video: Megan Murphy

Megan Murphy explains what the move tells us about the UK bank’s ambition and why it is breaking a sigh of relief that the deal didn’t go through

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