A group representing British banks is giving up its responsibility for setting a key global interest rate. The British Bankers Association will no longer control LIBOR -- the London Interbank Offered Rate. That's the benchmark for hundreds of trillions
of dollars in mortgages, student loans and other transactions around the world.
Bank of America is accelerating plans to cut costs by laying off workers. According to the Wall Street Journal, the bank has set a target of cutting 16,000 jobs by the end of this year -- about 6 percent of the bank's workforce.
As part of our coverage of "The Real Economy" -- what matters most to voters this election year -- we've invited a guy named Mike Sleaford into the studio to give us his thoughts on the election and the economy.
According to the Financial Times newspaper, four big European banks have joined Barclays in the not-so-prestigious club of financial institutions being investigated for rigging a benchmark lending rate called LIBOR.
In the face of a tough banking market and disappointing earnings, Goldman Sachs announced this week that it will build a private bank -- joining the ranks of UBS and U.S. Trust and others -- that will manage and lend money to very wealthy individuals and companies.
News this morning that Bob Diamond, the former head of Barclay's bank has given up $30 million in bonuses after resigning over that interest rate rigging scandal. And the scandal has brought up the issue -- yet again -- of whether current regulations on the financial industry are adequate.