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

U.K. prosecutors will question Robert Diamond, former chief executive officer of Barclays Plc (BARC), in a probe into fees paid to Qatar’s sovereign-wealth fund as the bank sought to raise money to avoid a government bailout, according to a person familiar with the matter.

http://www.bloomberg.com/news/2014-05-12/barclays-ex-ceo-diamond-said-to-face-questioning-over-qatar-deal.html

Brady Dougan got a round of applause when he greeted more than 1,500 Credit Suisse Group AG investors in German and French at a stadium in Zurich last week. . . .

http://www.bloomberg.com/news/2014-05-11/dougan-s-reign-tested-as-credit-suisse-tax-charge-looms.html

Whether on Wall Street or Fleet Street, this is not a happy time for big banks.

There’s been a steady stream of negative headlines suggesting that five years after the end of the financial crisis, the bell finally may be tolling for too-big-to-fail financial institutions. . .

http://hereisthecity.com/en-gb/2014/05/12/these-are-bad-days-for-big-boys-in-high-finance/

Interest rates are likely to fall in struggling Europe as they rise in a recovering UK – luring more money into our frothy markets . .

http://www.theguardian.com/business/2014/may/11/uk-recovery-so-fast-leave-economic-partners-behind

JPMorgan is on the ropes.

As many as 10,000 more job cuts are on the table this year on top of previously announced layoffs — the brutal result of shrinking business and regulators prowling for blood, The Post has learned. . .

http://nypost.com/2014/05/11/dinged-up-jpmorgan-ceo-may-seek-exit-analysts/

Investment managers should only use client dealing commission to pay for substantive research or costs related to executing trades, the Financial Conduct Authority (FCA) said today as it published a policy statement on forthcoming changes to dealing commission rules. . .

http://www.fca.org.uk/news/expectations-for-investment-managers-dealing-commission