Saturday, 21st November 2009

 

2 September 2009 - Press Briefing

US private bank accused of helping Brazillian clients evade taxes

The US Department of Justice has accused an employee of US private bank Brown Brothers Harriman of assisting Brazillian clients avoid anti-money laundering measures and cover up proceeds of crimes including fraud and tax swindle, according to a report in the Financial Times.

The DoJ’s claim follows an application in December by the Brazilian authorities to freeze nearly $450m (€315m) in an account held at BBH in New York in the name of Tiger Eye Investments Limited, a firm registered in the Cayman Islands.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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