Settled: Barclays and UBS settled with U.S. bond investors in a Libor rate rigging case, pending court approval. Terms were not disclosed.
Cuts: Monte dei Paschi will close 500 branches and eliminate 2,600 jobs. The bank’s stock rallied on the restructuring news, then crashed the next day and was briefly suspended from trading. The stock partially recovered and stabilized when trading resumed, but analysts expect this kind of extreme trading volatility to continue.
Large banks in general reported healthy profits from bond trading in the latest quarter.