When you handle trillions of dollars a year in transactions and manage the largest known vault of gold in the world, security and efficiency are top priorities. Open source reusable software components are key to the New York Fed's successful operation.

A former HSBC banker has been found guilty by a US jury of defrauding a UK-headquartered energy firm in a $3.5bn currency trade. Mark Johnson, who was HSBC's head of global cash foreign exchange trading, was found guilty on nine counts, in a court room in Brooklyn, New York. Johnson,51, was accused of exploiting confidential information from Cairn Energy in 2011 to "front run" the oil and gas firm in the currency markets, thus making an $8m profit for the bank at the expense of its client.

Wells Fargo & Co layoffs are leaving hundreds of Americans out of work as the leading American bank moves jobs to the Philippines. In a Senate hearing on the fake accounts scandal last week, Wells Fargo CEO Tim Sloan confessed that the bank has been cutting U.S. call center jobs while adding to its workforce in the Asian country.

Gordon Brown has claimed bankers should have been jailed for their fraudulent and dishonest behaviour during the financial crisis that led to Britain’s deepest post-war recession and his defeat in the 2010 general election. The Labour former prime minister used the second extract from his memoirs to warn that the failure to take a tougher line with wrongdoing – as pursued by other countries – has made it inevitable that rogue bankers will again gamble with public money.

Wells Fargo bankers overcharged hundreds of corporate clients in order to meet their sales goals, the Wall Street Journal reports. Those bankers, most of whom performed international transactions for corporations, allegedly inflated clients' fees, tacking on millions of dollars in extra charges. The bankers were allegedly driven by Wells Fargo's employee rewards system, which gave sizable bonuses to bankers who exceeded their sales goals.

The digital currency has shot above the $14,000 mark for the first time -- the third big barrier it's broken in less than 24 hours. Bitcoin has enjoyed a stunning rise this year, drawing increasing attention from mainstream investors. After starting the year below $1,000, it hit the major milestone of $10,000 just last week. Despite a flurry of warnings from top economists and business leaders, its upward trajectory has continued -- albeit with a few sharp dips along the way.

Two senior executives at French-Swiss cement maker LafargeHolcim, including its former CEO, were charged on Friday over claims that top management turned a blind eye to payments to jihadists in Syria, a judicial source said. Lafarge is accused of paying the Islamic State group and other militants through a middleman between 2013 and 2014 so that the company's factory in Jalabiya, northern Syria, could continue to operate despite the war.

Second Largest Bank in US, Bank of America, Secures Patent for Cryptocurrency Exchange System Bank of America’s Patent for Cryptocurrency Exchange System Application Gets Accepted. Bank of America‘s patent application for its proposed cryptocurrency exchange system has been accepted by the US Patent and Trademark Office (USPTO). The system will enable automatic conversion of one cryptocurrency into another, and the exchange rates will be calculated based on external data feeds.

A previously undetected group of Russian-language hackers silently stole nearly $10 million from at least 18 mostly U.S. and Russian banks in recent years by targeting interbank transfer systems, a Moscow-based security firm said on Monday.

Investors are bracing for a share market reaction after the Commonwealth Bank (CBA) admitted it breached Australia's money laundering and counter-terrorism regulations and indicated more charges could be brought against it. Months after Australia's money laundering regulator, AUSTRAC, launched legal action against CBA, Australia's biggest bank has admitted it breached statutory disclosure laws more than 53,000 times.

If hotheaded online commenters ran the Justice Department, would America's prisons be full of traders responsible for the financial crisis? It is tempting to think so—that the lack of corporate prosecutions is due to a lack of will rather than a lack of way. But convicting bankers—or any other white-collar workers whose decisions at work have ostensibly damaged the economy—is difficult because while it is easy to identify systematic wrongdoing, it's much harder to pin blame, at least in the way a court might approve of, on an individual within that system.

Bank of America is now charging fees to online-only banking customers who keep low account balances, seemingly punishing people who are poor or low-income. The second-largest bank in the United States just switched customers using free online-only checking accounts to accounts that come with fees if they don’t keep up their bank accounts.

The mainstream media has become obsessed with the crypto frenzy with the main focus on Bitcoin price. By treating cryptocurrencies like any other asset class or just as a fad, journalists are missing the elephant in the room: investment banks are about to be disrupted big time.

Major banks around the world have started banning purchases of Bitcoin and other cryptocurrencies on credit including banks in the United States, United Kingdom, Australia, Canada and Europe. There have been a number of reasons behind the ban with most banks opting that they are trying to protect their customers from a risky unregulated market. Massive returns on cryptocurrency markets in 2017 saw so much growth that major exchanges had to block users making accounts due to not being able to keep up with demand.

In an annual filing to the Security and Exchange Commission, America's second-largest bank has expressed fears over cryptocurrency's potential to undermine the control of major banks. It has long been speculated that Bitcoin and other cryptocurrencies pose a threat to major banks and traditional financial institutions. Now, Bank of America admits it could be forced to deal with the “substantial” costs associated with the emerging market.

The New York bank, one of the world’s largest credit-card issuers, said it will pay the money to U.S. customers whose annual percentage rate didn't reflect the full benefit of paying on time and other good behavior.

The digital currency community is showing excitement towards a “competitor” that JPMorgan Chase identified in their newly published annual report. Submitted to the U.S. Securities and Exchange Commission on February 27th, 2018, the report indicates that the bank views digital currencies as a potential competitor to their financial services. Listed under the annual report’s section detailing its competitors, JPMorgan Chase is clear in identifying digital currencies as a potential threat to their business, in at least some form.

Amazon could rival the nation's big banks in a few years, capitalizing off its digital prowess and massive consumer base, according to Bain.

Nearly 20 banks have committed to launching new European Union hubs in Frankfurt since the Brexit vote, according to German officials. The economy minister for the state of Hesse, where Frankfurt is situated, said the city was confident it would attract more, with another 60 firms yet to decide on additional EU headquarters.

Earlier this week, BMO Financial Group (Bank of Montreal) has banned credit and debit card ‎customers from buying cryptocurrencies, another blow for the crypto-traders ‎who recently saw a sizable number of banks deciding not to ‎finance the cryptocurrency asset class. BMO’s decision followed several of the biggest Canadian banks banning ‎cryptocurrency transaction over the past few months, as part of a global crackdown ‎led by major lenders and credit card issuers.