Keywords:

"The buck stops with me."
JPMorgan chief Jamie Dimon on the $2b loss at a hearing with the US Senate Banking Committee.



The following are notes from our Monday morning meeting.

Netherlands' ING Bank will forfeit $619m to the US, admitting it violated sanctions against Iran and Cuba. Read our comment.

Hong Kong Exchanges & Clearing will buy London Metal Exchange for $2.2b.

BNP Paribas has opened its first branch in South Africa, with focus on corporate and investment banking.

Shareholders of Bahrain’s Capivest, Elaf Bank and Capital Management House will vote on a potential merger by end June to create a new bank with $400m in assets.

The Export-Import Bank of Korea has notified North Korea’s Chosun Trade Bank to pay back food loans totalling $720m.

Postal Savings Bank of China president Tao Liming is facing corruption charges, as are several other Chinese bank executives. Read our comment.

The Singapore Exchange has extended the employment contract of chief executive Magnus Bocker for another three years.

India has retained K. C. Chakrabarty as RBI deputy governor for three months while waiting the appointments committee’s approval of a two-year extension.

Australia’s RBA announced changes to surcharging standards, banning businesses from charging customers excessive credit card fees.