The second quarter was likely tough for Wall Street bank profits as markets weakened globally and merger advisory revenue dropped, leading analysts to lower their profit estimates in recent days. A ... more 
The second quarter was likely tough for Wall Street bank profits as markets weakened globally and merger advisory revenue dropped, leading analysts to lower their profit estimates in recent days. A Spanish government investigation into the public offering of a struggling bank that saddled investors with huge losses questions the independence of the Spanish unit of Deloitte Touche Tohmatsu Ltd. and says that auditing work it did may have been faulty. A former HSBC employee wanted in Switzerland for leaking the details of tens of thousands of bank accounts gave evidence to French lawmakers trying to tighten rules against tax evasion. Herve Falciani spent four hours describing ways he said the bank helped its clients sidestep taxes using various loopholes and exemptions under national laws. less 
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Wochit
Wed, Jul 3, 2013 11:04 AM EDT