Business Highlights

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Bank scandals tarnish London's reputation

LONDON (AP) -- It's been a tense summer in the City of London as one bank after another has faced allegations of massive misbehavior.

Bankers in the British capital, which has for centuries been a center for global business, fear its reputation has been tarnished indelibly and that a heavy-handed regulatory crackdown is looming.

First came U.K. bank Barclays. Its chief executive, Bob Diamond, was forced to step down last month after U.S. and British authorities fined the bank $453 million for manipulating a key market interest rate. Other banks are being investigated for their part in the scandal.

Then there was HSBC, another big London-based bank. It faces fines of up to $1 billion after the U.S. Senate issued a damming report last month alleging it had failed to stop the laundering of Mexican drug money.

Back in May, JPMorgan Chase & Co. disclosed a surprise $2 billion trading loss later upgraded to $5.8 billion racked up by its London office in a portfolio designed to hedge against risks the company takes with its own money.

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S&P closes over 1,400 for first time in 3 months

NEW YORK (AP) -- It was a day of milestones for the stock market.

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