The Department of Labor (DOL) has granted permission to five banks for management continuance of certain U.S. Pension funds after convictions of the banks or their banking units. The five banks are JPMorgan Chase & Co., Citigroup Inc., Deutsche Bank AG, Barclays Plc and UBS Group AG, all found guilty of interest-rate or currency manipulation.
These banks will operate under a one-year waiver. The DOL proposed granting five year waivers, which would become effective after a 45-day comment period, just before the Trump administration takes office. Business activity covered by the waivers includes corporate pensions, 401(k) plans and other retirement plans.
www.bloomberg.com; November 21, 2016.