Banking

Bloomberg Five years into scandals that have already cost Wells Fargo & Co more than $5 billion in fines and legal settlements, regulators are privately signaling they’re still not satisfied with the bank’s progress in compensating victims and shoring up controls. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau have warned the firm they ...

Bloomberg Royal Bank of Canada (RBC) is benefiting from the lender’s dominance in its home country and a capital-markets division that’s cashing in on a surge in dealmaking. As Canada’s largest mortgage lender, Royal Bank is getting a boost from strong home sales and surging real estate values that have lifted that portion of its loan book. The bank has ...

Bloomberg European countries should band together to create a “green capital market” to finance the transition to cleaner fuels and other initiatives needed to meet the Paris Agreement climate targets, UBS Group AG chairman Axel Weber said. Weber, speaking on a panel at the European Forum Alpbach in Austria, said Europe’s leading position in tackling pollution should help it create ...

Bloomberg Japan’s biggest brokerage has started offering subscriptions to a luxurious Italian food delivery service, where customers can use tokens to buy and trade dishes as their value fluctuates. An affiliate of Nomura Holdings Inc began selling the tokens, that exist on the blockchain, for four high-end food parcels a year from Masayuki Okuda, an award-winning Japanese chef famous for ...

Bloomberg Goldman Sachs Group Inc, JPMorgan Chase & Co and ICICI Securities Ltd were among banks picked to work on Life Insurance Corp. of India’s initial public offering, in what’s set be the nation’s biggest listing. Kotak Mahindra Capital Co, JM Financial Ltd., Citigroup Inc and Nomura Holdings Inc were also selected to work on the share sale that’s slated ...

Bloomberg Credit Suisse Group AG has pushed back the date from which it will require all US staff to return to the office to October 18, as the delta variant of Covid-19 continues to spread, according to a memo sent to staff and seen by Bloomberg. A September 7 return-to-office date remains in place for vaccinated workers, with those who ...

Bloomberg An Indian bank is planning to tap the offshore market for its debut sustainable perpetual bond amid growing demand for both riskier bank debt and sustainable investments. Axis Bank has hired banks to arrange investor meetings ahead of a potential Basel-compliant additional Tier I note sale, the proceeds of which are earmarked for green and social projects, a person ...

Bloomberg Some two dozen Metro Bank Plc office staff got an early taste of what hybrid working will look like this week as they trialled their firm’s new approach to office life. Hovering outside the lender’s Moorgate branch in the City of London until it opened at 8:30 am, colleagues on the bank’s financial crime team greeted each other in ...

Bloomberg China’s central bank signaled it may reduce the reserve requirement ratio for banks to spur rural finance, a targeted move that would help cushion the economy as it slows. The People’s Bank of China (PBOC) said it will use monetary policy tools including the reserve ratio, and relending and rediscounting measures for rural development, according to a statement. That ...

Bloomberg PT Bank Central Asia (BCA) will invest $200 million into its digital arm to fend off competition from tech giants Gojek and Sea Ltd that are expanding into one of world’s largest unbanked markets. The Southeast Asian nation’s biggest lender by market value will use the funds to help Blu, its one-month old digital unit, to increase market share ...