Banking

Bloomberg Commerzbank AG is considering cutting an additional 2,000 jobs as part of its strategy update this fall, as Chief Executive Officer Martin Zielke contends with a weaker economy and the prospect of even lower interest rates. The bank would seek to achieve those cuts by 2022 or 2023, according to people with knowledge of the matter. Various other scenarios ...

Bloomberg Royal Bank of Scotland Group Plc (RBS) and Banco Santander SA were ordered to appoint an independent auditor for their claim processes after issuing inaccurate information, or failing to send reminders altogether, about the insurance policies that turned into the costliest scandal in UK banking. The banks had previously been ordered to send yearly reminders, including how much customers ...

Bloomberg A Zurich-based fintech firm whose investors include Josef Ackermann has raised additional money to value the company at more than $1 billion as it prepares to expand outside its main market of Germany. Numbrs Personal Finance raised $40mn to bring the total capital invested to almost $200mn, CEO Martin Saidler said. Numbrs offers an app that enables users to ...

Bloomberg National Australia Bank Ltd. (NAB) has been sued by the securities regulator for allegedly accepting home loan applications from unlicensed ‘introducers.’ Under its so-called Introducer Program, the bank’s staff accepted information and documents in support of 297 loan applications from 25 people who weren’t licensed to engage in credit activity, Australian Securities and Investments Commission said in a statement. ...

Bloomberg Sri Lanka cut interest rates for a second time this year, a day after Indonesia did the same, as central banks in the region move to cushion their economies against a global slowdown and trade tensions. The Central Bank of Sri Lanka lowered its benchmark standing lending facility rate to 8% from 8.5%, in line with the forecasts of ...

Bloomberg At Wells Fargo & Co.’s town hall meetings, executives have fielded countless questions from employees about efforts to resolve scandals that erupted almost three years ago. One looming topic hasn’t come up recently: Who will run the bank? While the abrupt exit of Chief Executive Officer Tim Sloan in March kicked off a succession hunt that’s captivated the industry, ...

Bloomberg Norway’s $1 trillion wealth fund ended a long-running bet on higher interest rates as market turmoil drove a quarter of its massive bond portfolio into yields below zero. After presenting second-quarter earnings in Oslo on Wednesday, Norges Bank Investment Management’s Deputy Chief Executive Officer Trond Grande said the fund is now no longer short duration compared to its benchmark, ...

Bloomberg Goldman Sachs Group Inc. economists predict Federal Reserve officials will cut interest rates at each of their next two meetings — in part because of a desire to keep bond markets calm. Having lowered their benchmark rate by 25 basis points to 2-2.25% in July, policy makers will execute reductions of the same size in September and October with ...

Bloomberg The UK is considering delaying two key announcements in the latest sign that Prime Minister Boris Johnson’s government is on an election footing. Chancellor of the Exchequer Sajid Javid may wait to name a successor to Bank of England (BOE) Governor Mark Carney until after Britain’s planned October 31 departure from the European Union. Javid may also have to ...

Bloomberg Bank of America Corp. (BofA) has hired investment banker Samardh Kumar from Citigroup Inc. to co-head a recently formed group focused on emerging private companies. Kumar, a managing director, will lead the emerging growth and regional coverage group alongside New York-based banker Brendan Hanley, who was appointed to the role in July, according to an internal company memo. Kumar ...