Banking

Bloomberg European Union (EU) officials called for a further tightening of the bloc’s anti-money laundering rules after identifying a host of failures that led to scandals across the financial system. Banks at times completely ignored requirements to stop illicit financial flows and supervisors were ill-equipped and often slow to deal with the issues, the European Commission said on Wednesday. Handing ...

Bloomberg Australia’s central bank will lower interest rates twice more and could adopt a package with the second easing to allow lenders to pass on the reduction in full, Westpac Banking Corp Chief Economist Bill Evans said. Evans brought forward his forecast for the next cut to October from November — saying by then the labour market will have deteriorated ...

Bloomberg Lloyds Banking Group Plc and Standard Life Aberdeen Plc have reached a settlement in what was one of the most high-profile disputes in the UK fund management industry’s history. Lloyds, which wanted to pull a 104 billion-pound ($129 billion) mandate, will pay the asset manager 140 million pounds in cash as compensation, according to a statement from Standard Life. ...

Bloomberg As policy makers globally prepare to cut borrowing costs again, banks around the world are feeling the heat. Rock-bottom interest rates can help stoke growth, but they also put the squeeze on lending margins. Big US banks including JPMorgan Chase & Co and Citigroup Inc, which reported second-quarter earnings, are already seeing the revenue impact of declining interest rates ...

Bloomberg UBS Group AG rebounded from one of the worst environments in recent history, but CEO Sergio Ermotti is still facing no shortage of challenges. Pressure on investment banking revenue, the prospect of fresh rate cuts and the struggle to meet profit targets are all weighing on the bank after it posted the best quarterly net income in almost a decade. ...

Bloomberg China’s central bank governor said the country’s current interest rates are at an appropriate level and the bank will make decisions on interest rates based domestic considerations. China didn’t follow the Federal Reserve in raising interest rates last year, and it’ll continue to “look at its own real situation” when making rate decisions now that the Fed is likely ...

Bloomberg Banco Santander SA is prepared to fight Andrea Orcel in court over its decision to drop an offer to hire the former UBS Group AG investment chief as its chief executive officer. Santander is convinced it made the right decision and is ready to defend its U-turn on Orcel in a dispute over deferred bonuses at UBS, Secretary General ...

Bloomberg Lloyds Banking Group Plc and Standard Life Aberdeen Plc are set to settle a dispute over the bank’s decision to pull its 109 billion-pound ($136 billion) contract from the asset manager. Lloyds would pay Standard Life 140 million pounds in cash as compensation and leave 30 billion pounds of the total under their management for three years, according to ...

Bloomberg One of the most senior bankers in India has an antidote for the nation’s yearlong credit crisis that is showing no signs of abating: seek monies from overseas investors. JPMorgan Chase &Co’s chairman for south and south-east Asia, Kalpana Morparia, is advising policy makers to tweak bankruptcy rules to let foreign portfolio managers throw a lifeline to the troubled ...

Bloomberg The new chief executive officer of Danske Bank A/S says he wants anyone with good ideas about how to run his firm to contact him. About 1 1/2 years after Danske was slammed by its financial regulator for having a culture that discouraged staff from speaking up, the bank is embracing transparency. Chris Vogelzang, a former ABN Amro banker ...