Banking

Bloomberg In the Ivory Coast, Standard Chartered Plc may have found its template for the future of banking. Didier Drogba, the retired Ivorian soccer star, was drafted as a “digital bank ambassador” on social media. Fifteen months later, more than 18,000 of his compatriots have signed up for digital-only accounts, outstripping the London-based lender’s early targets. Ivory Coast is just ...

Bloomberg Lloyds Banking Group Plc’s Bank of Scotland unit was fined $58 million by UK’s finance regulator over a scandal at the bank’s Reading division that siphoned millions from failing businesses a decade ago. The company “failed to alert the regulator and the police about suspicions of fraud at its Reading branch when those suspicions first became apparent,” the Financial ...

Bloomberg Mario Draghi is set on pushing the limits of the European Central Bank’s (ECB) firepower right up until he leaves office. With little more than four months to go in his job, the ECB president has all but pledged new stimulus for Europe’s flagging economy that may include both interest-rate cuts and asset purchases. Adding potency to that statement ...

Bloomberg Goldman Sachs Group Inc. and Standard Chartered Plc are among global firms postponing the transfer of several billion euros of capital outside the UK despite regulatory pressure to complete the move. Other lenders including Citigroup Inc. have only shifted part of the assets they were initially planning to relocate due to the delays in Brexit, people familiar with the ...

Bloomberg Morocco’s central bank held its benchmark rate steady, refusing to budge even as the country’s economic prospects took a turn for worse. The decision, which Bank Al-Maghrib said was link-ed to bullish inflation projections and monetary conditions, came even as government pres-ses ahead with measures that will inject billions of dirhams into the economy — steps that also are ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing is planning sweeping changes to his top management, considering replacing finance chief James von Moltke and investment banking head Garth Ritchie, as he purges executives who rose under his predecessor. The bank is expected to decide on the future of several management members within weeks, according to people familiar with the ...

Bloomberg Financial markets have gotten used to the Federal Reserve adjusting its benchmark interest rate in small increments. They might want to be ready for a change. While no move is expected as officials gather this week, economists and investors generally agree the Fed is going to cut rates this year. The last two times the Fed began an easing ...

Bloomberg Mario Draghi nudged the European Central Bank (ECB) closer to pumping more monetary stimulus into the economy, highlighting that “lingering” risks are strengthening the case for action. The ECB president said at the institution’s annual forum in Sintra, Portugal, that “additional stimulus will be required” if the economic outlook doesn’t improve. He said the commitment to keeping interest rates ...

Bloomberg Malaysia’s large banks have the highest board representation for women across the Southeast Asian region, outpacing peers in Singapore and the Philippines where the proportion is below 15 percent. Women make up more than 30 percent of the boards of top Malaysian lenders, compared with only 9 percent on average in the Philippines, and 13 percent in Singapore, according ...

Bloomberg Australia’s central bank is likely to lower interest rates again to drive increased hiring. The central bank aims to boost households’ confidence that inflation will return to target. The Reserve Bank made the comment in minutes of its June 4 policy meeting, when it eased the cash rate to 1.25 percent in the first reduction in almost three years. ...