Banking

Bloomberg Citigroup Inc, Royal Bank of Scotland Group Plc and JPMorgan Chase & Co are among five banks named in a class action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies. UBS Group AG and Barclays Plc were also named in the suit lodged on Monday in the Federal Court by Maurice Blackburn Lawyers. The action claims ...

Bloomberg Japan’s regional banks have long been relegated to the sidelines in one of the most lucrative corners of the lending market while regular loans got gradually less profitable. Now some are fighting back. Shizuoka Bank Ltd has lined up a network of 40 local lenders that will invest in structured assets such as project finance and non-recourse real estate ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing is targeting the investment bank for “tough cutbacks,” notably in equity trading, in a campaign to restore market confidence following the breakdown of takeover talks with Commerzbank AG. “I can assure you: we are prepared to make tough cutbacks” to the securities unit, Sewing said at the bank’s annual shareholders’ meeting ...

Bloomberg European Central Bank officials are approaching a major decision on new stimulus amid conflicting economic data and differences over what to do about it. Economists at the ECB are preparing forecasts for President Mario Draghi to unveil next week that will show whether they still believe an upturn will materialise in the second half of the year. The Governing ...

Bloomberg Canadian banking is no longer the engine driving profit growth at the country’s large lenders. With Canadian financial giants including Royal Bank of Canada and Toronto-Dominion Bank having announced results this week, and rivals to follow, it’s becoming clear that businesses such as wealth management and US operations are doing more to increase earnings than their mainstay of domestic ...

Bloomberg The past months have been brutal for the UK’s retail and consumer industries, and one bank that’s felt its fair share of the pain is HSBC Holdings Plc, which has found itself on the wrong side of several of the highest-profile failures. Last week, TV celebrity chef Jamie Oliver’s casual-dining chain was placed into protection from creditors. That left ...

Bloomberg European Union leaders are about to begin their tussle over who should run the region’s monetary policy in the era after Mario Draghi. Heads of government will sit down for dinner in Brussels, in the aftermath of EU parliamentary elections, to kick off talks on the next suite of top political appointments. Among them is arguably the bloc’s most-powerful ...

Bloomberg The Federal Reserve’s influential staff seems to have lost confidence that its bosses will achieve the central bank’s 2 percent target, if the minutes of the Fed’s meeting are anything to go by. The staff forecast presented to policy makers saw inflation falling shy of 2 percent“over the medium term’’ even as the job market was projected to tighten ...

Bloomberg Banco de Mexico’s top markets official is leaving for the Bank for International Settlements after more than two decades at the central bank, according to people familiar with the plans. Jaime Cortina, director general of operations and payment systems, plans to leave in the coming weeks, according to five people who asked not to be named because the decision ...

Bloomberg For Loretta Mester, returning inflation to the US central bank’s 2 percent target requires restraint more than drastic action. In an interview with Bloomberg News, the president of the Federal Reserve Bank of Cleveland dismissed the notion that policy makers should cut interest rates to raise inflation. Instead, officials should simply be careful not to react too quickly when ...