Banking

Bloomberg The financial regulator at the epicenter of Europe’s vast dirty money scandal says a key part of what really happened has been misunderstood. Danske Bank A/S became the modern-day poster child for Russian money laundering after it published a report in September that revealed a shocking number: $230 billion. Jesper Berg, the director general of the Financial Supervisory Authority …

Bloomberg Fierce resistance from corporate clients dealt a key blow to Deutsche Bank AG’s deal talks with Commerzbank AG, according to people familiar with the matter. Many Deutsche Bank customers threatened to cut ties with Germany’s largest bank should the deal go through, said the people, asking not to be named because the details haven’t been publicly disclosed. That ultimately …

Bloomberg The Bank of England (BOE) is widely expected to keep interest rates unchanged when it meets next week, although some analysts see the risk of a hawkish surprise. While all 24 economists surveyed by Bloomberg predict policy makers will maintain rates at 0.75 percent, six see one official voting for an immediate hike. Such a move would be a …

Bloomberg HSBC Holdings Plc has started a cost review that could lead to job cuts, as Chief Executive Officer John Flint rebuked top managers at a meeting in Hong Kong last month for missing revenue and cost targets, according to people familiar with the matter. About 400 executives attended the global conference where Flint called out leadership for “incompetence” and …

Bloomberg Colombia left its benchmark interest rate unchanged as policy makers remain wary of derailing the weak, jobless recovery by raising borrowing costs too soon. The seven-member board voted unanimously to leave the policy rate unchanged at 4.25 percent for a twelfth straight month, bank Governor Juan Jose Echavarria said after the meeting. The decision was forecast by all 24 …

Bloomberg One of the world’s most widely traded virtual currencies faces renewed doubts about its stability, after New York’s top cop accused the coin’s issuer of participating in a cover-up to hide the loss of about $850 million in client and corporate funds. The allegations against Tether and the operator of cryptocurrency exchange Bitfinex, announced by the New York attorney …

Bloomberg India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top econ-omies diversify their reserves. The Reserve Bank of India’s (RBI) purchases are part of a wider picture across developing economies that are looking at de-dollarising their foreign-exchange reserves, …

Bloomberg Wells Fargo & Co.’s critics stormed its annual meeting in Dallas, vowing to keep pressure on the bank even after the resignation of its chief executive officer. Investors, however, showed they’re ready to move on. Interim Chief Executive Officer C. Allen Parker was interrupted more than a dozen times as he tried to deliver opening remarks at the gathering, …

Bloomberg Credit Suisse Group AG’s troubled trading business is finally bringing some much needed to relief to Chief Executive Officer Tidjane Thiam. The global markets unit — a focus of painful cuts and a perennial headache for the CEO — did better than top Wall Street banks in a period that rival UBS Group AG described as one of the …

Bloomberg The UK formally kick-started its search for Mark Carney’s successor as the governor of the Bank of England (BOE), a role that’s been linked to both senior people within the institution and ex-central bankers around the world. Canadian-born Carney was the first foreigner to run the BOE, and Chancellor of the Exchequer Philip Hammond has said he’s willing to …