Banking

Bloomberg The Bank of Italy’s second-highest official is said to have told staff that he won’t be available for a new term, according to two people familiar with the situation, a further development in the tense relations between the central bank and the populist government. Director General Salvatore Rossi told staff in a letter that he will leave as soon ...

Bloomberg It seems increasingly clear that Danske Bank A/S was far from alone in its involvement in one of the world’s biggest money laundering scandals. Karsten Dybvad, the chairman of Denmark’s largest lender, says he hopes the $230 billion dirty money saga that has engulfed Danske doesn’t end up being even bigger. “But we can see in other banks that ...

Bloomberg Deutsche Bank AG, the struggling German lender that’s in talks about a merger with Commerzbank AG, is weighing giving up as many as three of the 10 floors it occupies in Hong Kong’s tallest skyscraper, people with knowledge of the matter said. Deutsche Bank signed the 10-year lease in the 484 meter (1,588 feet) International Commerce Centre in 2010 ...

Bloomberg Bank of America Corp. (BofA) has bought its biggest distressed asset in India, adding to a growing trend of foreign investors diving deeper into the country’s massive pile of bad debt. A group of investors led by the US bank have paid 33 billion rupees ($479 million) for soured loans of a beleaguered Indian maker of cast iron pipes, ...

Bloomberg The European Central Bank (ECB) is approaching the point where it needs to decide whether if negative interest rates are more problem than solution. Since officials pushed back plans to tighten policy, warnings have increased that the potency of a key instrument used to rekindle growth in the 19-nation bloc is diminishing the longer it remains in place. France’s Francois ...

Bloomberg UBS Group AG is adding tech bankers ahead of what promises to be a busy year for initial public offerings and technology banking transactions. The Zurich-based bank hired Bob Casey and Robert Jackman to join its US technology investment banking team, according to a memo sent by Jason Auerbach, UBS’s head of technology banking for the Americas. They are ...

Bloomberg Federal Reserve officials say they’re willing to tolerate an overshoot of their inflation goal. If the opposite happens, the plan is less clear. Core inflation, excluding energy and food prices, is currently just shy of the central bank’s 2 percent target. Most economists and policy makers see that lasting, though there’s no guarantee: Inflation expectations have been stuck on ...

Bloomberg UBS Group AG thought it had seen the worst of its French tax scandal when the lender was slapped with a record $5 billion penalty in Paris last month. A looming Swiss Supreme Court ruling could add to its woes. The court will decide in the coming weeks on whether a lower administrative court was right to rule UBS ...

Bloomberg Deutsche Bank AG’s DWS Group soared the most ever in Frankfurt trading on news that Allianz SE is exploring the possibility of combining it with its asset management arm to create a national champion in active money management. The Munich-based insurer is looking at the feasibility of a deal with Germany’s largest lender to create a business with 1.17 ...

Bloomberg The European Central Bank says its bond-buying program was $3 trillion well spent. It said the measure helped to ease financing conditions in the euro area and contributed to achieving its price-stability mandate — even as the point when the institution will meet its inflation goal edges farther into the future. Asset purchases of some 2.6 trillion euros ($3 ...