Banking

Bloomberg As one avenue for money launderers is shut, another one may be opening. In Denmark, home to Danske Bank A/S, the authorities are now taking a closer look at companies that provide payment services. The worry is that the chain of processes behind each payment is becoming so complex that criminals might be able to hide their illicit transactions. ...

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda said he’s still seeking to deliver 2 percent inflation after the government voiced support for a more flexible approach to the goal, which hasn’t been hit in a decade. Japan must reach 2 percent to achieve a self-sustaining cycle of economic growth, where higher corporate profits and wages fuel consumption and investment, ...

Bloomberg The Bank of Italy asked ING Groep NV to avoid any business with new clients in the country after it fell short in recent anti-money laundering checks, adding to the Dutch lender’s compliance woes. The central bank identified shortcomings in the Amsterdam-based bank’s processes during a four-month on-site inspection in Italy that ended in January, according to a statement. ...

Bloomberg The European Central Bank’s latest round of stimulus is being accompanied by renewed calls on governments to step up their game in nurturing the economy. It’s an acknowledgment by President Mario Draghi and fellow policy makers that they’ll do what they can — but their options are sorely depleted if the current economic weakness worsens. That puts the focus ...

Bloomberg Deutsche Bank AG said it’s in talks with Commerzbank AG as part of a review of its strategic options, moving closer to creating a national champion lender as both banks struggle to grow. The lender confirmed it is “engaging” in talks with Commerzbank as it seeks to boost growth and profitability. Bloomberg first reported that the banks’ boards were ...

Bloomberg The Bank of Japan (BOJ) left its monetary stimulus program unchanged as it downgraded its assessment of exports, factory output and overseas economies. The BOJ’s decision to maintain its policy interest rates and asset purchases was predicted by all 46 experts surveyed by Bloomberg. Its gloomier take on the economy was also largely expected after a raft of weak ...

Bloomberg Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan’s compensation by 5.7 percent to $18.4 million for last year as the bank has worked to overcome multiple scandals. Sloan got $2.4 million in salary and $14 million of restricted stock linked to performance goals, the San Francisco-based bank said in a regulatory filing. He also got a $2 ...

Bloomberg Mechanics Bank agreed to buy much of Dutch lender Rabobank Group’s US operations for about $2.1 billion, bringing together two California lenders and extending the combined company’s reach throughout much of the state. Mechanics, based in Walnut Creek, California, is gaining Rabobank’s US retail, business-banking, commercial real estate, mortgage and wealth- management businesses, the companies said in a statement. ...

Bloomberg Deutsche Bank AG is rebuffing pressure from top performers to restructure retention bonuses after the awards tumbled in value last year and opened the way for more defections, according to people familiar with the matter. The bank told key staff in recent weeks it won’t make any changes to the program, which began in 2017, the people said, asking ...

Bloomberg Sweden’s oldest bank may have handled considerably more in suspicious transactions tied to an Estonian money laundering scandal than first reported. Swedbank AB, which dominates financial markets in the Baltic region, allegedly let about 95 billion kronor ($10.2 billion) in questionable flows move through its accounts between 2007 and 2015, according to Sweden’s main television broadcaster, SVT, which cited ...