Banking

Deutsche Bank’s DWS soars to record high on Allianz interest

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 ...

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ECB: QE helped lending despite elusive inflation

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 ...

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After Danske, Denmark’s payment sector faces money laundering risk

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. ...

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BOJ’s Kuroda defends 2% inflation target

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, ...

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ING’s money laundering woes worsen after Bank of Italy review

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. ...

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ECB calls for govt help to boost economy

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 ...

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Deutsche Bank confirms merger talks with Commerzbank

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 ...

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BOJ leaves stimulus program unchanged

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 ...

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Wells Fargo boosts CEO’s pay to $18.4m

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 ...

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Mechanics to buy Rabobank’s US retail unit for $2.1 billion

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. ...

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