Banking

BLOOMBERG Three years and nearly $1 billion later, Wells Fargo & Co is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management. The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who ...

BLOOMBERG Charles Schwab Corp said it has been temporarily affected by attrition from clients as it integrates TD Ameritrade, leading to a decline in net new money for the firm last month. The company had $4.9 billion of total core net new assets in August, a 64% decline from July and 89% from a year earlier, the company said. Core ...

BLOOMBERG UBS Group AG’s decision to completely integrate Credit Suisse’s domestic business brings with it a task that’s notorious for running behind schedule and over budget. Just ask Deutsche Bank. The Swiss lender must now figure out how to bring over some 1.5 million client accounts from Credit Suisse into its own IT framework. Depending on the state of the ...

BLOOMBERG China’s central bank ramped up efforts to accelerate an economic recovery, releasing more cash into markets as data show fresh encouraging signs for the country’s growth momentum. The People’s Bank of China (PBOC) added a net 191 billion yuan ($26.3 billion) into the financial system via a one-year policy loan, a day after announcing another cut to lenders’ reserve ...

BLOOMBERG National Australia Bank (NAB) is planning to close its Hong Kong office and consolidate operations into mainland China, Singapore and Japan. The closure of the office will take place over the next 18 months, Krista Baetens, a Singapore-based NAB executive, said in a statement. The Australian Financial Review earlier reported the decision, saying the office houses about 50 staff ...

BLOOMBERG Laurentian Bank of Canada ended its strategic review without finding a buyer and plans to carry on as an independent firm with a slimmer management team. The company’s shares plunged. The Canadian bank announced in July it was examining its options. It hired JPMorgan Chase & Co to run the process and considered a number of possibilities, including a ...

BLOOMBERG Barclays Plc is preparing to cut hundreds of jobs as soon as next week as the firm looks to trim costs amid quieter markets. The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter. Separately, the ...

BLOOMBERG Wells Fargo & Co’s $1 billion settlement of a shareholder lawsuit over unauthorised customer accounts was approved by a federal judge, bringing the total amount the bank has agreed to pay to resolve claims over the scandal to nearly $5 billion. US District Judge Jennifer L Rochon authorised the agreement following a hearing in New York, more than three ...

 BLOOMBERG The International Monetary Fund (IMF) and China have a “strong partnership,” the organisation’s chief, Kristalina Georgieva, said as she wrapped a visit to the biggest lender for many developing economies and a key player in talks about their debt and financial stability. “In a world where so many countries are vulnerable to the impact of the Covid and world ...

BLOOMBERG China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist. The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China (PBOC) said. The move came hours after authorities announced fresh stimulus ...