Banking

Bloomberg President Donald Trump may get the Federal Reserve interest rate-hike pause he wants as his attacks on the Fed and the government shutdown roil stock markets and shave 2019 forecasts for economic growth. The S&P 500 fell 2.7 percent, bringing US stocks to the brink of a bear market after a drop of almost 20 percent from a September ...

Bloomberg More than a year after Russia nationalised three leading private lenders, the magnitude of the losses is starting to take shape and criminal investigations are being opened against former owners and management. The bad bank that took on some 2 trillion rubles ($30 billion) in non-performing assets from Bank Otkritie FC, B&N Bank and Promsvyazbank still isn’t ready to ...

Bloomberg Wells Fargo & Co will pay $575 million to settle state-level claims over sales practices, marking the latest cost in the fallout from a series of scandals that erupted at the bank more than two years ago. The settlement with 50 states and the District of Columbia announced resolves state investigations into Wells Fargo’s practices from 2002 to 2017. ...

Bloomberg JPMorgan Chase & Co will pay $135 million to settle Securities and Exchange Commission allegations that it mishandled US securities that represent sha-res of foreign companies, the latest bank fined in an industry crackdown on the practice. The bank improperly provided what’s known as American depository receipts (ADR) to brokers when neither the brokers nor their clients held shares ...

Bloomberg Boutique banks climbed the ranks of the world’s leading merger advisers, while Deutsche Bank AG dropped out of the top 10. But for all of the shuffling, familiar names remained at the head of the pack. Goldman Sachs Group Inc, for the second year in a row, is poised to be the top bank for takeover advice — pushed ...

Bloomberg Donald Trump expressed confidence in the Treasury secretary, Federal Reserve and US economy, moving to calm financial markets further roiled after Bloomberg News reported that the president had discussed firing the central ba-nk’s chairman over raising interest rates. Trump, asked if he has confidence in Treasury Secretary Steven Mnuchin, said, “Yes I do, very talented guy, very smart person.” ...

Bloomberg Chinese authorities are studying plans to help banks replenish capital as they look to continue with their crackdown on financial risk without hurting credit growth. The move to promote sales of perpetual bonds as soon as possible comes as new regulations on asset management force banks to absorb off-balance-sheet debts. Swelling soured loans and a slump in share prices ...

Bloomberg A record amount of collateralised loan obligations will be eligible to be reset or refinanced next month, potentially putting more pressure on prices. But the concerns may be for naught as the malaise weighing on credit markets could derail part of the push. More than $52 billion of CLOs originally issued in 2017 and 2018 could be refinanced or ...

Bloomberg Swedish activist investment firm Cevian Capital has built a 2.3 percent stake in Nordea Bank Abp in a move that may put pressure on the Nordic region’s largest bank to improve its revenue development and profitability. Cevian’s comment that it “sees significant value potential in Nordea” and that it “will work with Nordea’s owners, board and management to realise ...

Bloomberg Limbo—that’s where to find Wall Street when it comes to cryptocurrencies. Squeamish from the start about pursuing profits in one of the darker corners of finance, established firms this year slowed their already halting efforts to make a business out of Bitcoin mania. While none has thrown in the towel, and some continue to develop a trading infrastructure, most ...