Banking

Deutsche Bank slumps on worry over role in Danske laundering

Bloomberg Investors in Deutsche Bank AG have added the lender’s role in Danske Bank’s money laundering scandal to their growing list of worries. A management shakeup, weak earnings and political turmoil saw Deutsche Bank shares hit multiple lows this year. Now, concerns about its involvement in Europe’s biggest money-laundering scandal are weighing on the stock after the key whistle-blower pointed ...

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Big US banks set to get $5bn windfall

Bloomberg Big US banks that are already smashing profit records will soon get a $5 billion windfall, courtesy of the federal government. The Federal Deposit Insurance Corp announced that lenders will no longer have to pay quarterly surcharges that cover some of the costs of insuring their customers’ deposits. Megabanks such as JPMorgan Chase & Co and Bank of America ...

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Carney to keep Brexit commentary rolling

Bloomberg Mark Carney has at least four more opportunities before the end of the year to talk about Brexit, with his words potentially taking on greater weight as the split gets closer. The political process is grinding towards a parliamentary vote in coming weeks — date yet to be decided — on the divorce deal with the European Union, and ...

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India in spotlight as global central banks battle populists

Bloomberg It’s open season on central bank chiefs. In the US, President Donald Trump has complained that the Federal Reserve has gone “loco” because its interest rate hikes threaten to snuff out his deficit-swelling, tax cut stimulus. Italy’s Deputy Prime Minister Luigi Di Maio accused his compatriot Mario Draghi of “poisoning the atmosphere” after the European Central Bank president warned ...

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SocGen to pay $1.3bn in US sanctions case settlement

Bloomberg Societe Generale SA settled its longstanding sanctions violations case with US authorities, entering a deferred prosecution agreement with federal prosecutors and paying $1.34 billion to regulators in New York and Washington. As part of the settlement, France’s third-largest bank acknowledged violations of US sanctions laws against Cuba, Iran and Sudan starting as far back as 2003 and extending to ...

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BOE’s Carney backs May’s Brexit plan

Bloomberg Mark Carney gave his seal of approval to the transition deal agreed by Prime Minister Theresa May’s with the European Union, and signalled that he would welcome even longer for the UK to adjust. In his first public comments on the government’s draft agreement, the Bank of England (BOE) governor united with other central bank officials to warn of ...

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RBI, Modi govt signal truce on reserves

Bloomberg India’s central bank signalled a compromise with the government by agreeing to study a demand for sharing a part of its capital — an issue that had triggered a public spat between the monetary policy makers and their political bosses. The Reserve Bank of India will form a panel to consider the funds transfer to the government, the central ...

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ECB: Banks breaking pledge to avoid risk

Bloomberg European lenders are breaking promises that they would avoid excessive risk in the wake of the financial crisis, according to the European Central Bank. “We’re seeing more and more banks take risks that, back in 2008 and 2009, they said they’d never do again,” said Korbinian Ibel, a director general at the ECB’s banking supervision arm. “They argue that ...

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Greece mulls subsidy for debtors to get banks back on track

Bloomberg Greece is trying everything to get its banks back on track, including a direct subsidy to some of their most troubled customers. The government is working on a plan to lessen the burden for borrowers of modest means who can’t repay their debts, according to two people familiar with the project. Though it’s not clear how many borrowers would ...

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UBS could face $6 billion in fines as tax-fraud trial ends

Bloomberg In the middle of UBS Group AG’s six-week tax trial in Paris, Presiding Judge Christine Mee’s tone changed. And that may have given a sign of what the bank can expect in a case that could cost it as much as $6 billion. The hearings, which have ended, started well for the Zurich-based bank. A team of 20 high-powered ...

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