Banking

Bloomberg The Bank of England ratcheted up the pressure on the European Union to help stave off the threat a no-deal Brexit poses to trillions of pounds of derivative contracts and millions of insurance policies. The EU has made “only limited progress” in mitigating the financial-stability risks of a disorderly Brexit, and the need for action is now “pressing,” the ...

Bloomberg A punishing selloff triggered by a money laundering scandal may have left Danske Bank A/S badly undervalued, according to analysts covering the stock. That means that shares in Denmark’s biggest financial group could be poised to soar more than 50 percent in the coming year, according to the average estimate of 24 analysts tracked by Bloomberg. The gap between ...

Bloomberg Goldman Sachs Group Inc is looking to restrain the rapid expansion of its online lending platform as the firm grows more cautious on the consumer debt market that’s a key area of growth. The firm’s Marcus unit cut its loan-originations target for next year, according to people with knowledge of the plans. The revision reflects concern about the stage ...

Bloomberg Greek banks slid as contagion from Italy exacerbated concerns they’ll need to raise more capital to deal with their mountains of bad loans. The FTSE/Athex Bank Index was down 4.9 percent at 3:18 p.m. in Athens, having earlier fallen as much as 7.9 percent. Eurobank Ergasias SA tumbled as much as 14.4 percent before paring its losses to 8.6 ...

Bloomberg The three British currency traders who were part of an exclusive online chat group referred to by members as “the cartel” go on trial this week for alleged market manipulation that’s already cost global banks $14 billion in penalties. The trio represented banks handling a major chunk of the $5.1 trillion-a-day currency market. The men are accused of rigging ...

Bloomberg As concerns from bank investors go, “peak profitability” seems an unusual one. But as the biggest US banks report results that analysts estimate will set a new high for profitability this decade, shareh-olders are wondering: is this as good as gets, or is Jamie Dimon right that banks are entering a golden age. “The quarter will be fine,” Susan ...

Bloomberg UBS Group AG goes on trial in Paris on Monday accused of encouraging rich clients to stash cash overseas to evade French taxes by deploying tactics “worthy of James Bond.” The Zurich-based lender dispatched bankers across the border to seek out new clients even though they lacked the paperwork — a banking license or European passport — to offer ...

Bloomberg Morgan Stanley is remodeling. About 1.2 million square feet (111,000 square meters) of office space will get an overhaul in the next 15 months to put technology experts closer to brokers, traders and bankers, the firm’s head of technology, Rob Rooney, said in an interview. After changes to wealth-management operations, tra- ding floors, investment-banking offices and space tied to ...

Bloomberg The economist tipped to be Mexican President-elect Andres Manuel Lopez Obrador’s first central bank board nominee said he expects policy makers to cut the key interest rate starting next year given the outlook for slowing inflation and growth. Policy makers have room to ease even as the Federal Reserve tightens, Jonathan Heath, a former chief economist at HSBC Holdings ...

Bloomberg Bonds traders were fast to cheer the Reserve Bank of India for keeping rates on hold. The gains may prove fleeting. While the central bank surprised by keeping borrowing costs unchanged, it changed its stance to “calibrated tightening” from neutral, signaling more hikes lie ahead. Add to that concerns about soaring oil prices and the tumbling rupee, investors are ...