Banking

Bloomberg Noble Bank International, the Puerto Rican financial services firm with clients that have included prominent cryptocurrency ventures, is looking for a buyer, according to a person with direct knowledge of the situation. The bank has lost many of its customers, including Bitfinex and Tether, and is no longer profitable, the person said. The company could sell itself for a ...

Bloomberg Citigroup Inc.’s Russia unit gained more foreign currency holdings from retail depositors than any other bank during the ruble’s crash in August. Clients’ foreign currency current account holdings increased by 17 percent month on month to the equivalent of $1.4 billion, according to Bloomberg calculations based on data provided by the lender. That was the largest net gain among ...

Bloomberg When a Credit Suisse Group AG salesman asked investors for their final orders for pieces of a corporate loan this week, his email included an unusual visual goad: a photograph of a few crumbs of cake left on an otherwise empty plate. The bank received so much demand for the $5.05 billion loan, which is helping to finance KKR ...

Bloomberg On Monday, the number of banks deemed too big to fail in the euro zone will grow to eight from seven. The new arrival is Nordea Bank Abp, which is moving its headquarters to Helsinki from Stockholm. The bank, whose $670 billion in assets are more than twice Finland’s gross domestic product, has made clear its move was driven ...

Bloomberg The UK financial regulator fined Tesco Plc’s banking arm $21 million for failures that allowed cyber attackers to steal funds. The 48-hour hack in November 2016 was “largely avoidable” and took place because the thieves took advantage of weaknesses in the design of the bank’s debit card, its financial-crime controls and its so-called Financial Crime Operations Team, netting the ...

Bloomberg Danske Bank A/S has removed its chief executive officer with immediate effect after his role in one of Europe’s worst money laundering scandals left a number of shareholders indignant at his continued presence. Thomas Borgen was stripped of his CEO title on Monday, after the board appointed insider Jesper Nielsen to take over the job until a permanent replacement ...

Bloomberg One of Japan’s biggest banks is throwing away the cookie cutter when it comes to hiring fresh graduates. Realising it was recruiting “exactly the same” types of people each year, Mizuho Financial Group Inc. now wants to hire more creative thinkers who can help it meet challenges such as the technological upheaval facing banks, said Shinya Uda, a human ...

Bloomberg Switzerland’s diminishing band of mid-sized private banks should consider teaming up with other firms to expand in Asia and tap into the business of managing the wealth of the region’s millionaires, according to the chairman of the Swiss banking association. Since the global financial crisis and the end of banking secrecy, smaller Swiss wealth managers have faced heightened competition ...

Bloomberg September was the month when long-running failures to stop money-laundering came back to bite some of Europe’s largest banks. Regulators from Switzerland to the Nordic region and Germany reprimanded institutions for failing to do enough to prevent illicit money flows. While some paid for past misdeeds, others were chastised for continued shortcomings and even had monitors assigned to help ...

Bloomberg For all the European Central Bank’s signalling of an interest-rate “lift-off’’ next year, it might not get very far off the ground. Some investors suspect even modestly higher borrowing costs will unleash a rally in the euro that undermines economic growth and curbs inflation. That could leave the currency bloc trapped with near-zero rates for years to come. Spillovers ...