Banking

Bloomberg Wells Fargo & Co. CEO Tim Sloan said he’s prepared to keep running the company for much of the next decade, as he shifts from two years of navigating crises to focusing on improving shareholder returns. “There’s growth opportunities everywhere,” Sloan, 58, said in an interview, commenting just two days after the bank’s chairman batted back Wall Street whispers ...

Bloomberg Gold is set to surge over next year as concerns deepen about the widening US budget deficit and a tariff-driven trade war starts to damage the country’s economy, according to Bank of America (BofA) Merrill Lynch . Bullion could average $1,350 an ounce in 2019 as corporate tax reforms worsen the US fiscal balance, Francisco Blanch, head of global ...

Bloomberg The possibility of merging Deutsche Bank AG and Commerzbank AG has won the backing of German officials who are seeking a new champion that would protect the nation’s economy from an exodus of foreign capital. The government is in favour of a tie-up between its two biggest banks to create a heavyweight that would finance Germany’s export-oriented economy, according ...

Bloomberg Bank of England (BOE) policy makers have the chance this week to share their thoughts on interest rates now that Governor Mark Carney has said he’s sticking around for longer. Four members of the Monetary Policy Committee are making public appearances — including the first speeches by Dave Ramsden and Gertjan Vlieghe since officials voted to hike interest rates ...

Bloomberg Nigeria’s central bank has revoked the operating license of Skye Bank Plc. and established Polaris as a bridge bank to takeover its assets and liabilities. “The strategy is for the Asset Management Company of Nigeria, Amcon, to capitalise the bridge bank and begin the process of sourcing investors to buy out Amcon,” Central Bank of Nigeria Governor Godwin Emefiele ...

Bloomberg Bitcoin fraudsters are misusing the names of Singapore PM Lee Hsien Loong and his deputy Tharman Shanmugaratnam to tout investments, prompting a warning from the premier. “Scammers have used DPM Tharman’s and my name to solicit Bitcoin investments,” Lee said. “Don’t believe everything you see on the Internet!” Lee in a Facebook post used the crypto example to highlight ...

Bloomberg As the contentious $39 billion takeover saga for Sky Plc draws to a close, boutique banks appear poised to reap some of the richest rewards. PJT Partners Inc., Robey Warshaw LLP, Evercore Inc. and Centerview Partners are the small advisory shops that worked on the battle between Comcast Corp. and Twenty-First Century Fox Inc. for control of Sky. The ...

Bloomberg Denmark’s financial supervisor plans to hold board members of Danske Bank A/S personally accountable if the lender is again caught misleading authorities. “Their heads are on the block,” Jesper Berg, director general of the Financial Supervisory Authority, said in an interview as his office resumes an investigation into Denmark’s biggest bank. Danske has admitted that a tiny Estonian unit ...

Bloomberg Infrastructure Leasing & Financial Services (IL&FS), an Indian shadow banker that defaulted on its commercial paper obligation earlier this year, missed payments again. The company, which helped fund India’s longest tunnel, defaulted on three non-convertible notes series, it said in a filing to the stock exchange, without disclosing the value of the debt. It was also unable to meet ...

Bloomberg The governor of the Bank of Italy urged caution on the nation’s populist government, warning of a negative market reaction and an “unsustainable” risk for the country’s massive debt, as the Five Star Movement pressed for a wider deficit in the 2019 budget. Ignazio Visco, speaking at a conference in Varenna, warned against an unproductive budget-deficit hike given Italy’s ...