Banking

Bloomberg UK inflation pressures are likely to pick up even if the Bank of England’s forecasts for wage growth and productivity gains aren’t met, according to Deputy Governor Dave Ramsden. In a speech in London, Ramsden said that he’s on board with BOE’s collective view that limited and gradual increases are needed to control inflation. Labour market tightness and rising ...

Bloomberg US investor Bill Browder has presented evidence that Norwegian lender DNB ASA helped transfer $533,000 in Russian cash through accounts in Estonia and Lithuania, according to a Dagens Naringsliv (DN) report. Browder sent a complaint to Norway’s economic crime unit in 2016 and met with the authority in 2017, according to the newspaper. The cash was transferred by eight ...

Bloomberg As investors scrambled for more clarity on the Italian budget plan that roiled its markets, at least one thing was clear: Ten years after the financial crisis, the sovereign-bank “doom loop” still haunts Europe. A selloff that started in government bonds quickly spread to the debt and shares of the country’s lenders as investors latched onto a problem policy ...

Bloomberg UBS Group AG’s investment bank was dealt a fresh blow as Andrea Orcel, the top rainmaker at a business that’s lost much of its clout in a shift toward wealth management, left for Spain’s Banco Santander SA. The Swiss bank promoted two executives to jointly lead the investment bank, splitting the role held by Orcel, it said. Piero Novelli, ...

Bloomberg JPMorgan Chase & Co. is opening its first retail branches in the Philadelphia area as part of a broader plan to bolster the consumer bank by expanding into more than a dozen new markets over five years. The largest US bank by assets is planning to open about 50 branches and hire 300 people in Philadelphia, Delaware and Southern ...

Bloomberg The White House’s latest pick for the Federal Reserve Board was deliberately chosen for her financial stability expertise and knowledge of the Fed system to round out a board of monetary policy experts and Wall-Street savvy lawyers. President Donald Trump plans to nominate Nellie Liang, a Ph.D. economist who ran the Fed’s financial stability unit until her retirement last ...

Bloomberg Morgan Stanley’s highest ranking women are flying to New York this week from around the world to solve a gnawing problem: There aren’t enough of them. The bank, looking to support the advancement of women to its top echelons, is hosting a summit in Manhattan on Wednesday and on Thursday for about 350 who are already managing directors at ...

Bloomberg European Central Bank policy maker Peter Praet said he doesn’t believe President Mario Draghi intended to send a new signal when he said the pickup in underlying euro-area inflation is “relatively vigorous.” The euro slid after Praet, the ECB’s chief economist, made the remarks in London on Tuesday. The single currency jumped the previous day when Draghi spoke at ...

Bloomberg Danske Bank A/S faces more penalties from the financial regulator as multiple probes into one of Europe’s biggest money laundering scandals get under way, according to Denmark’s government. The Danish Financial Supervisory Authority already forced Danske to add almost $800 million to its capital burden back in May, in response to earlier signs of laundering breaches. Business Minister Rasmus ...

Bloomberg Deutsche Bank AG is open to a merger once the lender has boosted its profitability over the next 18 months, Chief Executive Officer Christian Sewing said. “We have a very clear plan to remain a global bank, but we have to work on profitability now,” Sewing said at an event in Berlin. “If that happens, we can talk about ...