Banking

Visa, Mastercard reach swipe fee settlement

Bloomberg Visa Inc. and Mastercard Inc. agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case. The total is in line with sums the two companies previously set aside to cover the costs of the litigation, including $5.3 billion already held ...

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Florence effect: Bankers surf couches to maintain lending

Bloomberg Live Oak Bancshares Inc., the online lender whose headquarters is in flood-ravaged Wilmington, North Carolina, is still operating after it sent employees fanning out across the country ahead of Hurricane Florence. “Everything is in the cloud and our employees, really what they need is an internet connection somewhere,” said Thomas Hill, the bank’s chief information officer. “It was a ...

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HSBC plans wealth hiring spree in CEO’s bet on Asia’s rich

Bloomberg HSBC Holdings Plc is planning to increase its wealth-management staff in Asia as CEO John Flint bets on growth in the region. The bank plans to add more than 1,300 positions, split roughly between retail and private banking, by 2022, according to the heads of the two divisions, which between them currently employ just over 32,000 people in the ...

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Credit Suisse scolded for rewarding rogue banker

Bloomberg Credit Suisse Group AG was scolded by Switzerland’s financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud, escaping any real penalties for its compliance shortcomings. Finma identified deficiencies in the bank’s anti-money laundering controls as well as shortcomings in its oversight of the manager, identified as Patrice Lescaudron by people with knowledge ...

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Deutsche Bank to operate with UK branch after Brexit

Bloomberg Deutsche Bank AG reiterated that it plans to carry on operating as a branch in the UK after the country leaves the European Union. That plan is in line with guidance from the Bank of England’s regulatory arm, a Deutsche Bank spokesman said in an emailed response to questions on Monday in Frankfurt. The lender said it is working ...

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Nigeria accuses HSBC of money laundering

Bloomberg Nigeria accused HSBC Holdings Plc of money laundering after an analyst working for the lender said that a second term for President Muhammadu Buhari may stall economic recovery in Africa’s biggest oil producer. “What killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC,” presidential spokesman ...

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ECB’s Makuch may quit before 2020 Slovak vote

Bloomberg European Central Bank Governing Council member Jozef Makuch said he might not finish his second term at the helm of Slovakia’s monetary authority to allow the appointment of his successor before 2020 general elections. Makuch said there is a chance that the ballot will have an inconclusive result and that’s “the only reason” why he would consider stepping down ...

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NY sues comptroller of currency over ‘fintech decision’

Bloomberg New York sued the US over a decision to allow financial technology companies to apply for special national banking charters, saying the move is “lawless” and “ill-conceived” and will destabilise financial markets that are more effectively regulated by the state. Maria Vullo, superintendent of the state’s Department of Financial Services, filed the lawsuit against the Office of the Comptroller ...

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Philippine peso looks to remittances to stem slide

Bloomberg The embattled Philippine peso needs a break and it may soon get one. More than 10 million overseas Filipinos are preparing to send record amounts of money home for the Christmas and New Year holidays — a period when remittances pick up — with analysts from MUFG Bank Ltd. and Standard Chartered Plc saying those funds will help ease ...

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Credit Suisse heralds calmer years ahead as restructuring ends

Bloomberg Tidjane Thiam is looking forward to things getting back to normal. In an interview with Swiss newspaper NZZ am Sonntag, the chief executive officer of Credit Suisse Group AG said the bank is now targeting “business as usual” after years of restructuring. “Over the past three years we worked day and night to deal with our legacy from the ...

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