Banking

Bloomberg The days of explosive growth in the blockchain industry have likely come and gone now that the average person is aware of its existence, according to Vitalik Buterin, co-founder of Ethereum. “The blockchain space is getting to the point where there’s a ceiling in sight,” Buterin said in an interview with Bloomberg at the Ethereum Industry Summit conference in ...

Bloomberg Mario Draghi will only just manage to raise the European Central Bank’s interest rates before his term as president ends in October 2019 amid continued risks from US tariffs and Italian politics, according to a Bloomberg survey of economists. With asset purchases about to conclude in December, most respondents predict euro zone policy makers will increase the deposit rate ...

Bloomberg Masayoshi Son is asking Wall Street banks to open their pocketbooks if they want in on what could be the biggest-ever initial public offering, according to people familiar with the matter. SoftBank Group Corp. has told potential underwriters seeking a large role in the blockbuster IPO of its Japanese wireless unit that they should offer to lend to other ...

Bloomberg Next month, the euro zone will get its eighth global systemically important bank, Nordea Bank AB. Its management is now asking authorities in the bloc to consolidate anti-money laundering defenses after a spate of scandals rocked confidence in the finance industry and its regulators. Julie Galbo, chief risk officer at Nordea and a former regulator at the Danish Financial ...

Bloomberg China’s banking regulator is handing out fines at a record pace, as it battles a build-up of financial risk. The China Banking and Insurance Regulatory Commission, along with its predecessor agency, has issued fines worth about $585 million since Chairman Guo Shuqing took charge of the watchdog in early 2017, compared with a total of some 1 billion yuan ...

Bloomberg Wells Fargo & Co. is facing a Department of Justice (DOJ) investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory deadline, the Wall Street Journal reported earlier Thursday. “This particular situation involved a new process and a new required document ...

Bloomberg Even while caught up in its own suspect transactions in Russia, Deutsche Bank AG may have helped curb the flow of illicit billions through Danske Bank A/S’s branch in Estonia. Deutsche Bank started rejecting individual dollar transactions going through Danske’s branch in Tallinn in 2014, and completely withdrew its services a year later, according to a person familiar with ...

Bloomberg Citigroup Inc. is planning to promote bankers Tyler Dickson and Manolo Falco to run a reconstructed version of its investment banking operations, people familiar with the plan said. The lender was expected to announce the plan on September 6 to combine its corporate and investment bank with its capital markets origination business, the people said, declining to be identified ...

Bloomberg Two more of Australia’s big banks have raised home loan rates as funding costs climb, heaping additional pressure on indebted households. Commonwealth Bank of Australia, the nation’s biggest mortgage lender, and Australia & New Zealand Banking (ANZ) Group Ltd. both raised their key standard variable mortgage rate, joining Westpac Banking Corp., which was the first of the big four ...

Bloomberg Regulators need to increase their scrutiny of non-bank firms that are moving into the financial business, according to the chief executive officer of DBS Group Holdings Ltd., Southeast Asia’s largest lender. “Absolutely,” Piyush Gupta said when asked at a Bloomberg forum in Singapore whether more regulation is needed for technology and other firms that are competing with traditional banks ...