Banking

Employees at dozens of leading banks face German probe

Bloomberg Prosecutors in Cologne are preparing their first indictments in a tax-evasion probe involving some of the biggest names in finance that cost the German treasury billions of euros, according to people familiar with the matter. Investigators are looking at the role of dozens of banks, brokerages, accounting companies, and law firms in the deals, and the cases involve hundreds ...

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Kenya bank says Ethiopia ready for ‘take-off’

Bloomberg Kenya’s biggest bank is waiting eagerly for Ethiopia to open its closely guarded financial services sector as new Prime Minister Abiy Ahmed warms up to foreign investment in ongoing market reforms. KCB Group Ltd. set up a representative office in Addis Ababa, the Ethiopian capital, in 2015 to position itself for when Africa’s fastest-growing economy finally relaxes its policy ...

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Credit Suisse cuts senior jobs in hedge fund unit

Bloomberg Credit Suisse Group AG has been reorganising its prime brokerage unit, cutting some jobs while hiring selectively. This week, the Swiss bank pruned another seven positions from the New York desk that caters to hedge funds, according to a person familiar with the matter who requested anonymity. Tony Bertoldo and Justin Carey are among the senior bankers who are ...

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German banks bet billions on tech to boost revenue

Bloomberg German banks — jostling for position in one of Europe’s most competitive markets — will plow billions of euros into digitisation over coming years to boost revenue. The question is how many will get their money back. The 50 top lenders will spend as much as 6 billion euros ($7 billion) by 2020 developing their digital initiatives, according to ...

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PBOC’s cash dump is not a market rescue

Bloomberg China’s latest monetary policy move, due to take effect on July 5, won’t do much for investors seeking respite from a falling stock market or slumping yuan. 500 billion yuan ($75.7 billion) out of 700 billion yuan freed up by a cut in reserve-ratios announced June 24 is intended to assist banks in funding debt-to-equity swaps — a key ...

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Bank of America sued over ‘Ponzi scheme’

Bloomberg Bank of America Corp. was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the US regulators called a $102 million Ponzi scheme. The class-action suit filed on behalf of people who lost money follows a complaint last week by the Securities and Exchange Commission alleging that five men and three companies defrauded more ...

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EU should act to prevent bank havoc: BOE

Bloomberg The Bank of England (BOE) stepped up pressure on the European Union to remove threat that Brexit poses to trillions of pounds of derivative contracts. Unless the EU follows the UK government in putting in place temporary workarounds, there could be havoc in financial markets when Britain leaves the bloc next March. Firms could find themselves unable to service trillions ...

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Deutsche Bank staff morale higher as lender boosts bonuses

Bloomberg Deutsche Bank AG may still face more years of restructuring, but at least the belief of its staff has stopped fading. The Frankfurt-based bank’s annual internal survey showed that 57 percent of employees are committed to the lender, unchanged from last year and arresting years of declines, according to a person with knowledge of the results. The share of ...

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Goldman, Citi hunker down as trade war hits emerging markets

Bloomberg Some of the world’s largest money managers soured on emerging markets as compounding trade threats deepened the worst monthly rout for developing currencies since the US election. Goldman Sachs Group Inc. said it’s reducing an overweight position in developing-nation currencies, preferring a more “defensive” stance as China and Europe warned the escalating trade war could trigger a global recession. ...

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Wells Fargo fined for ‘flipping’ investments

Bloomberg Wells Fargo & Co. will pay $5.1 million to settle a US regulator’s claims that employees abused clients by persuading them to sell certain investments before maturity, generating large fees for the lender. Brokers with Wells Fargo Advisors, from January 2009 to June 2013, encouraged retail customers to sell market-linked investments meant to be held to maturity so they ...

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