Banking

Bloomberg Several Mexican banks experienced large cash withdrawals in recent weeks after possible cyber attackers infiltrated some financial institutions, triggering unauthorised money transfers, the central bank said in an interview with Bloomberg. Banco de Mexico has zeroed in on five financial institutions whose external connection to the central bank’s electronic payment system was compromised, Lorenza Martinez, the central bank’s head ...

Bloomberg A legal battle is heating up over scraps of a synthetic securitisation structured before the global financial crisis, highlighting risks in derivatives trades that are proliferating again. Deutsche Bank AG and Morgan Stanley are fighting over 36 million euros ($43 million) that wasn’t repaid to junior noteholders. The deal matured in December 2016 and was designed to provide credit ...

Bloomberg Unprecedented growth restrictions imposed on Wells Fargo & Co. will stay in place until the Federal Reserve’s board agrees that the bank has made enough progress in fixing flaws that led to customer-abuse scandals over the past two years, Fed Chairman Jerome Powell said in a letter to Senator Elizabeth Warren. In a letter to Warren dated May 10, ...

Bloomberg Luxembourg’s citizens can quickly impress with their language skills, switching with ease between their local tongue and German, French and English. But insurers, investment firms and banks hoping to open post-Brexit outposts in one of the European Union’s most important financial hubs may be in for a surprise. Head hunters say there simply aren’t enough candidates in and around ...

Bloomberg Mark Carney’s window to raise interest rates before Brexit is closing. As Britain draws nearer to its divorce from the European Union at the end of March with little certainty as to the economic repercussions, Bank of England policy makers with a benchmark interest rate of just 0.5 percent could be left with limited room to cut should they ...

Bloomberg Wells Fargo & Co. must pay $97 million to home mortgage consultants and private mortgage bankers in California who didn’t get the breaks they were entitled to under the state’s stringent labor laws. A federal judge in Los Angeles agreed with the bankers and consultants that the money they were entitled to should be based not just on their ...

Bloomberg New Zealand’s central bank held interest rates at a record low and left the door open to a cut as inflation remains subdued. Reserve Bank Governor Adrian Orr kept the official cash rate at 1.75 percent and said it would remain there “for some time to come.” The RBNZ pushed out its forecast for the first OCR increase to ...

Bloomberg Bank of Japan board members discussed the need for policy sustainability and strengthened commitment to reaching its 2 percent inflation goal during its April 26-27 policy meeting, when it removed language about when it expected to hit that target. A summary of opinions from that meeting indicate that the BOJ looks set to continue on its current course following ...

Bloomberg The gossip inside the Beverly Hills Hilton kept taking an unexpected turn — towards, of all things, Deutsche Bank AG. In chandeliered conference rooms and marble-floored hallways, Wall Street A-listers chatted, with no shortage of schadenfreude, about the German bank’s recent capitulation: After two decades trying to build one of the world’s top investment banks, it’s settling for something ...

Bloomberg International politics are looming large over the race among global investment banks to secure coveted permits for taking majority stakes in Chinese securities joint ventures. Switzerland’s UBS Group AG and Nomura Holdings Inc. of Japan in the past week became the first to apply for permission to buy 51 percent stakes in local securities JVs. Both banks acted after ...