Banking

Bloomberg Four traders charged in the UK for rigging interest-rate benchmarks at Deutsche Bank AG will escape prosecution after German officials refused requests to send them to London to face trial. Frankfurt prosecutors decided not to turn the men over almost two years after the UK’s Serious Fraud Office first sought extradition. The final decision on the former traders was ...

Bloomberg The banking crisis engulfing the tiny nation of Latvia has turned into a potential diplomatic incident, as Riga points the finger at Moscow. “There is a high probability that an externally organised widespread information operation is being carried out that, by its structure and execution, is identical to those observed in pre-election periods in the US, France and Germany,” ...

Bloomberg Lloyds Banking Group Plc is seeking to catch up with peers and will invest more than 3 billion pounds ($4.2 billion) in technology as part of a new three-year strategic plan. It will also buy back up to 1 billion pounds of its own shares. Chief Executive Officer Antonio Horta-Osorio called the investment in technology a “massive undertaking,” at ...

Bloomberg HSBC Holdings Plc’s new Chief Executive Officer John Flint says he’s exploring all options for the lender’s asset management unit, including a merger, to create a larger player that can compete better as the industry consolidates. “We continue to do a lot of work around asset management, to explore all the options, but it’s too early to give any ...

Bloomberg The story of how India’s biggest bank fraud went undetected for seven years includes an $81 million cyber-heist in neighbouring Bangladesh, penny-pinching lenders and a series of missed opportunities. In 2016, after revelations that hackers had infiltrated the Bang-ladeshi central bank’s computer systems to siphon off money, its cou- nterpart in India sensed a danger to its own banking ...

Bloomberg Latvia’s banking scandal deepened as its central bank chief and representative to the European Central Bank faced accusations of repeatedly trying to extort money from a local bank, in a blow to the Baltic state’s reputation. The Latvian government has repeatedly demanded that Ilmars Rimsevics step down after the country’s anti-corruption agency arrested him over the weekend on suspicion ...

Bloomberg Japan’s biggest banks bought the most government bonds last month since March 2012, signalling confidence in the central bank’s ability to control the yield curve and cap interest rates. The category for large lenders including Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp., collectively bought a net 2.3 trillion yen ($21.5 billion) of government ...

Bloomberg Bank of England Governor Mark Carney is already bracing for the UK’s next financial crisis. While no central bank can eliminate the risk of future crises, he said the BOE is creating a more secure environment by planning for bank failures, providing liquidity and ensuring higher levels of capital. “Something will go wrong again even if we do not ...

Bloomberg India’s central bank is reviewing its process for allowing companies to raise money overseas due to concern that any increase in rupee volatility may hurt borrowers’ ability to repay debt, a person familiar with the matter said. The Reserve Bank of India is spending more time scrutinising companies’ hedging practices, vetting borrowers more closely to prepare for any financial-market ...

Bloomberg Stuart Gulliver’s final set of results at HSBC Holdings Plc weren’t quite the swansong he’d hoped for as he hands the reins over to his long-term lieutenant, John Flint. Europe’s largest bank missed estimates for fourth-quarter revenue and profit as it became the latest firm to take a hit on two high-profile corporate failures and post a sharp decline ...