Banking

Bloomberg The fallout from India’s biggest banking fraud is spreading to the market for trade financing, as foreign lenders become more reluctant to accept the guarantees from their local counterparts that underpin the loans. Citigroup Inc., Deutsche Bank AG, Standard Chartered Plc and HSBC Holdings Plc are among banks reducing exposure to these transactions, used by smaller companies to access ...

Bloomberg US claims that a Latvian bank laundered money and violated sanctions on North Korea led to the lender’s demise in little over a week, turning the spotlight on the European Central Bank’s role as chief supervisor for euro-zone lenders. The US Treasury proposed banning ABLV Bank from doing business in dollars, but the ECB doesn’t have the power to ...

Bloomberg Bank of England Deputy Governor Dave Ramsden looks to have changed his mind on interest rates. An opponent of a rate increase in November, Ramsden told the Sunday Times in an interview that an acceleration in wage growth suggests swifter rate rises are now required. Ramsden said he’ll closely monitor what happens in the early part of 2018 to ...

Bloomberg The clock is ticking for John Cryan to complete the next step in Deutsche Bank AG’s turnaround. The lender on Monday said it will sell shares in its DWS asset management business “in the earliest available window,” confirming a plan first outlined a year ago and kicking off what is usually a four-week run-up to the initial public offering. ...

Bloomberg President Joko Widodo’s choice of a career central banker to head Bank Indonesia signals monetary policy continuity as rising odds of faster US rate increases roil emerging-market currencies and bonds. Widodo, also known as Jokowi, has nominated Deputy Governor Perry Warjiyo as his sole candidate, Sofjan Wanandi, adviser to Vice President Jusuf Kalla, said by text message on Monday. ...

Bloomberg If you think things will keep getting better for China’s biggest banks, look no further than China Construction Bank Corp. Goldman Sachs Group Inc and Morgan Stanley are among at least 16 brokerages that have raised their target prices for China’s second-largest bank this year. Institutional investors including BlackRock Inc and Invesco Ltd have recently increased their CCB holdings, ...

Bloomberg Federal Reserve officials are showing surprise at just how much the recently-enacted tax cuts are boosting the US economy. But they’re still not impressed enough to lift estimates for long-term growth, a stance that puts them at odds with the White House. Minutes from the January 30-31 meeting of the Federal Open Market Committee showed “a number” of policy ...

Bloomberg InvestaBank, the Mexican lender that agreed in 2016 to buy Deutsche Bank AG’s Mexico units, is considering steps to renegotiate the $175 million purchase, according to people with direct knowledge of the matter. The Mexico-based firm may seek to lower the price after regulatory changes wiped out most of the revenue the German lender generated through its monopoly on ...

Bloomberg The US agency responsible for insuring bank deposits sued more than a dozen of the world’s biggest lenders, accusing them of contributing to the collapse of Puerto Rico’s Doral Bank by manipulating the benchmark Libor interest rate. The collapse of San Juan-based Doral was the biggest US bank failure of 2015. The Federal Deposit Insurance Corp., its receiver in ...

Bloomberg Royal Bank of Scotland Group Plc pays its female staff on average 37 percent less than men at the bank, joining Lloyds Banking Group Plc and Standard Life Aberdeen Plc in revealing an acute gender imbalance between employees under new disclosure requirements. Women at RBS receive average bonuses that are 64 percent lower than male employees, the bank said ...