Banking

Bloomberg Citigroup Inc. and the wreckage of Lehman Brothers Holdings Inc. have resolved a fight over $2.1 billion that dates to the financial crisis, while quietly burying a key question about derivatives-trading practices. Citigroup agreed that it will give back $1.74 billion to the estate of the failed New York-based investment bank. Citigroup had kept about $2.1 billion that Lehman ...

Bloomberg A former Barclays Plc trader who bragged about disrupting the western U.S. power market more than a decade ago dodged a $1 million fine by a US regulator for alleged manipulation. Ryan Smith convinced a federal judge in Sacramento, California, that the Federal Energy Regulatory Commission waited too long to bring its case against him for allegedly scheming with ...

Bloomberg HSBC Holdings Plc has been fined $175 million by the Federal Reserve after a long-running probe found that foreign-exchange traders had been front-running client orders, sharing confidential customer details with dealers at other firms and attempting to rig currency benchmarks. The Fed order detailed multiple instances of improper behavior, including allegations that traders may have conspired with counterparts at ...

Bloomberg The recent flood of cash into Indian stock funds is just the beginning, as the nation’s growing savings chase equity returns amid decreasing appetite for gold, property and fixed income, according to Morgan Stanley. “We’ve just started, the party has just begun,” said Ridham Desai, managing director at Morgan Stanley India Co. Pvt. The nation’s total financial savings are ...

Bloomberg Ethereum and bitcoin dropped after South Korea banned domestic initial coin offerings (ICOs) and margin trading in cryptocurrencies. The Financial Services Commission in Seoul said all forms of ICOs are prohibited in the country, including projects that share profits, rights, dividends, and other ‘coin-style’ offerings, according to a statement. The commission also banned practice of loaning funds to trade ...

Bloomberg Chinese offshore dollar bond issuance will reach as much as 80 percent of the Asia ex-Japan market in three to five years as buying support from the region grows and the country continues its reform drive, according to Goldman Sachs Asset Management LP. Issuers from China accounted for about 60 percent of dollar-denominated bonds priced in Asia excluding Japan ...

Bloomberg Citigroup Inc. applied for a backup license in France, hedging its bet on making Germany the headquarters for its new European Union broker-dealer after Brexit. Jim Cowles, the bank’s chief executive officer for Europe, the Middle East and Africa, told French newspaper Les Echos that the license is part of a plan to move positions across the continent. The ...

Bloomberg JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal. Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of the estate of ...

Bloomberg The European Central Bank’s (ECB) 113 billion euro corporate bond portfolio, accumulated as it propped up the euro zone economy with monthly asset purchases, has swept up debt from companies based outside the currency area. Bonds issued by non euro area firms account for 71 — or 7 percent — of the 1,009 securities bought by the ECB since ...

Bloomberg Thailand’s central bank held its benchmark interest rate near a record low, spurning the government’s call for policy easing as it painted a brighter outlook for the economy. Thailand’s Finance Ministry has been stepping up pressure on the central bank to cut interest rates as the currency surges and as inflation remains subdued. Economic growth is lagging peers in ...