Banking

Bloomberg Sweden unveiled a softer plan for filling the country’s bank resolution reserve following threats from Nordea Bank AB that it may shift its headquarters from Stockholm to a more accommodating regulatory environment. Sweden will keep a cap on the size of the resolution reserve, instead of allowing it to grow indefinitely, the Finance Ministry said. The government stuck to ...

Bloomberg A former Societe Generale SA managing director was charged in a French insider-trading case linked to Air Liquide SA’s $13.2 billion takeover of Stephane Fima, a managing director who specialized in acquisition financing, was charged by an investigative judge following raids last year at the bank’s headquarters in the La Defense business district in western Paris. The criminal charges ...

Bloomberg ABN Amro Group NV said it fired some mortgage advisers and cut performance-related pay after it found 114 staff copied client signatures, closing a probe the Dutch bank started more than six months ago. The government-owned lender terminated as many as 10 staff out of more than 850 advisers, a spokesman for the Amsterdam-based bank said. The bank said ...

Bloomberg Wells Fargo & Co. is removing a layer of management, consolidating its regional and area president roles into a new one called region bank president, according to an internal memo. The change will result in the elimination of 70 jobs, Bridget Braxton, a Wells Fargo spokeswoman, said in a telephone interview. Each region bank president will supervise six to ...

Bloomberg Citigroup Inc. is expanding its digital-banking channels in Asia as the bank seeks to boost its base of affluent customers in the region by at least 10 percent this year. The New York-based firm is accelerating the deployment of technologies that allow customers to get advice from wealth managers and make transactions through its Internet and mobile platforms, according ...

Bloomberg Banco Santander SA agreed to buy Banco Popular Espanol SA for a nominal 1 euro ($1.13) after European regulators determined that the troubled lender was likely to fail and ordered it to be sold. Santander will raise about 7 billion euros through a rights offer to bolster Popular’s balance sheet, it said in a regulatory filing on Wednesday. The ...

Bloomberg India kept interest rates unchanged as expected, as the central bank shrugged off slowing growth and vowed to continue to assess whether a drop in inflation to a record low in the $2 trillion economy was transitory. The Reserve Bank of India, led by Urjit Patel, kept its benchmark repurchase rate at 6.25 percent while maintaining its neutral stance, ...

Bloomberg Bank of the Philippine Islands (BPI) blamed an internal data-processing error for inaccurate customer-account balances amid a flurry of claims on social media over unauthorized withdrawals and missing funds. Some deposit accounts don’t reflect their correct balances because the processing error had caused past transactions to be either debited or credited twice, the third-largest Philippine lender by assets said ...

Bloomberg Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock. The Doha-based bank is trading at close to nine times its expected earnings, the ...

Bloomberg For 30 years, an army of UBS Group AG traders packed the football-field-sized floors of a building in the City of London’s largest office project. Now teams of laborers in high-visibility jackets are busily transforming the property for a different type of worker. Broadgate, a 32-acre (13-hectare) complex built to accommodate the banks and law firms that mushroomed out ...