Banking

  NEW YORK / AP Wells Fargo CEO Tim Sloan said the company could need several more months to resolve customer damage tied to its massive sales practices scandal, such as figuring out if people had trouble getting approved for other loans because of the fake accounts bank employees opened. Sloan reiterated what he has said since becoming CEO in ...

  Bloomberg Goldman Sachs Group Inc. reduced chief executive officer Lloyd Blankfein’s annual compensation 27%, awarding him $22 million for 2016 after eliminating a long-term incentive award. Blankfein, 62, received $16 million in performance shares and a $4 million cash bonus, in addition to his $2 million salary, the New York-based firm said Friday in its annual proxy filing. Unlike ...

  LONDON / Reuters Former Barclays chief executive Bob Diamond marked a return to investment banking in Britain with a Qatari-backed takeover of stockbroker Panmure Gordon, one of the oldest names in the City of London. Diamond, who left Barclays in 2012 during the Libor interest rate-rigging scandal, is making the move through his private equity firm Atlas Merchant Capital, ...

  Bloomberg The S&P 500 Index could reach 2,600 as the global economy improves and corporate earnings climb, said Keith Banks, president of Bank of America Corp.’s (BofA) US Trust unit. “It’s natural to get nervous when you’ve seen the run that we’ve seen, but what I would bring things back to are underlying fundamentals,” Banks said in an interview ...

  DOHA / Reuters Qatar’s central bank said that it raised its overnight lending rate by 25 basis points to 5.0 percent after the U.S. Federal Reserve tightened policy by a similar margin. The central bank also increased its overnight deposit rate by 25 bps to 1.25 percent. However, the central bank reduced banks’ reserve requirement — the amount of ...

  Bloomberg Deutsche Bank AG is weighing the sale of its Indian retail businesses as the German lender considers asset disposals to help boost capital levels, two people with knowledge of the matter said. The bank is also considering selling retail operations in European countries including Spain, the people said, asking not to be identified as the plans aren’t public. ...

  Bloomberg Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$3 million ($2.3 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions. Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd. said on Wednesday they entered into so-called enforceable undertakings with ...

  Dubai / Emirates Business Emirates NBD Asset Management announced the launch of its Emirates Islamic India Equity Fund in partnership with UTI International, one of India’s largest money managers, following approval from the UAE Securities & Commodities Authority (SCA). The Fund aims to achieve medium to long‐term capital growth through direct investments in Shari’a compliant Indian equities. It will ...

  Bloomberg Bank of America Corp. (BofA) views Dublin as its default destination for a new hub inside the European Union if Brexit means the U.K. loses easy access to the single market, according to one of the U.S. firm’s top executives in Germany. The bank will likely move some jobs to other cities across the EU, including Frankfurt, Madrid, ...

  Bloomberg The Bank of Japan’s bond-purchase plan for March puts policy makers on track to miss an annual target, leaving investors debating whether they’re witnessing a stealth tapering. Calculations based on the plan released Feb. 28 suggest a net 66 trillion yen ($575 billion) of purchases if the March pace were to be sustained over the following 11 months. ...