Banking

  Bloomberg Wells Fargo & Co. fired the head of its consumer credit-card business and three other senior managers as the bank’s board examines how abusive sales practices spread through branches before spiraling into a national scandal last year. Shelley Freeman, the former Los Angeles regional president who went on to run consumer-credit solutions, was terminated, along with Arizona lead ...

  Emirates Business Saxo Bank, the online multi-asset trading and investment specialist, reports on Wednesday the financial markets have started the year strong with a rally in equities leading to a huge rotation of investors moving from bonds to equities which may bring further demand for equities in the coming weeks. However, at a presentation in Dubai, Saxo Bank’s Head ...

  HONG KONG / AP London-based bank HSBC reported on Tuesday that its annual profit slumped following a year it said would be remembered for “unexpected economic and political events” and warned of risks in 2017 to the global economy’s continuing recovery. Europe’s biggest bank said net profit for 2016 tumbled 82 percent to $2.5 billion from $13.5 billion a ...

  Bloomberg Credit Suisse Group AG is seeing a pickup in its private banking business in Europe as clients seek counsel on how to protect fortunes from shock election outcomes. “Clients need advice,” on how to manage political uncertainty, Iqbal Khan, head of international wealth management, said in an interview at the bank’s headquarters in Zurich. “I would expect Europe ...

  Bloomberg Mexico’s central bank should be prepared for a slowdown in its economy while growth in the U.S. accelerates, with potential implications to the path of benchmark interest rates in the coming months, the newest member of the central bank board Alejandro Diaz de Leon said. A series of rate increases by the central bank in the past year ...

  Bloomberg Royal Bank of Scotland Group Plc rose to a one-year high after the bank said it will scrap the planned sale of its Williams & Glyn consumer-banking unit. The shares gained as much as 6.4 percent and were up 11.2 pence to 254 pence as of 8:58 a.m., the highest among British banks in London trading on Monday. ...

  Bloomberg Chinese banks had more than 26 trillion yuan ($3.8 trillion) of wealth-management products held off their balance sheets at the end of December, a 30 percent increase from a year earlier, according to the central bank. The expansion of this form of shadow banking, with money eventually being diverted to quasi-loans and bonds, outpaced the 10 percent growth ...

  DUBAI / Reuters The private banking arm of Singapore’s second-biggest lender OCBC is targeting annual growth of assets of more than 20 percent from its new office in Dubai, which it aims to use to attract wealthy clients from the Middle East and Africa, its chief executive said. Bank of Singapore launched the office in the Dubai International Financial ...

  Bloomberg HSBC Holdings Plc investors will be looking for indications that the bank will follow through on its plan to return more capital when it announces fourth-quarter results this week, after a $2.5 billion stock buyback and a slumping pound lifted shares in 2016. The stock has surged 56 percent since the Brexit vote on June 23, the most ...

  Bloomberg The International Monetary Fund is backing Somalia’s plans to replace tattered currency notes that were printed before the Horn of Africa nation plunged into civil war almost three decades ago. The new Somali shilling notes may come into circulation this year, alongside the US dollar that’s been the main means of payment, and will replace fake or old ...