Banking

Bloomberg Lloyds Banking Group Plc, Britain’s largest mortgage lender, will eliminate about 1,340 jobs as part of a cost-cutting program that started in October 2014, according to a labor union. The move is part of a plan to pare about 12,000 roles by 2017, the Accord labor union, which represents the bank’s employees, said in a statement Wednesday. The job ...

  Bloomberg Wells Fargo & Co. combined corporate payments and some consumer-banking operations with the technology-innovations group, creating a unit run by the former leader of consumer lending, Avid Modjtabai. As head of the Payments, Virtual Solutions and Innovation unit, Modjtabai will report to Chief Operating Officer Tim Sloan, according to a statement Monday from the San Francisco-based bank that ...

  Bloomberg Less than a week after raising $3 billion in a private debt sale, Deutsche Bank AG returned for another $1.5 billion, offering a yield premium twice what it paid to borrow a year ago. The German lender sold the debt to mostly the same investors who bought last week’s offering at a slightly lower premium of 290 basis ...

  Bloomberg There’s no need at the moment for tighter monetary policy in Romania because the economy is experiencing the “best macroeconomic picture” since the collapse of communism and growth hasn’t become unsustainable, central bank Deputy Governor Liviu Voinea said. The consumer-led expansion in the European Union’s second-poorest member isn’t showing signs of overheating, recording a positive output gap — ...

  Singapore / AFP Singapore’s central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1MDB as it vowed strong action against potential violators. The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease operations in the city-state because of “serious failures in anti-money-laundering (AML) ...

  Bloomberg Wells Fargo & Co. combined corporate payments and some consumer-banking operations with the technology-innovations group, creating a unit run by the former leader of consumer lending, Avid Modjtabai. As head of the Payments, Virtual Solutions and Innovation unit, Modjtabai will report to Chief Operating Officer Tim Sloan, according to a statement Monday from the San Francisco-based bank that ...

  Emirates Business For the nine months ended September 30, the net profit of Qatar National Bank reached $2.7 billion, up by 11% compared to last year. Total assets reached $196 billion, up by 37% from September 2015, the highest ever achieved by the Group. QNB Group completed the acquisition of 99.88% stake in Finansbank A.S. – Turkey, during the ...

  Moscow / AFP Russia’s VTB Bank on Tuesday said it was considering relocating the London office of its investment banking division over Britain’s decision to leave the European Union. “Relocating from London or maintaining our presence there will depend on how Brexit unfolds,” the group said in a statement. “Due to Brexit, VTB will be adjusting its activities in ...

  Bloomberg Many Latvians got a shock this summer when they were informed their bank accounts risked being blocked if they didn’t hand over details of their citizenship, financial plans and any ties to high-level politics. Demands to fill out online questionnaires were dispatched by lenders at the behest of financial regulators, who’ve been battling the Baltic nation’s reputation as ...

Bloomberg China released guidelines for reducing corporate debt while also saying that the government won’t bear the final responsibility for borrowing by companies, the latest sign that policy makers are stepping up their fight against excessive leverage. The State Council, China’s cabinet, issued guidelines for reducing corporate debt and for how banks may swap bad debt to equity. At the ...