Banking

  AFP Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The bank has already apologized and said it fired 5,300 employees tied to the illegal conduct, which saw employees boost sales figures by opening unauthorized deposit and credit accounts ...

  AFP China’s benchmark money-market rate climbed to a 14-month high as the central bank pulled funds from the financial system and commercial lenders stocked up on cash to meet quarter-end requirements. The seven-day repurchase rate, the benchmark gauge of funding availability in the financial system, rose 12 basis points to 2.75 percent as of 5:07 p.m. in Shanghai. That’s ...

  Bloomberg Credit Suisse Group AG expects the Middle East to account for a significant part of its growth in private banking as the number of super wealthy individuals in the region increases. The Zurich-based bank expects to expand in Dubai and Saudi Arabia as millionaires in the region rise to 500,000 from about 330,000, Iqbal Khan, head of its ...

  Bloomberg Global banking regulators need to make sweeping changes to proposed new rules on measuring asset risk to protect European Union banks against a spike in capital requirements, said Valdis Dombrovskis, the bloc’s financial-services chief. The Basel Committee on Banking Supervision should rework planned restrictions on how banks estimate the risk from real-estate loans as well as corporate and ...

  AFP Postal Savings Bank of China (PSBC) made a low-key debut on the Hong Kong bourse on Wednesday, despite notching up the world’s biggest IPO in two years aimed at expanding the business. China’s fifth-biggest lender raked in a colossal $7.4 billion in the flotation, with a report in the Chinese language financial news portal Caixin saying a fund ...

  AFP The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced. Kim had been the only candidate in a process criticized by World Bank staff and campaigners as lacking in transparency and dominated by the United States. In a statement announcing the decision, the Bank’s ...

  AFP Royal Bank of Scotland (RBS) on Wednesday said it had agreed a fine of $1.1 billion (982 million euros) with US authorities over the alleged mis-selling of mortgage securities ahead of the 2008 financial crisis. It comes a week after US authorities said they would seek $14 billion from Deutsche Bank over similar allegations. “The Royal Bank of ...

  Bloomberg Deutsche Bank AG rose in Frankfurt trading after the German lender agreed to sell its U.K. insurance business for 935 million euros ($1.2 billion) and Chief Executive Officer John Cryan ruled out a capital increase. Responding to investor concerns that the bank may be forced to raise capital to meet mounting legal costs, Cryan told Germany’s Bild newspaper ...

  AFP Germany’s second-largest lender Commerzbank could slash around a fifth of its staff in the coming years as part of a billion-euro restructuring programme, a German newspaper said. Chief executive Martin Zielke is to present his vision for the bank’s future up to 2020 — including some 9,000 job cuts — to fellow board members on Friday, according to ...

  Bloomberg Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The bank has already apologized and said it fired 5,300 employees tied to the illegal conduct, which saw employees boost sales figures by opening unauthorized deposit and credit accounts ...