Banking

Bloomberg Former Barclays Plc trader Christopher Ashton, a member of “The Cartel” chat room where bank traders allegedly manipulated foreign-exchange rates, is being fined $1.2 million by the Federal Reserve and permanently banned from U.S. banking. Ashton, previously global head of the FX spot business at Barclays in London, was accused of using electronic chat rooms to manipulate currency pricing ...

  Bloomberg Poland is joining the queue of countries aiming to lure financial-services jobs from London as banks look to ensure unfettered access to the European Union’s single market after Britain leaves the bloc. Deputy Prime Minister Mateusz Morawiecki is traveling to London this week and says he’ll meet “dozens” of banks, hedge funds and investment managers to present Poland ...

  Emirates Business Bank of Nova Scotia, Canada’s third-largest lender by assets, said quarterly profit rose 6.1 percent, led by higher earnings in domestic and international operations. The bank raised its dividend 2.8 percent to 74 cents a share. Net income for the fiscal third quarter ended July 31 rose to C$1.96 billion ($1.5 billion), or C$1.54 a share, from ...

  Bloomberg Aviva Plc hired Chetan Singh, a managing director at JPMorgan Chase & Co., to head its mergers and acquisitions globally as the British insurer scouts for deals outside its home market. Singh, who led dealmaking for financial institutions in Southeast Asia at JPMorgan, will join Aviva as chief M&A officer on Sept. 26 and report to Chief Financial ...

  Bloomberg Central banks — holders of about 32,900 metric tons of bullion — cut their purchases by 40 percent during the three months through June, compared with the same period a year earlier, to the lowest since 2011, World Gold Council figures compiled by Bloomberg show. It was the third-straight quarterly drop, the longest such streak in at least ...

  Bloomberg Norway’s $890 billion sovereign wealth fund is acknowledging that rising withdrawals by the government could hamper its quest to manage more risk and generate greater returns as it takes on more and more negative yielding securities. The net outflows are “relevant for how we think about the risk-bearing capacity of the fund,” Egil Matsen, the deputy governor at ...

  Bloomberg GIC Pte reached a preliminary agreement to pay less than $400 million for a 7.7 percent stake in Bank for Foreign Trade of Vietnam JSC, the nation’s second-biggest listed company, people with knowledge of the matter said. The Singapore sovereign fund will buy Vietcombank stock at a discount to the current market price, the people said, asking not ...

  Bloomberg Mondo, a financial startup vying to crack the dominance of Britain’s biggest lenders, said it changed its name by one letter to Monzo after a legal dispute. The smartphone-based lender started by former GoCardless Ltd. founder Tom Blomfield picked the name after considering 12,560 suggestions from customers over six months, the London-based firm said in a statement. The ...

  Bloomberg Maj Invest, a Danish asset manager with $8 billion in assets, is looking to boost acquisitions in the micro finance industry in the Andean region. The Copenhagen-based asset manager is in the process of raising capital to grow the size of its Maj Invest Financial Inclusion Fund II to $100 million by June from $75 million now, according ...

  Bloomberg Federal Reserve Chair Janet Yellen’s speech on Friday was hawkish enough for Goldman Sachs Group Inc. to boost the odds of a September interest-rate increase, while Pacific Investment Management Co. said there was nothing of note in her remarks. Bond traders agree with Goldman Sachs, with the market-implied probability of action next month rising after Yellen said in ...