Bloomberg China’s campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than 1 trillion yuan ($148 billion), according to a newspaper published by the country’s central bank. The State Administration of Foreign Exchange also seized $8.43 billion in foreign exchange funds as part of the nationwide checks on illegal ...

  Bloomberg California prosecutors are investigating whether Wells Fargo & Co. bankers committed criminal identity theft by creating millions of fraudulent accounts. Attorney General Kamala Harris served a search warrant on the bank seeking the names of employees who opened unauthorized accounts from May 2011 to July 2015. The warrant, provided by Harris, also demands detailed communications, the bank’s fee ...

  Bloomberg The Nordic region’s biggest foreign-currency trading bank told investors it has finished building capital buffers for now as shareholders look for clues as to how Sweden’s banks might treat excess cash. Annika Falkengren, the chief executive officer of SEB AB, said the 170 basis-point buffer the bank holds on top of the requirement set by Sweden’s regulator is ...