Bloomberg The European Central Bank (ECB) began its official transition to a new benchmark short-term interest rate on Wednesday, as global regulators move away from tainted Libor gauges. The new rate, known as ESTR, which reflects overnight borrowing costs of banks in the monetary bloc, fixed at -0.549 percent for October 1, the central bank said on its website. The …

Bloomberg Banco de Sabadell SA, the Spanish bank under pressure to bolster its capital, is making preparations for a potential sale of its asset management business, people familiar with the matter said. Sabadell, which has been conducting a strategic review of the business for the past few months, is now leaning towards a sale of part or all of the …

Bloomberg Credit Suisse Group AG Chief Executive Officer TidjaneThiam is devoting more face time to top private bankers and holding talks on boosting pay as he seeks to prevent defections after Iqbal Khan’s exit. Thiam has been reaching out to the best revenue generators at the international wealth business to discuss compensation and career prospects since Khan left in the …