Bloomberg Some of the world’s largest money managers soured on emerging markets as compounding trade threats deepened the worst monthly rout for developing currencies since the US election. Goldman Sachs Group Inc. said it’s reducing an overweight position in developing-nation currencies, preferring a more “defensive” stance as China and Europe warned the escalating trade war could trigger a global recession. …

Bloomberg Wells Fargo & Co. will pay $5.1 million to settle a US regulator’s claims that employees abused clients by persuading them to sell certain investments before maturity, generating large fees for the lender. Brokers with Wells Fargo Advisors, from January 2009 to June 2013, encouraged retail customers to sell market-linked investments meant to be held to maturity so they …

Bloomberg Irish banks are set to be forced to hold more capital to cope with a future economic downturn, according to a person familiar with the matter. The country’s central bank is leaning towards increasing the so-called counter cyclical capital buffer from zero percent in coming months, according to the person, who asked not to be identified as the information …