Bloomberg Commerzbank AG will take an additional 2.1 billion-euro ($2.6 billion) hit in the fourth quarter as the pandemic weighs on interest rates and drives up bad loans, pushing the lender deeper into the red as it readies a new turnaround plan. Commerzbank will write off 1.5 billion euros in goodwill on its books and set aside about 630 million …

Bloomberg After three years of savings, top US banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on. That would follow $42 billion of savings by the six biggest banks thanks to outgoing President Donald Trump’s 2017 tax cuts, which have boosted …

Bloomberg China sentenced Hu Huaibang, a former chairman of the nation’s biggest policy bank, to life imprisonment on charges of corruption, the second harsh punishment doled out this week in a sign President Xi Jinping is escalating a campaign to crack down on lawbreaking state officials. Hu was found guilty of taking bribes totaling 85.5 million yuan ($13 million) during …