Banking

UK banks sign up to U.N.-backed responsible banking code

Britain’s banks will implement U.N.-backed “responsible banking” principles being launched next week that will influence lending and company behaviour, British banking trade body UK Finance said. The principles seek to…

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HSBC plans sale of French retail banking business

HSBC is planning to exit its French retail banking business under interim chief executive Noel Quinn, the Wall Street Journal reported, citing people familiar with the matter. The likeliest buyer…

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Switzerland’s first crypto banks receive licences

The Swiss financial regulator has awarded banking and securities dealer licences to two new “crypto banks”. SEBA and Sygnum have been cleared to operate, a major milestone for the fledging…

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Bank warns Hong Kong protests will hit economy

The Hong Kong-based Bank of East Asia Ltd (BEA) has warned that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself…

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Barclays no longer banking cryptocurrency exchange Coinbase

Barclays is no longer providing banking services to cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange…

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ECB to test five Croatian banks

The European Central Bank said on Wednesday it would carry out a stress test of five Croatian banks, a preliminary step in Zagreb’s bid to join the euro zone. Zagrebačka…

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HSBC Global Asset Management names Nicolas Moreau as CEO

HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement, adding that he will join in September. Moreau, former head of…

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HSBC chief executive resigns in top level reshuffle

John Flint, the chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a "challenging global environment". Flint is giving up…

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Revolut launches free share trading in Europe

Digital finance business Revolut is launching a fee-free share-trading service in the UK and Europe on Thursday, seeking a slice of the brokerage-controlled market to continue the company’s rapid…

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Libya’s central bank drops dollar purchase fees to 163%

Reuters reports that the Libyan Presidential Council on Tripoli of the Government of National Accord (GNA) announced on Tuesday that it will cut the fee on sales of dollars and…

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Photo Story: Preview of Bank of England’s new 50 GBP note

An undated handout photo made available by the British Bank of England on 15 July 2019 showing the new concept image design of the Bank of England's 50 GBP note…

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Fresh crackdown in the UK in fight against dirty money

The British government is giving new impetus to the fight against money laundering. Through the Economic Crime Plan the British Government intends to draw together actions to overhaul the approach…

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BOE believes British banks can cope with no-deal Brexit

British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment…

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EU’s 2018 bank stress test considered too mild

Last year’s European Union bank stress test did not appropriately reflect systemic risks, EU auditors said on Wednesday, a shortfall that may have produced misleading results for some lenders,…

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Deutsche Bank axes whole teams in Asia-Pacific

Whole teams in Deutsche Bank’s Asian operations were told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to…

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Turkish central bank chief fired

Turkish President Recep Tayyip Erdogan has fired the governor of the central bank and replaced him with his deputy. No official reason was given for the sacking of Murat Cetinkaya,…

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Deutsche Bank braced large layoffs

The Financial Times reports that Deutsche Bank staff are bracing themselves for one of the most severe job culls in banking since Lehman Brothers collapsed a decade ago Indications…

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Australian bank bans credit card use for gambling

An Australian financial institution, Macquarie, has announced that it will no longer allow its bank-issued credit cards to be used for making gambling or lottery purchases. The company insists that…

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Danske Bank fires head of Danish banking activities

Danske Bank said on Monday announced it had dismissed the head of its Danish banking activities, Jesper Nielsen Nielsen was also the bank’s former interim chief executive. His dismissal…

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Deutsche Bank to cut its US equity and trading units, creating a €50 billion ‘bad bank’

Deutsche Bank is readying a revamp and may shut or slash all equity and trading business outside of Europe, according to a report Sunday in the Financial Times newspaper. The…

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EU reviewing past money-laundering cases at banks in the EU

The European Commission is reviewing past money-laundering cases at EU banks to assess what went wrong and decide possible tweaks to rules. Under the plan, the European Commission is assessing…

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Danske Bank selling Estonian private loans unit

Danske Bank, which has been embroiled in a major money laundering scandal, has agreed to sell its portfolio of Estonian private loans to LHV Pank in a deal worth $410…

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Facebook plans to launch its own cryptocurrency

Facebook is planning to launch its own cryptocurrency, dubbed GlobalCoin, in early 2020, allowing users to make digital payments in a dozen countries. GlobalCoin would enable Facebook’s 2.4 billion monthly…

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EU drops Aruba, Barbados and Bermuda from tax-haven blacklist

European Finance Ministers meeting in Brussels dropped Aruba, Barbados and Bermuda from its tax-haven blacklist. The list, now down to 12 countries and territories, was established in December 2017 following…

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Five banks fined over a billion euros by EU

EU antitrust regulators on Thursday fined Barclays, Citigroup, JPMorgan, Mitsubishi UFJ Financial Group and Royal Bank of Scotland a total of 1.07 billion euros for rigging the spot foreign…

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EU antitrust fines in the pipeline for seven banks

Reuters reports that Barclays, Citigroup, HSBC, JPMorgan, Royal Bank of Scotland, UBS and a small Japanese bank and three other banks are set to be fined by EU antitrust regulators…

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EBA ends probe of Estonian, Danish regulators over Danske Bank

The European Banking Authority (EBA), the EU banking watchdog, terminated an investigation of financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank after…

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UniCredit risks EU antitrust fine

UniCredit is one of eight European banks that risk being fined by the European Commission for allegedly breaching EU competition rules, the Italian lender has said. The company said in…

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HSBC appoints new CEO for Middle East, North Africa and Turkey

HSBC has appointed Martin Tricaud as new regional chief executive officer for the Middle East, North Africa and Turkey (MENAT) region, with effect from June, 1. He succeeds Georges Elhedery…

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ECB looking into Swedbank’s Estonian operations

The European Central Bank (ECB) is looking into Swedbank's Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. Sweden is not part of the eurozone but…

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Swedbank Chairman resigns over money laundering scandal

Lars Idermark, resigned as Swedbank Chairman, just a week after the bank’s chief executive was ousted over her handling of a money laundering scandal. In his resignation letter, Idermark said…

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No probe into Swedbank over Browder complaint

The Swedish Economic Crime Authority said on Monday it had decided against opening a probe into Swedbank in relation to a criminal complaint over money laundering allegations brought by…

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