Business

Australia vows crackdown on corporate misconduct as bank inquiry claims AMP scalp

SYDNEY (Reuters) - An Australian inquiry into financial sector misconduct claimed its first scalp on Friday as the chief executive of the country's largest wealth manager stepped down over revelations of board-level deception and misappropriation of funds

United States

New York governor presses banks, insurers to weigh risk of NRA ties

NEW YORK (Reuters) - New York Governor Andrew Cuomo on Thursday ramped up pressure on banks and insurers to revisit whether their ties to the National Rifle Association and other gun rights groups harm their reputations and the public interest.

Business

Lost home, fees for the dead - Australia banking inquiry hears testimony

SYDNEY (Reuters) - An Australian inquiry into the financial services sector heard tearful testimony on Thursday from a nurse who lost her home after taking advice from a major lender, and that the country's biggest bank knowingly charged dead clients for

Business

Australia government says banking executives responsible for misconduct could face jail

SYDNEY (Reuters) - Australian Treasurer Scott Morrison warned on Wednesday that financial sector executives responsible for widespread breaches of corporate law could face jail, as a powerful judicial inquiry heard more evidence of misconduct by the count

Finance

Goldman outpaces peers in debt underwriting, bond trading

NEW YORK (Reuters) - Goldman Sachs Group Inc on Tuesday reported a year-on-year jump in debt underwriting revenue after working on financing for big M&A deals that some peers missed out on.

World

Brexit backer Banks denies allegation he misused data in campaign

LONDON (Reuters) - A prominent campaigner to leave the European Union, Arron Banks, denied allegations on Tuesday by a former employee of political consultancy Cambridge Analytica that he had misused personal data for political purposes.

Business

Wells Fargo loses steam in commercial lending as rivals pounce

NEW YORK (Reuters) - Wells Fargo & Co's two biggest competitors have been nabbing market share in lending to commercial and industrial customers in the American heartland, a sign of how difficult it has become for the scandal-tarnished bank to defend its

Business

Australia's AMP mislead corporate watchdog for almost a decade-inquiry

SYDNEY (Reuters) - Australia's largest wealth manager AMP Ltd lied to the country's corporate watchdog for almost a decade to cover its widespread practice of charging customers for services it did not provide, an inquiry heard on Tuesday.

Top News

Bangladesh eyes settlement in U.S. cyber heist suit ahead of its own case

NEW YORK/DHAKA (Reuters) - An Ecuadorian bank and Wells Fargo have reached an out-of-court settlement over a 2015 cyber heist, providing a possible precedent for the Bangladesh central bank's planned suit to recover $66 million still lost in one of the wo

Business

Fed proposes capital rule change to soften impact of new accounting standards

WASHINGTON (Reuters) - The U.S. Federal Reserve on Friday proposed revising bank regulatory capital rules to ease the impact of new international accounting standards for credit losses.

Politics

House passes bill to streamline 'Volcker Rule'

WASHINGTON (Reuters) - The U.S. House of Representatives voted on Friday to name the Federal Reserve as the primary regulator for the “Volcker Rule,” which bars banks from speculative trading.

Business

U.S. bank executives see delayed boost from tax overhaul

NEW YORK (Reuters) - Banks have not reaped the full benefit of U.S. tax cuts, Wall Street executives said on Friday after a string of quarterly results, with expected business growth and higher consumer spending yet to materialize.

United States

Wells Fargo CFO says government, not banks, should set gun policy

NEW YORK (Reuters) - Wells Fargo & Co believes the U.S. government, rather than banks, should set rules to promote gun safety, its finance chief said on Friday.

Technology

Italy's Open Fiber enlists banks for $8 billion broadband rollout

MILAN (Reuters) - Italy's Open Fiber has enlisted banks to help fund the 6.5 billion euro ($8 billion) rollout of its fast broadband network, it said on Friday, confirming an earlier Reuters report.

Business

Futures edge higher as big banks report earnings

(Reuters) - U.S. stock index futures inched higher on Friday as banking shares rose on the first major release of the earnings season and geopolitical tensions and concerns over tit-for-tat trade tariffs retreated.

Business

Deutsche Bank's S&P rating put on credit watch after CEO change

BERLIN (Reuters) - Deutsche Bank's sudden change in chief executive could prolong the lender's restructuring, ratings agency Standard & Poor's (S&P) said as it placed the bank on "credit watch negative" late on Thursday.

Technology

Spotify puts bank IPO paydays under fund manager scrutiny

LONDON (Reuters) - After shaking up the music industry, Spotify is now prompting investors to question the value they get from investment banks underwriting new listings with its low-cost IPO.

Business

Takeda sounding out banks for loans to buy Shire: sources

TOKYO (Reuters) - Takeda Pharmaceutical Co Ltd has sounded out creditors for loans, sources with direct knowledge of the matter said, as it moves closer to making a bid for London-listed rare disease specialist Shire that could top $40 billion.

Business

Federal Reserve policymakers all saw strengthening economy, inflation: minutes

WASHINGTON (Reuters) - All of the Federal Reserve's policymakers felt that the U.S. economy would firm further and that inflation would rise in the coming months, minutes of the central bank's last policy meeting on March 20-21 released on Wednesday showe

Business

Doubts over U.S. bank capital payouts may cloud strong earnings

NEW YORK (Reuters) - Quirks in the new U.S. tax code are sowing doubts over how much big banks can boost dividends and stock buybacks this year, threatening to take the shine off what are likely to be strong quarterly profits.

Business

Deutsche Bank's new CEO takes sober look at 'ugly' investment bank

FRANKFURT (Reuters) - Deutsche Bank's new chief executive faces the same strategic problem that has long preoccupied its top management - whether or not to override the rainmakers and big earners at its powerful investment bank to shrink that business.

Business

Rival banks applauded U.S. watchdog on 2016 Wells Fargo settlement: emails

WASHINGTON/NEW YORK (Reuters) - Rival lenders privately congratulated the top U.S. consumer watchdog on its $100 million settlement with Wells Fargo over the bank's phony accounts scandal, according to internal documents published by the Consumer Financia

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