HSBC is in advanced talks to appoint Mark Tucker, head of Asian life insurer AIA , as chairman in a move that would break with the bank’s tradition of promoting insiders to top jobs. The plan to hire Mr Tucker, which has been approved by regulators in the UK and Hong Kong, is still conditional on whether an agreement can be finalised between the two sides, according to people briefed on the matter.
Category: Banking
Berenberg’s Pickering Says Economy Better Than Expected
Berenberg Senior U.K. Economist Kallum Pickering discusses the U.K.’s economy post-Brexit vote. He speaks on “Bloomberg Daybreak: Europe.”
Big banks earn $6.4 billion in ATM and overdraft fees
If you’ve ever had to pay $3 to get your own money out of an ATM machine, you aren’t alone. Nobody likes those fees.
The World Bank’s View Through the Looking Glass
A few days ago, I had the rare opportunity to watch an arm of the World Bank answer in court for the harm one of its projects allegedly caused. The International Finance Corporation , the private-sector lending arm of the World Bank, responded to allegations that a power plant it financed harmed fisher folk in Gujarat, India.
HSBC Boosts CEO Gulliver’s Pay as Bank’s Bonus Pool Drops 12%
HSBC Holdings Plc boosted Stuart Gulliver’s total potential pay to 9.7 million pounds as the chief executive officer was rewarded for cutting costs, while the bank’s bonus pool dropped. Gulliver, 57, saw his annual incentive pay for 2016 raised to 1.7 million pounds from 1.1 million pounds a year earlier as he hit targets for paring expenses and assets, even as he fell short of a profit goal, the bank said in its annual report Tuesday.
Donald Trump Just Gave Wells Fargo a Break
But the tide has already begun to turn for the nation’s third biggest bank by assets, thanks in no small part to the new presidential administration. Earlier this week, the U.S. Labor Department removed a website it had created to log complaints from Wells Fargo employees who claimed to have been retaliated against by supervisors for blowing the whistle on a massive fake-account scandal that look place at the bank from at least 2011 through 2015.
Northeast Pennsylvania falls off appellate map
Pictured in his Scranton home with his family on May 19, 1959 is Democratic nominee for Supreme Court justice. Judge M.J. Eagen’s nomination was conceded by independent rival, Justice Thomas D McBride, after surprisingly close fight.
DOJ: Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors an hour ago
Deutsche Bank AG reached a final settlement with the U.S. Justice Department over its handling of mortgage-backed securities before 2008, resolving one of its biggest litigation risks. The bank agreed to pay $7.2 billion and admitted to misleading investors, according to the Justice Department.
MF Global ex-CEO fined $5M, banned from work as trader
WASHINGTON — Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds.
BRIEF-Australia And New Zealand Banking agrees to sell stake in Shanghai Rural Commercial Bank
NEW YORK, Jan 2 Twitter Inc executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday.
ANZ bank sells 20pct stake in Shanghai Rural Commercial Bank for $1.3 bln
Jan 3 Australia and New Zealand Banking Group Ltd said on Tuesday it will sell its stake in Shanghai Rural Commercial Bank Co Ltd to China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp for A$1.8 billion . The sale price represents a price-to-book ratio of approximately 1.1 times Shanghai Rural’s net assets as of December 2015, ANZ said in a statement.
Capitol Report: Senate Dems say Wells Fargo not responding to fraud info requests
US Senator Elizabeth Warren, Democrat of Massachusetts, holds up copies of Wells Fargo earnings call transcripts as she questions John Stumpf, then chairman and CEO of Wells Fargo The bank’s management has so far failed to answer all the questions the committee members have put to it, the letter says, following its settlement with multiple regulatory authorities in September for multi-year fraudulent sales practices. The letter , jointly signed by nine Democrats including Ranking Member Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts, again asked Wells Fargo’s board for a status report on its ongoing investigation of the fraud and a detailed timeline of when the board learned about the illegal practices and actions it took.