Credit Suisse Group AG may reach an agreement as soon as this week to settle a U.S. investigation into its handling of mortgage-linked securities before the 2008 financial crisis, Reuters reported. Switzerland’s second-largest bank is confident it can reach a resolution for less than the $5 billion to $7 billion that the Department of Justice has demanded, the publication quoted an unidentified person familiar with the talks as saying, without specifying when that request was made.
Category: Financial Services
China’s Year of Cat-and-Mouse With Insurance Buyers in Hong Kong
It’s a game of cat-and-mouse that has gone on for most of this year, with Beijing showing no signs of winning yet. Each time China tightens up on money flowing out of the country for purchases of Hong Kong insurance, new routes seem to emerge.
Softbank invests $1bn in space satellite startup OneWeb
Softbank founder Masayoshi Son said it was the “first step” in a pledge made to US President-elect Donald Trump about US investment. Earlier this month Mr Son met Mr Trump and said he would put $50bn into US businesses and create 50,000 jobs over the next four years, Florida-based OneWeb, which is a direct rival to Elon Musk’s SpaceX, is now estimated to be worth around $2.5bn following its latest funding round.
This Bank Stock Is Getting Way Too Expensive
But the downside to such a sterling and well-deserved reputation is that shares of the Minneapolis-based bank have gotten to be expensive. U.S. Bancorp’s stock has gained nearly 17% since the beginning of November, with the presidential election serving as the catalyst.
Smaller U.S. Banks Dodge Fed Crackdown on Short-Term Debt Funding
The Fed’s new rule requiring banks to issue more long-term debt is in line with recent decisions to alleviate the burden on mid-size lenders. As the Federal Reserve races to tighten financial industry regulations prior to the U.S. presidential handover, smaller banks are catching a break.
In Potentially Risky Strategy, U.S. Startups Are Piling on Debt
His New York-based startup doubled annual revenue this year and is on track to break even in 2017. Valued at about $200 million in April, the marketing automation company counts Bain Capital and Goldman Sachs among its backers-a source of validation in the eyes of many venture investors.
Chinese Buying Insurance in Hong Kong Said to Face Further Curbs
Chinese residents buying insurance in Hong Kong will no longer be able to swipe their credit cards multiple times to get around previously imposed curbs intended to slow sales, according to people with knowledge of the matter. Purchases of insurance in Hong Kong using MasterCard Inc. and Visa Inc. credit cards issued in China have been capped at $5,000 per insurance product, according to the people, who asked not to be identified because the changes haven’t been made public.
Vanguard vs. Interactive Brokers: Comparing Top Discount Brokers
Making your first investment is as easy as it has ever been, but you’ll need to open a brokerage account to buy stocks, funds, and other investment products. Vanguard and Interactive Brokers are two commonly used online discount brokers that bring Wall Street right to your computer or mobile device.
Goldman Sees Oil Lower for Longer After Getting a Bump From Cuts
Oil prices boosted by global output reductions will be capped because of new supply before long, according to Goldman Sachs Group Inc. The cuts by OPEC members and nations outside the group, as well as strong demand growth, will probably help curb inventories by next summer, analysts including Damien Courvalin said in a note dated Dec. 16. While the bank raised its oil-price forecasts for the second quarter of 2017, it decreased its crude estimates for 2018 on concern that new production will enter the market. Brent crude, the benchmark for more than half of the world’s oil, has surged since the Organization of Petroleum Exporting Countries agreed Nov. 30 to trim output for the first time in eight years.
Oil Rises as Output Cuts Seen Curbing Glut, Dollar Rally Stalled
Oil rose for the first time in three days after the dollar’s advance stalled and attention shifted back to projected production cuts. Futures rose 2 percent in New York.
Deutsche Bank Said Last Lender to Stop Angola Dollar Clearing
Deutsche Bank AG stopped providing dollar clearing in Angola, leaving one of Africa’s biggest oil-producing nations without a lender to supply the service, according to three people with knowledge of the matter. The company ceased dollar clearing for Angola in mid-November, said two of the people, who asked not to be identified because they’re not authorized to speak to the media.
Scaramucci Says Greg Fleming Advising on Possible SkyBridge Sale
Anthony Scaramucci, founder of SkyBridge Capital, says he has a team in place to explore the sale of his firm and discussions with possible buyers are underway. Scaramucci, who serves on President-elect Donald Trump’s transition team, told Bloomberg Television Friday that Greg Fleming, who previously led Morgan Stanley’s retail brokerage, is helping with the sale.
Deutsche Bank Admits Misleading Clients in Dark Pool Trades
Deutsche Bank AG agreed to pay $37 million and admit to misleading customers about its dark pool stock-trading platforms to settle a joint state and federal probe, bringing the bank a step closer to resolving several potentially costly legal challenges in the U.S. The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday. “Misleading and self-serving statements that defraud investors will not be tolerated,” Schneiderman said.
Citi Revives Popular Leveraged Oil ETNs Credit Suisse Killed
Citigroup Inc. rolled out a couple of risky triple-leveraged exchange-traded notes tied to oil on Friday after Credit Suisse Group AG delisted two eerily similar ETNs. The notes had gained attention earlier in the year as oil prices plummeted and investors, particularly millennials, starting pouring cash into them.
Wells Fargo Wants a Quiet End to Its Scandal, Risking More Noise
Wells Fargo & Co.’ s attempt to force aggrieved customers into closed-door arbitration over its fake-accounts scandal is drawing a legislative backlash in its home state of California and risks subjecting the bank to another round as a public punching bag.
Wells Fargo Ex-Managers’ Suit Puts Scandal Blame Higher Up Chain
The lawsuits piling up against Wells Fargo & Co. over its fake accounts scandal have expanded to include three former branch managers alleging that an area president ordered employees to open bogus accounts to juice sales.