Banks

HKEX CEO says talks to win Saudi Aramco listing “will never stop”

HKEX CEO says talks to win Saudi Aramco listing “will never stop”

Published 05/09/2017

Hong Kong Exchanges & Clearing Ltd (HKEX) (0388.HK) is still in talks with oil giant Saudi Aramco, with the bourse's planned IPO investment link with China key to clinching the potential listing, Chief Executive Charles Li told Reuters on Tuesday. [more…]

Vanguard withheld support for key Wells Fargo directors: filings

Vanguard withheld support for key Wells Fargo directors: filings

Published 31/08/2017

Vanguard Group, one of the world's biggest fund managers, voted against three directors at Wells Fargo & Co this year, including Chairman Stephen Sanger, according to U.S. filings, a rare rebuke from the bank's second-largest shareholder. [more…]

Under investor pressure, Goldman to explain trading strategy

Under investor pressure, Goldman to explain trading strategy

Published 30/08/2017

Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. [more…]

Goldman Sachs gets approval for Saudi equities trading license

Goldman Sachs gets approval for Saudi equities trading license

Published 20/08/2017

Goldman Sachs (GS.N) received approval on Sunday to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom. [more…]

Deutsche Bank, Bank of America settle agency bond rigging lawsuits

Deutsche Bank, Bank of America settle agency bond rigging lawsuits

Published 17/08/2017

Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade. [more…]

Exclusive: SEC officials` holdings, legal work, pose potential conflicts

Exclusive: SEC officials` holdings, legal work, pose potential conflicts

Published 17/08/2017

Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) that could complicate efforts to regulate them, according to government documents viewed by Reuters. [more…]

Republican, Democratic senators seek answers in Wells auto scandal

Republican, Democratic senators seek answers in Wells auto scandal

Published 09/08/2017

A group of U.S. senators from both parties on Wednesday turned up the heat on Wells Fargo Inc. over its latest scandal, in which hundreds of thousands of car-loan borrowers were charged each month without their knowledge for collision insurance, which many of them did not need. [more…]

Commonwealth Bank says `coding error` explains alleged money-laundering breaches

Commonwealth Bank says `coding error` explains alleged money-laundering breaches

Published 07/08/2017

The Commonwealth Bank of Australia (CBA.AX) said on Monday a software "coding error" was responsible for the "vast majority" of the anti-money laundering law breaches it was accused of last week. [more…]

Wells Fargo to pay U.S. $108 million over veterans` loans

Wells Fargo to pay U.S. $108 million over veterans` loans

Published 04/08/2017

Wells Fargo & Co (WFC.N) will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees. [more…]

Former $2 billion private equity fund now nearly worthless: WSJ

Published 16/07/2017

A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015.

Wells Fargo (WFC.N) and a number of other lenders are negotiating to take control of a hedge fund previously valued at more than $2 billion that is now worth close to nothing, according to a report from the Wall Street Journal.

[more…]