UK bank conglomerate HSBC announced it would exit the US retail market, Reuters reported. The bank said that retail operations contributed for piling up new losses. Instead, HSBC confirmed it would focus on expanding operations on the fast growing Asian market. The biggest European bank has for years been trying to shrink its presence in European and North American markets where it has struggled against competition from larger domestic players.

Germany’s economy contracted more than expected in the first quarter amid coronavirus lockdown measures, according to statistics released Tuesday, but a leading indicator showed that businesses’ optimism is rising as the pace of vaccinations increases.

Big international crypto miners suffered intensive pressure from China and that hampered the price of Bitcoin and other crypto assets, Reuters reported. The operation of Beijing was focused on Bitcoin mining and trading. A State Council committee led by Vice Premier Liu announced the crackdown as part of efforts to fend off financial risks.

UniCredit, Nomura and UBS were fined with a total of 371 euros by the EU antitrust regulator over illegal agreements, linked to fixed income securities, Reuters reported. According to the EU regulator the three banks had a cartel agreement linked to trading with government bonds. UniCredit said it would appeal to the European Courts and UBS said it was considering doing so. Nomura, which was also fined, was not immediately available for comment.

The 19 nations that share the euro are facing financial risks that are elevated and uneven, the European Central Bank warned Wednesday. Therefore, more targeted stimulus could be required as the region recovers from the coronavirus crisis.

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Large-scale corruption probe in Malaysia dragged Deutsche Bank, J.P Morgan and Coutts in court to face charges totaling billions of dollars, Reuters reported. The collapsed state fund 1MDB is suing the Malaysian unit of DB for $1.11 billion, and the Swiss units of J.P. Morgan and Coutts for $800m and 1.03bn. The claims are for alleged losses from a corruption scandal at the fund, court documents showed.

Germany’s Commerzbank announced it had reached an agreement with representatives of employees over planned job cuts aimed to reduce operating costs, Reuters reported. The Verdi labour union confirmed the information and elaborated that the issue concerned some 10,000 worldwide. The agreement is central to Chief Executive Officer Manfred Knof's plans to restructure and spur the nation's second-biggest listed lender and return it to profitability.

Germans have been hoarding their gold during the uncertain times of the coronavirus pandemic, according to a recent survey, cited by dpa.

Deutsche Bank posted its best quarterly figures in seven years, booking pre-tax profits for the first quarter at €1.6bn ($1.9bn) in figures released before the start of trading on Wednesday. According to the estimates, Deutsche Bank shares also rose by more than 7% to €10.90 by midday, helping to drive generally positive sentiment on the Frankfurt Stock Exchange.