Finance


    • HSBC dumps US retail banking, eyes Asia growth

      HSBC dumps US retail banking, eyes Asia growth

      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.

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    • Crypto miners squeezed by new crackdown

      Crypto miners squeezed by new crackdown

      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.

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    • UniCredit, Nomura, UBS suffer €371m antitrust fine

      UniCredit, Nomura, UBS suffer €371m antitrust fine

      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.

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    • DB, J.P Morgan, Coutts face a multi-billion trial in Malaysia

      DB, J.P Morgan, Coutts face a multi-billion trial in Malaysia

      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.

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    • Commerzbank paves the way for 10,000 job cuts

      Commerzbank paves the way for 10,000 job cuts

      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.

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    • Deutsche Bank posts best quarter in seven years

      Deutsche Bank posts best quarter in seven years

      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.

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