FRANKFURT—German financial regulator BaFin ordered online bank N26 to pay 4.25 million euros ($4.98 million) for delayed reports of suspicious activity in 2019 and 2020 in the area of anti-money laundering, the bank said in a statement. N26 said the fine was paid in full on July 14, adding all related proceedings have been closed….
Bank of Ireland Blames Irish Pay Cap as CFO Announces Departure
DUBLIN—Bank of Ireland blamed state-imposed curbs on bankers pay and bonuses for the announcement on Monday that Chief Financial Officer Myles O’Grady would leave the bank for a role outside the financial sector. Ireland capped executive pay at 500,000 euros ($552,300) a year during the euro zone’s costliest banking rescue more than a decade ago….
Bank of England Nudges up Inflation Outlook, Split Over QE Widens
LONDON—The Bank of England said inflation would rise above 4 percent later this year, and two policymakers called for an early end to the central bank’s quantitative easing programme due to rising price pressures. Policymakers voted 7–2 to stick with the 895 billion pound ($1.2 trillion) asset purchase target they set in November 2020, when…
JPMorgan Takes on British Rivals With Launch of Digital Bank Chase
LONDON—JPMorgan is challenging British rivals on their home turf with the launch on Tuesday of its long-awaited digital retail bank, Chase, as part of what the U.S. lender hopes will be a global expansion. The launch marks the first foray into retail banking outside North America by one of the United States’ most dominant lenders,…
Central Bank Group BIS Warns of Green Asset Bubble Risk
LONDON—The central bank to the world’s central banks, the Bank for International Settlements, has warned of the growing risk of a price bubble in environmental-focused asset markets. Some estimates indicate Environmental, Social, and Governance (ESG)-focused assets have soared to a value of $35 trillion and now account for more than a third of all assets…
Bad for Business: World Bank China Rigging Scandal Rattles Investors
LONDON—Some investors and campaigners expressed dismay on Friday at revelations that World Bank leaders pressured staff to boost China’s score in an influential report that ranks countries on how easy it is to do business there. They also said the World Bank’s subsequent discontinuation of the “Doing Business” series of annual reports could make it…
Canadian Liberals’ Promised Hike in Bank Taxes Could Lead to Job Cuts, Higher Borrowing Costs
TORONTO—A campaign pledge by Canada’s ruling Liberals to raise corporate taxes on banks to help pay for pandemic relief could lead to job cuts and higher borrowing costs as the lenders take steps to protect their profits, investors and political analysts said. Seeking an edge in a tight race ahead of the Sept. 20 election,…
Bank of Canada Signals It May Stop Adding Stimulus to Economy Soon
OTTAWA—The Canadian economy is moving closer to the point where the Bank of Canada will no longer need to continue adding stimulus to the economy through its quantitative easing (QE) program, but it is not there yet, Governor Tiff Macklem said on Thursday. Macklem, in a speech the day after the central bank held its…
US Bank Profits Drop as Industry Slows Reductions in Credit Loss Provisions: FDIC
WASHINGTON—U.S. bank profits fell 8.3 percent to $70.4 billion in the second quarter of 2021 as firms slowed their reductions in credit loss provisions, the Federal Deposit Insurance Corporation reported on Wednesday. While profits were still significantly higher than they were a year ago—up 281 percent from the second quarter of 2020—banks slowed the rate…
US Ends Zurich Bank ZKB’s Criminal Tax Evasion Case
NEW YORK—The U.S. government is ending its criminal case against Zuercher Kantonalbank for helping wealthy Americans evade taxes after the Zurich lender paid $98.5 million and complied with a three-year deferred prosecution agreement. In a Friday filing with the U.S. District Court in Manhattan, a federal prosecutor said, “the government will not now proceed with…
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