Falcon Private Bank Shut Down by Monetary Authority of Singapore

Falcon Private Bank Shut Down by Monetary Authority of Singapore

Regulators have instructed Falcon Private Bank to close all operations in Singapore and slammed the bank of serious breaches of anti money laundering regulations. This is associated with the moving of funds in 1MDB.

“Regulators have instructed Falcon Private Bank to close all operations in Singapore and slammed the bank of serious breaches of anti money laundering regulations.”

~Bloomberg

The local branch manager has been arrested and Switzerland’s Financial Market Supervisory Authority has threatened to withdraw the license if there are any more breaches of money laundering regulations. Falcon failed to investigate the background of so-called pass-through transactions totalling $681 million and the repayment six months later of $620 million according to the Finma statement.

Related Reports: Bloomberg, CNBC

 

About Falcon Private Bank

Falcon Private Bank is a Swiss private banking boutique with 50 years of expertise in wealth management. We provide first-class financial services to private clients and wealthy families from our headquarters in Zurich, and our branches and representative offices in London, Singapore, Abu Dhabi and Dubai.

Our clients benefit from an excellent investment competence, a unique access to opportunities in emerging markets, as well as from our financial strength and stability, which results from our Swiss heritage and our government-owned shareholder.

Visit: Falcon Private Bank

 


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ING Plans to Cut Workforce by 11%

ING Plans to Cut Workforce by 11%

ING Groep NV plans to reduce the workforce by 11% or 5,800 jobs as it tries to cut costs and develop its digital transformation. This will help the bank to save about 900 million euros a year which include 2,300 job cuts in Netherlands and about 3,500 reductions in Belgium.

“ING Groep NV plans to reduce the workforce by 11% or 5,800 jobs as it tries to cut costs and develop its digital transformation.”

~ Bloomberg

Chief Executive Officer Ralph Hamers is investing in financial technology so that it can save costs in personnel and branch. The company said that it will invest about 800 million euros in digital technology. Banks across Europe have been cutting down on their workforces and investing in financial technology to ward off competition from online finance start ups.

Related Reports: Bloomberg

 

About ING Groep NV

We are a global financial institution with a strong European base, offering banking services. We draw on our experience and expertise, our commitment to excellent service and our global scale to meet the needs of a broad customer base, comprising individuals, families, small businesses, large corporations, institutions and governments. Our customers are at the heart of what we do.

Our more than 52,000 employees offer retail and wholesale banking services to customers in over 40 countries. Our strengths include our well-known, strong brand with positive recognition from customers in many countries, strong financial position, omnichannel distribution strategy and international network. Moreover, ING is currently among leaders in the Dow Jones Sustainability Index ‘Banks industry’ group.

Visit: ING Groep NV

 


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Denmark Pays $900,000 for Panama Papers to go after Tax Evasion

Denmark Pays $900,000 for Panama Papers to go after Tax Evasion

Denmark has received information on their citizens from the Panama Papers after paying around $900,000 to anonymous source. The purchase of information would help the tax authority hunt for people who evade tax.

“Estimates showed that fraud, coupled with mismanagement at the Tax Authority could cost Denmark as much as $ 4 billion in lost revenue.”

~Bloomberg

Estimates showed that fraud, coupled with mismanagement at the Tax Authority could cost Denmark as much as $ 4 billion in lost revenue. The next procedure is to identify it the government can raise claims to collect missing tax payments from the citizens.

Related Reports: Bloomberg

 

About The Danish Ministry of Taxation

Since 1975 Denmark has had an independent Ministry of Taxation and since 1990 a combined administration of customs, direct taxation, Value Added Tax (VAT), and other forms of indirect taxation, named the Central Customs and Tax Administration.

The Danish Ministry of Taxation consists of The Department responsible for legislation and tax policy, the Tax Appeals Agency responsible for appeals, The Danish Gambling Authority responsible for securing a proper and regulated gambling market in Denmark  and the Central Customs and Tax Administration (SKAT) responsible for administration and collection of direct taxation, VAT, and other forms of indirect taxation and customs procedures.

Visit: The Danish Ministry of Taxation


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Hedge Funds Pull Funds out of Deutsche Bank

Hedge Funds Pull Funds out of Deutsche Bank

Amidst concern about Deutsche Bank financial position due to the legal penalties, about 10 hedge funds that has business dealings with the German lender have moved to reduce their financial exposure. The funds have moved part of their listed derivatives to other firms. Among them are Izzy Englander’s $34 billion Millennium Partners, Chris Rokos’s $4 billion Rokos Capital Management, and the $14 billion Capula Investment Management.

“This has caused the shares to fall a record low of $11.48 on Thursday.”

~Bloomberg

This has caused the shares to fall a record low of $11.48 on Thursday. Deutsche Bank has been struggling to adjust to stringent capital requirements and lower trading revenue.

Related Reports: Bloomberg, Financial Times

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank


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Wells Fargo Chief Executive to Forfeit more than $40m in Pay

Wells Fargo Chief Executive to Forfeit more than $40m in Pay

Wells Fargo CEO John Stumpf will forgo more than $40 million of stock and salary as the board of directors in the bank checks how employees opened fake accounts for their clients. The bank’s decision to take back stock rewards comes after it was fined $185 million for allow staff to open as many as 2 million new unauthorised new accounts to hit their sales targets.

“Wells Fargo CEO John Stumpf will forgo more than $40 million of stock and salary”

~Reuters

A panel of independent directors will also lead the review, working with human resources committee and the law firm. The investigation may lead to more compensation changes or other employment actions.

Related Reports: Bloomberg, Reuters

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded WellsFargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo


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Former Employees File Class Action Against Wells Fargo

Former Employees File Class Action Against Wells Fargo

Two former Wells Fargo & Co employees are requesting $2.6 billion or more for workers who tried to meet the sales quota ethically but were later forced to resign and fired. The lawsuit includes current employee and emphasises on those who followed the rules and were penalised for not meeting sales quotas.

“Two former Wells Fargo & Co employees are requesting $2.6 billion or more for workers who tried to meet the sales quota ethically but were later demoted, forced to resign and fired.”

~Reuters

The former employees have accused Wells Fargo managers often pressured them to meet 10 accounts per day targets and required progress reports daily and scolded workers who fell short of their targets.

Related Reports: Reuters, The Guardian 

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded WellsFargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo

 


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Goldman Sachs to Cut About 30% of Asia Investment Banking Jobs

Goldman Sachs to Cut About 30% of Asia Investment Banking Jobs

Goldman Sachs is going to cut about 30% of their Asia investment banking jobs in Asia beside Japan. It will lower the number of bankers who are working on mergers and acquisitions. equity and debt capital markets.

“Goldman Sachs is going to cut about 30% of their Asia investment banking jobs in Asia beside Japan.”

~Reuters

The job cuts are most likely to occur around Hong Kong, Singapore and China.  Goldman has highlighted in July that it will go on a cost cutting drive to save $700 million a year due to decline in revenue. This will leave Goldman Sachs with slightly more than 200 bankers in Asia.

Related Reports: Reuters, CNBC

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


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China Banking Stress Climbs to Record

China Banking Stress Climbs to Record

A warning indicator for China banking stress rose to a record high in the first quarter due to a rapid build up of the Chinese corporate debt.  China’s credit-to-gross domestic product “gap” stood at 30.1 percent, the highest for the nation in data stretching back to 1995, according to the Basel-based Bank for International Settlements.

“China’s credit-to-gross domestic product “gap” stood at 30.1 percent, the highest for the nation in data stretching back to 1995”

~ Bank for International Settlements

Readings above 10 percent signal elevated risks of banking strains, according to the BIS, which released the latest data on Sunday While the BIS says that credit-to-GDP gaps have exceeded 10 percent in the three years preceding most financial crises, China has remained above that threshold for most of the period since mid-2009, with no crisis so far.

Related Reports: Reuters, Bloomberg

 

About Bank for International Settlements

Established on 17 May 1930, the Bank for International Settlements (BIS) is the world’s oldest international financial organisation. The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP. The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People’s Republic of China and in Mexico City. The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster internationalcooperation in those areas and to act as a bank for central banks.

Visit: Bank for International Settlements

 


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Deutsche Bank to fight $14 Billion Settlement Demand

Deutsche Bank to fight $14 Billion Settlement Demand

Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities. The claims against Deutsche far exceeds the expectations that the DOJ would only be looking for a figure up to 3 billion Euros (3.4 billion).

“Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities.”

~ Reuters

Deutsche bank only managed to scrape through European stress tests in July and has warned that it may need most cost cutting measures to turn itself around after revenue fell sharply in the second quarter due to market conditions and low interest rates. A $14 billion fine, or even half that sum, would rank among one of the largest paid by banks to U.S. authorities in recent years.

Related Reports: Reuters, CNBC

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Warren Buffett Loses $1.4 Billion on Wells Fargo Scandal

Warren Buffett Loses $1.4 Billion on Wells Fargo Scandal

Warren Buffett had $1.4 billion wiped out from his fortune after it was revealed that Wells Fargo employees had opened more than 2 million accounts without clients approval. Berkshire Hathaway, which is the biggest shareholder in Wells Fargo, dropped 2% therefore causing Warren Buffett fortune to drop by $1.4 billion.

“Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday.”

~Bloomberg

Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday. The billionaires lost $37.3 billion onTuesday as stocks and bonds both slumped, and oil prices sank.

Related Reports: Bloomberg, Daily Mail

 

About Berkshire Hathaway

Berkshire Hathaway is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company wholly owns GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamond, Flight Safety International and NetJets and also owns 26% of the Kraft Heinz Company, an disclosed percentage of Mars, Incorporated and significant minority holdings in American Express, The Coca Cola Company, Wells Fargo, IBM and Restaurant Brands International.

Visit: Berkshire Hathaway

 


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