Deutsche Bank Fined $41 Million for Money Laundering Lapses

Deutsche Bank Fined $41 Million for Money Laundering Lapses

Deutsche Bank AG agreed to pay $41 million to settle Federal Reserve allegations that its U.S. operations failed to maintain adequate protections against money laundering. The bank’s insufficient monitoring involved billions of dollars in “potentially suspicious transactions” processed between 2011 and 2015.

“The bank’s insufficient monitoring involved billions of dollars in potentially suspicious transactions.”

~ Bloomberg

Deutsche Bank has recently reached settlements with the U.K. and New York State’s Department of Financial Services over trades that allegedly helped wealthy Russians move some $10 billion out of the country.

Related Reports: Bloomberg, Wall Street Journal

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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Singapore’s Sovereign Wealth Fund Cuts Stake in UBS

Singapore’s Sovereign Wealth Fund Cuts Stake in UBS

Singapore’s sovereign wealth fund GIC has cut its stake in UBS by almost half and has stopped being the biggest shareholder in UBS after saying it was “disappointed” it lost money for almost a decade in which it was vested in UBS. GIC sold 93 million UBS shares, effectively halving its stake in the Swiss lender from 5.1 per cent to 2.7 per cent.

“GIC sold 93 million UBS shares, effectively halving its stake in the Swiss lender from 5.1 per cent to 2.7 per cent.”

~ South China Morning Post

GIC was among the sovereign funds to inject money into struggling banks during the financial crisis. GIC took a 9 percent stake in UBS in 2007 via an emergency capital injection when UBS unveiled $10 billion worth of subprime write downs.

Related Reports: Bloomberg, South China Morning Post

About GIC

GIC is a disciplined long-term investor. We have the patient capital and fortitude to ride out short-term market fluctuations, a global presence with offices in 10 cities around the world, a broad-based portfolio spanning six core asset classes and various active skill-based strategies, and a skilled and experienced team of over 1300 people.

Visit: GIC

 


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Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays has agreed to pay $97 million to settle the claims that it overcharged thousands of clients on advisory fees and mutual fund sales charges. Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed and collected excess mutual fund fees by leading clients into more expensive share classes.

“Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed.”

~ Bloomberg

Barclays agreed to settle the claims without admitting or denying the agency’s findings, and agreed to set a fair fund to return money to affected clients.

Related Reports: Bloomberg, Wall Street Journal

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Guangzhou Rural Commercial Bank Seeks Approval for IPO

Guangzhou Rural Commercial Bank Seeks Approval for IPO

Guangzhou Rural Commercial Bank plans to seek approval from Hong Kong stock exchange for initial public offering. The share sale could potentially raise about $1billion. This IPO could be one of the largest in Hong Kong since Postal Savings Bank of China $7.6 billion offering in September 2016.

“This IPO could be one of the largest in Hong Kong since Postal Savings Bank of China $7.6 billion IPO in September 2016. “

~ Bloomberg

Guangzhou Rural Bank is one of the Chinese regional banks that is seeking Hong Kong listings to increase their profile and capital for expansion. Hong Kong has raised $20.8 billion of first time share sales from the finance sector since the start of last year.

Related Report: Bloomberg

About Guangzhou Rural Commercial Bank (GRCB)

The Head Office of the Bank is located in Pearl River New Town Tianhe District ,Guangzhou.As of September 30, 2016, we had a total of 624 outlets.As of September 30, 2016, we had 7,099 full-time employees.The registered capital of the Bank was RMB8,153,418,539.

Visit: Guangzhou Rural Commercial Bank

 


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China Cools the Growth in Wealth Management Products

China Cools the Growth in Wealth Management Products

China’s increase in wealth management products is under scrutiny from regulators due to the threats to the financial stability. Outstanding products issued by banks is at US$4.2 trillion as of 31st March, up 18.6% from a year ago according to China Banking Regulatory Commission.

“Outstanding products issued by banks is at US$4.2 trillion as of 31st March.”

~ Bloomberg

Wealth Management products which are popular with individual and corporate investors due to their high yields have almost tripled in value over the past three years. Regulators have therefore stepped up efforts to clamp down on any potential risks.

Related Report: Bloomberg


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3 Billion Yuan Disappears from China Minsheng Bank

3 Billion Yuan Disappears from China Minsheng Bank

The disappearance of 3 billion yuan from China Minsheng Bank’s private banking accounts has shown the poor internal controls in China. An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist. Investors are still waiting for compensation and an explanation from the bank.

“An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist.”

~ South China Morning Post

Multiple sources have cited that one of the branch managers had taken around 3 billion yuan from wealth management funds to use in issuing a loan without official approval.

Related Reports: South China Morning Post, Financial Times

About China Minsheng Bank

China Minsheng Bank was formally established in Beijing on 12 January 1996. It is China’s first national joint-stock commercial bank initiated and funded mainly by non-state-owned enterprises. Over the past 20 years since establishment, accompanied by the rapid growth of China’s economy and supported by customers and various circles of society, China Minsheng bank has been taking full advantages of “new bank, new mechanism”, and has grown from a small bank with only RMB1,380 million of initially registered capital into a large-scale commercial bank with RMB320,000 million of core capital, more than RMB5,200,000 million of total assets, nearly 3,000 branches and outlets, and almost 60,000 employees.

Visit: China Minsheng Bank 

 


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Asia’s Big Private Banks Increase Assets Under Management

Asia’s Big Private Banks Increase Assets Under Management

Asia’s biggest private banks increased their assets under management to a record in 2016 rebounding from a 2015 decline. According to the Asian Private Banker, assets managed by the regions’ top 20 private banks grew by 6.1% to $1.55 trillion in 2016.

“Assets managed by the regions’ top 20 private banks grew by 6.1% to $1.55 trillion in 2016.”

~ Bloomberg

The increase in assets under management was partly due to Bank of Singapore’s purchase of Barclays Plc’s wealth-management units in Singapore and Hong Kong and Union Bancaire Privee’s acquisition of Coutts International.

Related Reports: Bloomberg

 


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Wells Fargo Takes Back $75 Million From Ex-CEO and Top Executive

Wells Fargo Takes Back $75 Million From Ex-CEO and Top Executive

Wells Fargo is taking back $75 million from its former CEO and another top executive, blaming them for their roles in the bank’s fake accounts issue. The actions were taken as a result of the six month investigation by Wells Fargo’s independent directors. According to investigations, sales misconduct and “mass terminations” have taken place at Wells Fargo since at least 2002

“Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay.”

~ CNN

Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay. The board has said that this is the biggest clawback in financial services history.

Related Reports: CNN, New York Times

 

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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Credit Suisse at the Centre of an International Tax Evasion Investigation

Credit Suisse at the Centre of an International Tax Evasion Investigation

Some of the employees and account holders in Credit Suisse Group are subjects of a tax evasion and money laundering probe that spans across five countries.  Offices in London, Paris and Amsterdam have been visited by local authorities concerning “client tax matters”. The investigation will focus on “senior employees” and a number of customers.

“Offices in London, Paris and Amsterdam have been visited by local authorities concerning client tax matters.”

~ Bloomberg

The investigation into 55,000 suspect bank accounts  has involved the seizure of assets including a gold bar, paintings and jewellery and is part of co-ordinated action by authorities in Britain, the Netherlands, Germany, France and Australia.

Related Reports: Bloomberg, The Guardian

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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European Banks Routed 25 billion Euros Through Tax Havens

European Banks Routed 25 billion Euros Through Tax Havens

According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit. The 20 biggest lenders paid no tax on 383 million euros of profit posted in seven tax havens that year, while booking 4.9 billion euros of earnings in Luxembourg, more than the U.K., Sweden and Germany combined,The study was based on data released under new European Union regulations requiring banks to report earnings on a country-by-country basis.

“According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit.”

~ Bloomberg

Banks have come under scrutiny for assisting their clients evade taxes after the 2016 leak of offshore financial records exposed billions of dollars in assets hidden in havens around the world.

Related Reports: Bloomberg,  Oxfam Press Release

 


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