News

Banks and Banking

Reuters | Equities.com |

The nomination of Manfred Knof as chief executive of Germany’s Commerzbank paves the way for an overhaul that could close hundreds of branches and shrink its foreign operations, though any major changes may still take months to formalize.

Germany’s No. 2 lender, partially-owned by the state, has been in turmoil following the sudden resignation of its CEO and its chairman in early July. Remaining board members’ hands were tied from moving forward even as the bank’s outlook darkened.

That hurdle was removed after the bank’s new chairman, appointed in August, unexpectedly convened the supervisory board with less than 24 hours notice on Saturday to inform it of his CEO candidate. Knof, a top manager at rival Deutsche Bank, won its endorsement.


Reuters | Equities.com |

JPMorgan Chase & Co is moving about €200 billion ($234 billion) of assets from the United Kingdom to Germany as a result of Britain’s exit from the European Union, a source familiar with the matter said on Wednesday.

In January, the bank had also announced it would significantly expand its Paris hub as part of plans to relocate some services from London after Brexit.

The shift sees JPMorgan foll...


Reuters | Equities.com |

Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and other media reported on Sunday, citing confidential documents submitted by banks to the U.S. government.

The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinC...


AP News | Equities.com |

Two of Spain’s biggest banks are poised to merge and create the largest lender in the country, with assets of more than 600 billion euros ($708 billion), bringing the prospect of more job losses amid difficult times for the financial sector.

The boards of CaixaBank and Bankia were due to meet Thursday to iron out the final details of a deal, an official at CaixaBank said. The person spoke only on condition of anonymity because the negotiations are confide...