LONDON—The number of finance jobs shifting from Britain to the European Union due to Brexit is less than initially expected despite billions of euros in share trading moving to the bloc and London losing most of its access to EU capital markets, consultants EY said on Monday. After Britain voted in 2016 to exit the…
Canada’s Bank of Montreal to Buy Bank of the West From BNP Paribas for $16 Billion
TORONTO/PARIS—Bank of Montreal said on Monday it will buy BNP Paribas’ U.S. unit, Bank of the West, for $16.3 billion in a deal that will allow the Canadian bank to double its footprint in the world’s biggest economy, while giving France’s biggest bank a huge step up in firepower for deals. The deal gives BMO,…
China Cuts Lending Benchmark, Market Sees More Easing in 2022
SHANGHAI—China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months on Monday, in a bid to prop up growth in the slowing economy, although it remains wary of loosening conditions in the country’s highly leveraged property market. The one-year LPR was lowered by 5 basis points to 3.80 percent…
StanChart Fined $61.5 Million for Misreporting Liquidity Position
LONDON—The Bank of England said on Monday it was fining Standard Chartered 46.55 million pounds ($61.51 million) for misreporting its liquidity position to the regulator and for failings in its controls. The Prudential Regulation Authority (PRA) said the fine related to when the regulator was concerned from late 2017 about a “heightened risk” of U.S….
German Government Chooses Joachim Nagel to Head Central Bank
December 20, 2021
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BERLIN—The new German government has chosen an experienced central banker and former board member of Germany’s state-owned development bank to head the country’s central bank, the finance minister said Monday. Joachim Nagel will succeed Jens Weidmann, who announced in October that he would step down at the end of the year after a decade as…
Deutsche Bank’s M&A Business in Fourth Quarter Extremely Strong, Executive Says
December 17, 2021
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FRANKFURT—Deutsche Bank’s merger and acquisition advisory business in the United States has been “extremely strong” in the fourth quarter, a bank executive said on Wednesday, adding that he was optimistic for 2022. Once Deutsche’s problem child, the investment bank is the lender’s biggest revenue generator, benefiting from a pandemic-induced trading boom and a wave of…
UK Inflation Hits Decade High, Pressuring Bank of England
LONDON—Consumer prices in the United Kingdom are rising at their highest rate in over a decade as a result of soaring energy costs and blockages in the supply chain, official figures showed Wednesday, a day before a highly anticipated interest rate decision from the Bank of England. The Office for National Statistics found that inflation…
BoC to Maintain Inflation Mandate, Will Consider Job Market in Rate Decisions
OTTAWA—Canada’s central bank has been told to keep the annual pace of price gains at its historic target, but also to help build up the labour market. Since 1991, the Bank of Canada has targeted an annual inflation rate of between one and three percent, often landing in a sweet spot at two percent. That…
Stocks on Firm Ground as Markets Brace for Central Bank Loaded Week
December 13, 2021
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LONDON—World stocks, oil prices, and the dollar firmed on Monday as a generally upbeat mood took hold of world markets ahead of a host of central bank meetings this week that includes the U.S. Federal Reserve. Equity markets across Europe opened higher, with the pan-region STOXX 600 index last up 0.35 percent, while U.S. equity…
Kind Retired Prof Meets Young Homeless Man on Streets, Teaches Him for Over a Year to Get on His Feet
It wasn’t much of a classroom—but where there’s a will there’s a way. Under the awning of a bank in Spain, a devoted teacher imparts a lesson to a lone student on the sidewalk. It was this picture of an authentic, intimate street-classroom session that caught our attention after it was posted on social media…
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