NEWSWORTHY
MUFG president tells investors of bank's plans to shutter 80 more outlets in Japan
Mitsubishi UFJ Financial Group Inc. President Kanetsugu Mike said core unit MUFG Bank will scrap about 80 more branches in Japan in a bid to further cut costs and improve earnings. He announced the plan at a meeting Monday with investors. Previously, the bank planned ...
Nomura's retreat again highlights how Japan's banking behemoths struggle to succeed abroad
Time and again since Japan emerged as a global economic force, its financial leaders have hatched plans to translate their influence into investment-banking clout. Time and again, they've failed. The retreat sounded last month by Nomura Holdings Inc. marks just the latest overseas flop, prompting ...
Anti-money laundering specialists at Deutsche Bank AG recommended in 2016 and 2017 that multiple transactions involving entities controlled by U.S. President Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog, The New York Times reported Sunday. The newspaper, citing five ...
Regional bank in Japan battles ultralow interest rates with wine bar and sea urchins
As years of near-zero interest rates in Japan make traditional lending barely profitable, one regional bank is seeking to drum up business through less conventional enterprises, from opening wine bars to helping fishermen farm sea urchins. The new approach comes as regulators cautiously loosen the ...
EU fines Japan's MUFG and four U.S. and British banks €1.07 billion over forex cartel
The European Union on Thursday fined MUFG Bank and four major British and U.S. banks a total of €1.07 billion (¥131 billion; $1.2 billion) for rigging the spot foreign exchange market for 11 currencies. The European Commission, the executive organ of the European Union, found ...
Mizuho says it will close 130 domestic bank branches over next five years
Mizuho Financial Group Inc. on Wednesday announced a new business plan featuring stepped-up structural reform measures. The plan calls for reducing the number of domestic branches by 130, instead of the previously set goal of 100, through integration or scrapping. The company had 500 domestic ...
Suruga Bank says fraudulent housing loans could top ¥1 trillion
Suruga Bank said Wednesday it has extended over ¥1 trillion ($9.1 billion) in confirmed and suspected fraudulent housing loans. In an attempt to restore trust among investors and clients following revelations last year of a spate of financing scandals, the regional lender also said it ...
Japan's mega-banks see challenging year ahead as profit drivers wane
Japan's biggest banks have warned investors of a tough year ahead. The nation's three mega-banks have been relying on the healthy status of borrowers and sales of so-called cross-shareholdings for earnings as rock-bottom interest rates crimp lending profitability. Results on Wednesday showed they are losing ...
Embattled Japanese regional lender Suruga reportedly to tie up with Shinsei Bank
Struggling regional lender Suruga Bank is seeking support from Shinsei Bank, according to sources with knowledge of the matter. A comprehensive tie-up between the two, including a capital partnership, will be announced as soon as Wednesday, the sources said Monday. The tie-up is expected to help ...
Retired Lebanese soldiers picket central bank over wage and benefit cuts
Retired soldiers in Lebanon started picketing the Central Bank building late on Sunday in protest at draft budget proposals to cut the state wage bill, saying they aimed to stop workers entering on Monday morning. As about 100 protesters gathered outside the Central Bank, Lebanon's ...
Australia's central bank admits 'responsibilty' for typo in millions of bank notes
Millions of 50 Australian dollar bank notes, each worth around ¥3,800, have an embarrassing typographical error that was overlooked by the country's central bank before they were printed and circulated. The goof first became known Thursday when a listener on radio outlet Triple M sent ...
China must “graduate from” the Asian Development Bank’s easy money if it continues to tempt emerging economies with unaffordable loans, the finance minister says at the ADB’s conference in Fiji.
