Shadow banking crisis raises risk of renewed Indian bad-loan reckoning
Just as India's banks emerge from under a pile of bad loans to large energy, steel and other industrial companies, they are facing a new reckoning from the accelerating crisis in the country's shadow banking sector. A year after a series of defaults by Infrastructure ...
Europol highlights Russian money as top laundering threat and calls Baltic states 'front line'
Europe's Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centered on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters ...
World's central banks poised to act as global economic warnings flash
Central banks are resuming their first-responder role as the world economy runs into trouble, even as they lack the firepower they once had at their disposal. With Australia cutting interest rates Tuesday for the first time in three years and India likely to follow Thursday, ...
Japan's Mizuho bank to allow employees to take side jobs by next March
Mizuho Financial Group Inc. plans to change its personnel policy to allow employees to hold side jobs by the end of next March, the first such move by a mega-bank. By helping employees seek new challenges and opportunities, Mizuho hopes they will use the experience ...
China's central bank sought to calm investors on Sunday after last month's takeover of Inner Mongolia-based Baoshang Bank, saying regulators are not planning any more such moves for the moment. The China Banking and Insurance Regulatory Commission (CBIRC) took control of Baoshang on May 24, ...
MUFG, Japan's biggest bank, offers redundancy to hundreds of managers in London
Mitsubishi UFJ Financial Group Inc. is preparing major job cuts in London, another sign of the deepening troubles Japanese banks face at their overseas operations. MUFG, Japan's largest lender, is offering voluntary redundancy packages to about 500 directors and managing directors in London, according to ...
New accounts at MUFG to go digital by default as bank seeks to wean customers off passbooks
Major lender MUFG Bank will no longer issue paper passbooks from June to most customers who open new deposit accounts over the counter, sources said Thursday. The move is aimed at promoting the use of online banking services. MUFG Bank also aims to reduce costs, ...
Negative rates see Japan's regional banks move into structured finance sector
The nation's regional banks have long been relegated to the sidelines in one of the most lucrative corners of the lending market while regular loans got gradually less profitable. Now some are fighting back. Shizuoka Bank Ltd. has lined up a network of 40 local lenders ...
Sumitomo Mitsui Financial increases planned cuts, to the equivalent of 5,000 employees' workload
Sumitomo Mitsui Financial Group Inc. will increase planned cuts to its head count that will now reduce work done by the equivalent of nearly 5,000 employees over the three years to March 2020, it was learned Wednesday. Cuts reducing head count by the equivalent of ...
Japan's Financial Services Agency calls for financial products that focus on longevity risk
The Financial Services Agency has released a draft report calling for financial products that focus on longevity risk, or when people's funds for living expenses run short due to a rise in longevity. The draft includes plans for the agency to urge financial institutions to ...
Mizuho to tighten rules on lending to coal-fired power plants in line with other Japan banks
Mizuho Financial Group Inc. said Wednesday that it will tighten lending standards for coal-fired power plants with high emissions of carbon dioxide, as part of its efforts to combat climate change. Mizuho will also provide discussion and consulting services for clients who want to "decarbonize," ...
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 ...
