25

Nov

ECB’s Lagarde urges governments to boost public investment

Christine Lagarde has called on European governments to boost public investment and increase harmonisation in services, banking and capital markets to rebalance the region’s economy away from exports to domestic demand. Giving her first big policy speech since replacing Mario Draghi as European Central Bank president on November 1, Ms Lagarde said Europe had a “moment of […]

25

Nov

Labour warns UK banks: trim bankers’ bonuses or we will

Bankers’ bonuses could be banned in Britain in order to tackle high levels of inequality across the country, John McDonnell has said. The shadow chancellor warned the City of London that a culture of excessive bonus payouts remained a decade on from the financial crisis and said Labour would introduce rules to curtail such awards – including[…]

25

Nov

Deutsche Bank to pay $16m to settle US ‘princelings’ case

Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business. The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as[…]

25

Nov

Greece, the eurozone crisis and the case against fiscal discipline

Professor Jeffrey Frankel (Why Germany must not make the same fiscal mistakes as the US, 1 October) claims that “the 2010 euro crisis would not have happened had Greece, after joining the euro, maintained the fiscal discipline called for under the stability and growth pact”. This narrative of the eurozone crisis is very familiar but also very[…]

23

Nov

European banks slash $280bn from main US businesses

Europe’s four biggest investment banks cut $280bn of assets from their main US holding companies in the past three years as they withdrew from Wall Street and moved business away from the glare of regulators. The dramatic reshaping of the US operations of Deutsche Bank, Credit Suisse, UBS and Barclays shows how the banks are tackling their[…]