FINANCIAL SECTOR UPDATE
- General Electric Co is in advanced talks to sell a speciality finance portfolio, worth more than $30 billion, to Wells Fargo & Co , according to a person familiar with the matter, as the industrial conglomerate returns to its roots.
SINGAPORE/LONDON - Standard Chartered's new Chief Executive Bill Winters plans to cut about 1,000 of the bank's most senior staff to reduce costs, according to a memo sent to staff, as he battles to revive the bank following a sharp drop in profits.
LONDON - Britain's government said on Friday it had sold off another 1 percent of its stake in Lloyds Banking Group , trimming its total interest in the bailed-out lender to below 11 percent.
FLORENCE/MILAN - Anti-mafia prosecutors in Florence have placed three top officials at leading Italian bank UniCredit under investigation for allegedly doing business with an entrepreneur linked to the Sicilian mafia, according to a search warrant issued by the prosecutors.
LONDON - A former manager at ICAP, the world's largest interdealer brokerage, and a former trader at U.S. bank JPMorgan, plotted to corrupt a new recruit as part of an alleged scam to rig global interest rates, a prosecutor told London's second Libor trial on Thursday.
FRANKFURT - Deutsche Bank's new boss John Cryan set about cleaning up Germany's biggest bank on Thursday, revealing a record pre-tax loss of 6 billion euros (£4.4 billion) in the third quarter and warning investors of a possible dividend cut. | Video
ZURICH - Swiss bank Credit Suisse plans to tap investors for a "substantial" capital raising to fund a restructuring of the bank under new Chief Executive Tidjane Thiam, the Financial Times said on Thursday.
HONG KONG - Standard Chartered Bank (China) Limited said on Thursday it had completed a yuan clearing transaction for Sweden's IKEA through the China International Payment System (CIPS), the first such deal to be announced hours after Beijing launched the worldwide system.
FRANKFURT - Deutsche Bank is bracing for a record pre-tax loss of 6 billion euros (£4.40 billion) in the third quarter, as new boss John Cryan is drawing a line under his predecessor's performance. The bank, Germany's flagship lender, is taking massive writedowns at its investment banking unit and on two assets earmarked for disposal, its Postbank retail bank and the stake it owns in China's Hua Xia Bank. It is also setting aside more money for litigation, Deutsche