Italian lender UniCredit‘s “very aggressive, very opaque” bid for Commerzbank has been criticized by Germany’s Finance Minister Jörg Kukies, who stressed that hostile takeovers don’t usually work. “In the government, we need to protect the safety and stability of a systemic banking sector,” Kukies told CNBC Thursday at the World Economic Forum in Davos. “Hostile takeovers … Read more
The Euro sculpture near the Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024. Commerzbank is taking the precautionary move ahead of its engagement with UniCredit SpA, according to people familiar with the matter. Photographer: Krisztian Bocsi/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images European banking leaders are … Read more
UBS CEO Sergio Ermotti during the annual meetings of the IMF and World Bank in Washington, DC, onOct. 23, 2024. Bloomberg | Bloomberg | Getty Images An expected decline in interest rates could be stalled if the prospective tariffs of Donald Trump’s second White House administration bleed into markets and shore up inflation, UBS CEO … Read more
“In his notification, Mr. Breton underlined his determination to refrain from any lobbying activities of any kind, especially, but not only, on matters for which he had been responsible within his portfolio, to refrain from disclosing any information of the kind covered by the obligation of professional secrecy and to respect the duty of integrity … Read more
David Solomon, CEO of Goldman Sachs, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024. Mike Segar | Reuters Goldman Sachs CEO David Solomon says there’s an end in sight to the multi-year IPO drought. “It’s going to pick up,” Solomon said on Wednesday, in an on-stage interview with Cisco … Read more
After years of tension with the previous Conservative government over human rights and security concerns, Reeves has political space to take a different, more business-like approach to Beijing and try and tap China’s vast market for economic benefits. “Everything the Tories did on foreign policy was about backbench management,” said a U.K. government official, who, like … Read more
Hawkish Eastern European and Nordic countries including Poland and Sweden are keen to boost EU spending on defense, while Southern ones such as Italy and Greece would prefer more cash to stem migrant arrivals from Africa. In 2025, EU countries will set their red lines for the negotiations. But if the past is anything to … Read more
“Recent moves to delay and dilute vital regulatory protections reflect a worrying trend where ‘competitiveness’ is repeatedly used as a pretext to weaken essential safeguards against financial risks,” he said. Now, with Donald Trump returning to the White House in a matter of weeks, the future of the rules looks uncertain — which creates a … Read more
OK, Europe will have to endure again presidential histrionics and needling all-caps tweets, along with threats to withdraw from NATO and impose tariffs, but doesn’t that present an opportunity? Might now European leaders screw up their courage and loosen the apron strings? For years they’ve waffled on about strategic autonomy and sharing the burden more … Read more
By Tom Schoenberg | Bloomberg The new staffer was supposed to help Toronto-Dominion Bank spot money laundering from an outpost in New York. She instead used her access to bank data to distribute customer details to a criminal network on Telegram, according to prosecutors in Manhattan. Local detectives who searched her phone allegedly found images … Read more
