CITIGROUP is negotiating the return of about US$500 million it mistakenly paid a group of hedge funds and investment firms on a loan owed by Revlon, the now-bankrupt cosmetics company controlled by billionaire Ronald Perelman.
INTERNATlONAL Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to press for quicker action on debt relief for poor and developing countries.
THE US Justice Department’s bankruptcy watchdog is calling for an independent probe into the collapse of FTX Group, saying a neutral party should investigate the cryptocurrency empire’s downfall.
BRITAIN’S Payment Systems Regulator (PSR) has fined Britain’s Barclays bank £8.4 million (S$13.9 million) for failing to give retailers full information about card costs, the watchdog said on Thursday (Dec 1).
HSBC has identified US$1.7 billion of extra costs that can be stripped out next year, chief executive Noel Quinn said on Thursday (Dec 1), as the bank battles to improve returns amid calls for it to be broken up by its biggest shareholder.
DEUTSCHE Bank does not need warnings from its regulator to dial back the risk it faces in leveraged loans, its top executive said, adding to a chorus of bankers pushing back against what they see as excessive interference.
THE battle for deposits has gone up another notch with UOB raising the interest rates on its flagship savings account following similar moves by rivals DBS and OCBC Bank.
DIGITAL asset exchange Binance Holdings has appointed accounting giant Mazars to verify its token reserves, as the meltdown of its former rival FTX triggered increased demand for more transparency from cryptocurrency exchanges.
