Danske Bank to cut 1,600 jobs to reduce costs

COPENHAGEN (BLOOMBERG) - Danske Bank will cut 1,600 jobs as part of its ongoing effort to save money amid spiraling compliance costs and long-term negative interest rates. "It is never easy to reduce the number of colleagues, and we will do our best to ensure that we do this in the most decent and respectful way," chief executive officer Chris Vogelzang said in a statement on Thursday (Oct 8). "However, we need to adapt to the structural changes that the financial sector is experiencing." Danske is still being investigated for a vast money laundering scandal...
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StanChart's troubled loans top $854m to problem companies including Hin Leong

LONDON (BLOOMBERG) - Problem loans at some of Standard Chartered's large clients may top US$600 million (S$854 million) as a string of corporate scandals coincides with woes at firms hit by the coronavirus pandemic. NMC Health, the hospital operator that's uncovered evidence of fraud, and Hin Leong Trading, the Singapore oil trader being investigated by police, represent nearly US$500 million of lending for Standard Chartered, according to public filings. Separately, a South African farm bank that the London-based company lends to has defaulted on some of its d...
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Wirecard says audit finds no 'substantial' accounting questions

FRANKFURT (BLOOMBERG) - Wirecard said an independent audit has uncovered no substantial findings of questionable accounting methods so far, but added it isn't yet ready to reveal the full report. The company said KPMG didn't find anything in all four areas of the audit that would lead to a correction of its financial statements. The firm was looking into Wirecard's third-party partner business, merchant cash advance as well as business activities in India and Singapore. KPMG will report on its full findings in a presentation on April 27, the company said in ...
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