Commerzbank, other banks join UBS and IBM trade finance blockchain

NEW YORK (Reuters) - Commerzbank AG (CBKG.DE), Bank of Montreal (BMO.TO), Erste Group Bank AG (ERST.VI) and CaixaBank SA (CABK.MC) have joined an initiative launched by UBS Group AG (UBSG.S) and IBM Corp (IBM.N) aimed at building blockchain-based technology to support trade finance transactions.

The platform called Batavia would help banks and their clients automate the trade finance process, which remains highly manual and paper-based, the participating companies said on the 4th of October (Source:

Senators grill Wells Fargo CEO over scandal, forced arbitration

(Reuters) - U.S. senators slammed Wells Fargo & Co (WFC.N) Chief Executive Tim Sloan on the 3rd of October for his handling of a massive sales practices scandal at the third-largest American bank and challenged him to allow aggrieved customers to sue. 

Wells Fargo has disclosed that its employees potentially created as many as 3.5 million accounts without authorization. Sloan, when pressed by Senate Banking Committee lawmakers, said the San Francisco-based bank would not prevent customers from suing (Source:

Goldman CEO keeps open mind on digital currency bitcoin

(Reuters) - Goldman Sachs Group Inc (GS.N) Chief Executive Lloyd Blankfein said he is keeping an open mind on bitcoin after a media report that the investment bank was exploring a new trading operation dedicated to cryptocurrencies.

"Still thinking about #Bitcoin. No conclusion - not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold," Blankfein tweeted on the 3rd of October.

The plan is in early stages and may not proceed, the Wall Street Journal report on the 1st of October, citing people familiar with the matter. Blankfein’s tweet is in sharp contrast to comments made by JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon, who called bitcoin a “fraud” (Source:

U.S. fines HSBC $175 million for lax forex trading oversight

WASHINGTON (Reuters) - The U.S. Federal Reserve fined HSBC Holdings PLC (HSBA.L) $175 million on the 29th of September for “unsafe and unsound practices” in its foreign exchange trading business, the latest in a series of fines for banks that fail to prevent market manipulation.

HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market (Source:

Deutsche Bank in $190 mln currency-rigging settlement

NEW YORK (Reuters) - Deutsche Bank AG agreed to pay $190 million to settle U.S. litigation accusing it of rigging prices in the roughly $5.1 trillion-a-day foreign exchange market.

The German lender is the 15th of 16 banks to settle the private investor litigation, for a total payout of $2.31 billion. Only Credit Suisse Group AG has not settled.

Deutsche Bank’s preliminary settlement was detailed in filings on Friday with the U.S. District Court in Manhattan, and requires a judge’s approval. The bank denied wrongdoing (Source:

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