And find out what the biggest bankers are planning post-Brexit.
CNBC reports that it could take European Union banks up to five years to overhaul their operations and acclimatise to a new post-Brexit trading landscape, according to a new report commissioned by the Association for Financial Markets Europe (AFME). Read more here.
According to Reuters, Deutsche Bank has agreed to pay $630 million in fines for organizing $10 billion in sham trades that could have been used to launder money out of Russia, the latest in a string of penalties that have hammered the German lender's finances. Read more here.
Citigroup Inc has quietly launched a website to make small business loans of up to $1 million, the latest effort by a big bank to make the process of smaller loans more technology-friendly, says Reuters. Read more here.
According to a Bloomberg report, Frankfurt and Dublin are emerging as the biggest winners at London’s expense as banks prepare for Brexit by planning new hubs in the European Union. Read the full story here.
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