Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.
Josef Ackermann tried to shake up Zurich Insurance Group AG. Now, allegations that he was partly responsible for the suicide of the chief financial officer are casting a shadow over his 35-year career.
Europe’s biggest banks, which more than doubled their highest-quality capital to $1 trillion since 2007 to meet tougher rules, may have further to go as regulators scrutinize how lenders judge the riskiness of their assets.
Ecuador is benefiting from the highest oil prices in two years as the surge in export revenue helps fund President Rafael Correa’s $4.69 billion infrastructure program and rewards bondholders with the highest returns in emerging markets.
Eastern European debt markets may be falling victim to market volatility sparked by short-term fiscal concerns that ignore the region’s fundamentals, prompting some investors to look for buying opportunities.
Residents of Heliopolis emerge onto their balconies, drawn by drumbeats and rhythmic clapping from a group of mostly young Egyptians marching to the chant: “The revolutionaries are coming back on Jan. 25.”