World Bank president Jim Yong Kim has unexpectedly resigned more than three years before his term ends in 2022, amid differences with the Trump administration over climate change and the need for more development resources. Mr Kim, nominated by former US president Barack Obama for two five-year terms, had pushed financing for green energy projects and largely dropped support for coal power investments, but had avoided public clashes with the Trump administration, which has made reviving the US coal sector a priority.
The head office and other Deutsche Bank locations in Frankfurt, Germany were raided by 170 police officers and tax investigators on Thursday in a money laundering probe. The raid targeted two Deutsche Bank employees and others who remain unidentified. The probe is related to the 2016 Panama Papers money laundering investigation.
Deutsche Bank AG’s combined US business failed its first public stress test on Thursday due to ‘widespread and critical deficiencies’ in the bank’s capital planning controls. The Federal Reserve cited weaknesses in the bank’s risk-management functions and data capabilities. Deutsche Bank was the only one out of 18 banks under examination to receive an objection.
In a rare showing of bipartisanship, the Senate voted, Wednesday, to pass legislation lessening restrictions on areas of the banking industry, reflecting the most significant changes to policies put into place after the 2008 financial crisis. Critics say the bill negates measures to prevent another meltdown. The bill faces an uncertain fate in the House.
Many former Wells Fargo employees, 5,300 who were let off for exposing what they knew, spoke of their time at the company, standing on street corners, exploiting their roles in the bank to get customers with a promise of a higher salary and better place in the company. Every immigrant they managed to create a bank account for was considered a sale and placed the employee higher up in the company. Spanning 15 years, this information was apparently no secret to the bank’s executives.