Business

Victims of Ross Asset Management's Ponzi scheme have been granted permission by the High Court in Wellington to pursue a lawsuit against ANZ Bank. The bank is accused of failing to prevent David Ross from perpetuating a fraud that resulted in $115 million in investor losses.

Wells Fargo continues its search for a new chief executive following Tim Sloan's unexpected exit in March. The prolonged CEO vacancy has negatively impacted the bank's stock performance, with shares losing approximately $24 billion in market value and declining 8% while competitors remain stable.

Two major international banks, Citigroup and BNP Paribas, have been linked to the ongoing legal case involving Huawei's CFO Meng Wanzhou. Arrested in Vancouver in December, Meng faces charges of bank fraud and sanctions violations while fighting extradition to the United States.

Two major European banks, Raiffeisen Bank International and Danske Bank, are facing serious money laundering allegations. The investigation centers on approximately $230 billion in questionable funds from former Soviet Union states, potentially channeled through these financial institutions without proper regulatory reporting.

Deutsche Bank is working to rebuild its reputation by shifting from investment banking to a more customer-focused corporate division. CEO Christian Sewing aims to attract new clients like Zalando, offering competitive services to improve the bank's image and business model.

Local banks like HSBC, Standard Chartered, and Bank of East Asia published full-page ads in Asian newspapers urging restoration of peace. Protests have severely impacted small and medium businesses, with Bank of East Asia reporting a 75% drop in first-half net profit due to loan devaluations.

Pictured is Gan Siew Liat, KNM Group Bhd Executive Director (Left) and Lee Swee Eng Director and Chief Executive Officer (right) Kuala Lumpur: The Offshore...