The nation’s big bank regulator is faulting itself for failing to address the problems at Wells Fargo before it was too late.
Bank examiners saw sales problems at Wells Fargo as early as 2010 and met with executives but declined to investigate further, the inspector general at the Office of the Comptroller of the Currency said Wednesday.
European banks have had an epic run this month, and investors are positioning for more to come. As lenders rallied the most among industry groups in March, options traders doubled down. They pushed the volume of bullish contracts on the Euro Stoxx Banks Index to levels never seen before, and the number of outstanding calls reached a two-year high versus bearish puts.
Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$3 million (£1.86 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions.
Australia’s banks could have their stand-alone credit ratings cut by Standard & Poor’s if household debt outpaces economic growth by 5 percentage points or if house price growth outpaces the inflation rate by more than 4 percentage points.