The German development bank KfW is under consideration by the federal government to contribute its profits toward covering budget deficits. This would represent a novel approach for the state-owned financial institution and likely requires changes to existing legislation.
The Bundesbank has expressed willingness to manage a capital pension fund (Kapitalrente) as part of the German government’s planned implementation of a state pension fund. The initiative would potentially incorporate equities into the statutory pension system.
Citibank has been approved to join the London Bullion Market Association as a clearing member, marking the first addition to the exclusive club of clearing banks in approximately a decade. The bank joins JPMorgan, UBS, ICBC, and HSBC in controlling the world’s largest physical gold market.
Citigroup has been approved as a new clearing member of the London gold market, making it the first new member to join in approximately ten years. The bank will join an exclusive group of five clearing banks: JPMorgan, UBS, ICBC, and HSBC.
Baillie Gifford, a UK-based asset manager, is implementing a voluntary exit scheme for its UK staff as part of a strategic refocus. The firm is redirecting its efforts toward family offices and financial advisers in the US and Asian markets, suggesting a shift in geographic and client focus away from its traditional UK base.
‘Operation Chargeback’ is described as one of the largest criminal proceedings in Germany, involving a network accused of defrauding millions of credit card holders. The former CEO of Unzer and a Wirecard manager have been charged. Defense attorneys deny the allegations.
Standard Chartered and Circle announced a partnership to enable bank-led minting and redemption of USDC (USD Coin) stablecoins for institutional clients. The service launches in Dubai’s DIFC financial hub with plans for global expansion.
Postbank concluded a collective bargaining agreement providing salary increases for around 7,500 employees over 28 months, preventing a strike.
Employees at Sparda-Banken cooperative banks will receive a 6% salary increase following a new collective bargaining agreement reached between the Verdi union and employer representatives. Warning strikes preceded the agreement.
Nancy Plaßmann, currently heading the corporate and retail customer business at Berliner Sparkasse, will become Chief Executive Officer of the bank in mid-2027. This appointment represents a notable milestone as few women lead savings banks in Germany.