Jeffrey Epstein: Deutsche Bank agrees $150m compliance penalty | Business News

Regulators have agreed penalties totalling $150m (£119m) with Deutsche Bank for alleged compliance failures in its dealings with the disgraced financier Jeffrey Epstein and two other banks.

The New York State Department of Financial Services (DFS) said the settlement amounted to the first enforcement action against a financial institution for its actions relating to Epstein’s financial dealings.

It detailed “hundreds” of transactions made by the billionaire – handled by the German bank between 2013 and 2018 – before he took his own life in a New York jail last summer while awaiting trial on sex-trafficking charges.

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Frankfurt-based Deutsche Bank has operations worldwide

The DFS said they included payments to individuals who were publicly alleged to have been Epstein’s co-conspirators in sexually abusing young women, settlements of over $7m in total and also payments to Russian models.

“The bank failed to properly monitor account activity conducted on behalf of the

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Lloyds chief executive Antonio Horta-Osorio to retire from bank next year | Business News

The chief executive of Lloyds Banking Group is stepping down next year after a decade in the job.

Antonio Horta-Osorio will retire from Lloyds in June 2021, giving him enough time to help steer the bank through some of the international effects of the coronavirus pandemic.

The bank has also appointed a new chairman, Robin Budenberg, who will take over from Lord Blackwell next year, so Mr Horta-Osorio is timing his departure to “support a smooth transition”, the bank said.

“Until then he will continue to be completely focused with the executive team on delivering the remainder of the current strategic plan, as well as the plans put in place to address the COVID-19 pandemic effects and support our customers during these difficult times,” the bank added.

Mr Horta-Osorio said he had “mixed emotions” about his departure from the role.

“I am lucky to have had the support of a

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Lobby group picks Bank of England headhunter to find new chief after sexism row | Business News

The headhunter which was asked to identify female candidates to become the next Bank of England governor is to find a new chief for the City’s most influential lobbying group amid a sexism row.

Sky News has learnt that Sapphire Partners, which has built a reputation for producing diverse shortlists for traditionally male-dominated boardroom roles, has been hired to recruit a new chief executive of UK Finance.

Sapphire’s appointment comes just over a fortnight after Stephen Jones resigned from the role because of remarks he had made 12 years ago about Amanda Staveley, the prominent financier.

City sources said that some directors of UK Finance, which represents Britain’s banks, mortgage lenders and payment firms, were pushing for it to name a female successor to Mr Jones.

Among the possible candidates being touted for the job by bank executives is Charlotte Crosswell, the chief executive of Innovate Finance, a board member

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Calls for green bank mount amid UK recovery plans

Business groups, economists and local leaders have urged ministers to create a “Green Infrastructure Bank” as part of Boris Johnson’s state-led recovery from coronavirus to ensure that efforts to stimulate the economy do not overlook the UK’s climate targets.

The push comes after green groups criticised the prime minister’s £5bn in new infrastructure spending announced earlier this week for being too light on green measures.

“We really need a national investment bank,” said Nicholas Stern, chair of the Grantham Research Institute at the London School of Economics. “It can have a very powerful effect, help bring down the cost of capital, and allow the private sector to come in.”

The rationale is to have a dedicated institution that could help finance climate-related projects that might otherwise struggle to access affordable capital, such as early-stage tech projects.

Lord Stern, who authored the UK’s official report on the economics of climate change

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