PwC China faces 6-month business ban, large fine over Evergrande audit, sources say

Chinese regulators will likely order business suspension for a big part of PricewaterhouseCoopers’ auditing unit in mainland China for six months, as part of punishment for its work on troubled property developer Evergrande, five sources said.

TD Bank missed quarterly earnings estimates on Thursday and reported a rare loss after it set aside a further $2.6 billion to prepare for fines from U.S. regulators following investigations into the Canadian lender’s anti-money laundering (AML) measures.

Deutsche Bank has more work to do to overcome its Postbank troubles even after announcing settlements with more than half the plaintiffs who had accused it of underpaying them in its takeover of the German retail bank in 2010.

Reinsurance company Swiss Re said on Thursday that net profit rose 17% in the first six months of the year, roughly in line with expectations, and it maintained its full-year targets.

PKO BP , Poland’s biggest bank, will remain active in providing finance for the country’s defence industry, CEO Szymon Midera said on Thursday after the state-owned lender reported strong second-quarter results.

Offshore creditors of China Evergrande might be able to increase their chance of recovering funds if they can prove the property developer is due money from onshore subsidiaries, to which they would therefore be entitled, experts said.

Bank of Queensland will axe up to 400 full-time roles and convert all 114 owner-managed branch networks into its corporate structure by March 2025 in a move to restructure its operations, the Australian lender said on Thursday.

Canada’s TD Bank Group said it would set aside $2.6 billion more for penalties related to U.S. regulatory probes into deficiencies in its anti-money laundering program and it would sell part of its stake in Charles Schwab to offset the financial impact.

Citigroup’s addition of a new section concerning its multi-year reorganization to its quarterly report filed with the U.S. Securities and Exchange Commission in August, followed queries from the markets regulator.

Deutsche Bank said on Wednesday that it had reached settlements with more than half the plaintiffs who accused the lender of underpaying them in the acquisition of Postbank years ago.

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