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* The ECB's planned strategic review of its monetary policy is expected to include an adjustment in the bank's inflation target, insiders told Bloomberg News.
* German central bank President Jens Weidmann pushed back on calls for the ECB to include environmental objectives in its quantitative-easing program and instead urged credit rating agencies to boost their ability to assess climate-related risks, Bloomberg reported. ECB President Christine Lagarde has said she wants to make climate change a key part of a strategic review into the regulator's purpose amid a growing debate over the ECB's role in supporting the EU's climate goals.
* U.S. investment bank Morgan Stanley has dismissed or placed on leave at least four traders, two of which are based in London, for allegedly mismarking the value of securities linked to emerging-market currencies, concealing $100 million to $140 million in losses, insiders told Bloomberg.
UK AND IRELAND
* Virgin Money UK PLC CEO David Duffy is set to receive a higher pension payment than his counterparts at larger U.K. rivals next year after the bank resisted shareholder calls to lower his pay, the Financial Times reported. Pension payments for existing Virgin Money executives will continue to be up to 20% of their salaries, and Duffy, whose salary will be just over £1 million in the year ended September 2020, could receive a pension payment of up to £204,000, compared to £183,000 last year which was equivalent to 18% of his salary.
* HSBC Holdings PLC and Santander UK Group Holdings PLC agreed to refund customers following a retail banking market investigation by the British Competition and Market Authority, which found that both lenders failed to send customers text alerts before charging them for falling into an unarranged overdraft. HSBC said it will refund 115,000 customers £8 million, while Santander did not confirm the number of customers affected or how much it will compensate.
* Bank of Ireland Group PLC confirmed that its ATMs and online systems were not working yesterday, affecting thousands of customers seeking to withdraw cash or use their online accounts, The Irish Times reported. The issue came a day after the Irish lender experienced a software glitch that delayed the payment of customer...