Russian authorities have detained six people over alleged fraud involving the private equity group Baring Vostok, including the fund’s prominent American founder, Michael Calvey. Calvey has been working out of Moscow for 25 years. He and five others were detained Thursday on suspicion of large-scale fraud. The potential charges reportedly come with jail terms of up to a decade. According to Russian reports, the arrests relate to a dispute between the fund and Vostochny Bank, in which Baring...

Shares in the U.K.’s Metro Bank plummeted Wednesday morning, falling as much as 33% after the bank missed profit expectations and revealed unwelcome exposure to risky commercial loans. Metro is a relative upstart, having been founded in the wake of the financial crisis. On Wednesday its 2018 results preview showed a 138% rise in pre-tax underlying profits to £50 million ($65 million), but analysts had been hoping for £9 million more. Profits softened in the last quarter of 2018, and Metro...

LISELOTTE SABROE AFP/Getty Images The CEO of Denmark’s largest bank has fallen on his sword over one of Europe’s worst-ever money laundering scandals. Danske Bank’s slack controls allowed its Estonian operations to be used for money laundering from 2007 through 2015. That’s the conclusion of investigations that the bank commissioned from an external law firm. In conjunction with the release of those findings, CEO Thomas Borgen announced his resignation. “It is clear that Danske Bank has...

The “peer-to-peer” business-loan service Funding Circle has formally announced it is considering an initial public offering in London. The eight-year-old British lending platform was earlier this year reported to have lined up Bank of America, Merrill Lynch and others to manage an IPO. Its existing investors include Index Ventures, Union Square Ventures and Accel Partners. Funding Circle hopes to raise £300 million ($386.5 million) in the IPO. The flotation could value the firm at over £1.5...