Thomson Reuters' financial and risk unit, which provides market data, analytics and trading terminals to banks, is ending a 160 year association with the Reuters brand following the closure of a majority stake sale to Blackstone. European Commission competition watchdogs have removed the final hurdle to the sale, which will see Blackstone take a 55 per cent stake in the business, which generates more than half of Thomson Reuters annual turnover, reports Finextra. As the transaction is complete, expected in the next few months, the business will be rebranded as "Refinitiv". Japan's biggest banks may no longer be able to put off paying interest on the large cash deposits they have in the country's central bank, reports Nikkei Asian Review. Since 2016 the Bank of Japan has had a negative interest rate policy on cash parked with it, and financial institutions are charged 0.1 per cent on "excessive" current deposits. So far, banks have largely been able to avoid paying by taking advantage of the BOJ's policy of dividing the bank's  balances into three tiers and applying interest rates to each. But with even more cash being deposited by risk adverse banks, it looks likely the negative rates will start to hit this year. The costs of the botched IT migration by the UK's TSB Bank have begun to emerge. Finextra reports that the migration to the new Banco Sabadell platform which locked customers out of their accounts for over a month has seen the bank chalk up a £107.4 million first half loss. Along with waived interest and overdraft fees, the bank had to  bring in a team of IBM "firefighters" to rectify systems, and recruited nearly 2,000 new staff for customer support roles.