Hackers Hit U.S. Arm of Chinese Bank

A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.

ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China, was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, with the money and securities changing hands.