Banking

  Bloomberg Visa Inc said it will dole out annual raises for more-junior employees earlier as it seeks to help staffers battling once-in-a-generation levels of inflation. The payments giant will award the pay increases to employees at the level of senior vice president and below during its fiscal fourth quarter, which ends on September 30, Chief Financial Officer Vasant Prabhu ...

  Bloomberg Banco Santander SA earnings beat expectations, as rising revenue helped the Spanish retail-banking giant offset the impact of increased costs and surging inflation. Spain’s biggest lender posted net income of 2.35 billion euros ($2.4 billion) in the second quarter, exceeding the analyst consensus of 2.25 billion euros as net interest income jumped 7.9% from the first three months ...

  Bloomberg Deutsche Bank AG’s asset management unit saw outflows for a second consecutive quarter, marking an abrupt end to a period of growth that saw assets under management touch a record last year. DWS group’s clients pulled $25.4 billion in the three-month period, according to a statement. That missed the 403.3 million-euro consensus of inflows forecast by analysts polled ...

  Bloomberg Deutsche Bank AG scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach, as the economy weakens and the war in Ukraine, surging inflation and litigation drive up expenses. The muted outlook, published on Wednesday along with second-quarter results, overshadowed a strong performance at the corporate bank, which benefited from ...

  Bloomberg Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at ...

  Bloomberg South Korea’s Financial Supervisory Service (FSS) is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities. Unusual transactions totalling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9 this year, the regulator said ...

  Bloomberg UniCredit SpA posted second-quarter profit that almost doubled analyst expectations, prompting the lender to lift its full-year target in anticipation of further gains from rising interest rates in Europe. Net income was 2 billion euros ($2 billion), compared with the 1.02 billion euros estimated by analysts. Above-expectation revenues, the absence of fresh loan-loss provisions, and the performance of ...

  Bloomberg Westpac Banking Corp will slash oil and gas as well as cement industry lending by 2030 as it joins an initiative to reduce emissions. The lender will aim for a 23% reduction in scope one, two and three emissions by 2030 from firms involved in oil and gas exploration, extraction or drilling, Westpac told investors. It will also ...

  Bloomberg UBS Group AG reported weaker-than-expected profit in the second quarter, as the global market sell-off kept wealthy clients on the sidelines and institutional investors pulled funds. The Zurich-based bank reported net income of $2.1 billion, compared with analyst estimates of $2.4 billion. The quarter was impacted by lower revenues at the key wealth management business, outflows in asset ...

  Bloomberg Barclays Plc will start to buy back as much as $17.6 billion of securities, a process that should determine its losses from a paperwork blunder that saw it accidentally sell more structured and exchange-traded notes than it had registered. The bank said the repurchase period will start on August 1 and will expire on September 12, according to ...