Banking

  Bloomberg European banks are counting the rising cost of Russia’s invasion of Ukraine as they brace for a wave of defaults and write down the value of their operations in the country. Led by Societe Generale SA and UniCredit SpA, the region’s lenders have so far flagged a hit of $8.6 billion to their earnings from the war. The ...

  Bloomberg The Czech central bank lifted borrowing costs more than expected to the highest level since 1999 and signalled further monetary policy tightening to come as intensifying inflation pressure eclipses risks to economic growth. Policy makers raised the benchmark rate by 75 basis points to 5.75% — exceeding the forecasts of all analysts in a Bloomberg survey for a ...

  Bloomberg European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau said interest rates may be raised back above zero this year if the euro-zone economy doesn’t suffer another setback. In a speech in Paris, the Bank of France chief also suggested that the ECB should conclude net bond purchases at the end of June — a necessary ...

  Bloomberg Banca Monte dei Paschi di Siena SpA swung to a small quarterly profit as new Chief Executive Officer Luigi Lovaglio seeks to revamp the bailed-out bank ahead of a planned capital raising. The bank reported a net income of 9.7 million euros ($10.2 million) in the first three months of the year reversing a fourth quarter loss, according ...

  Bloomberg Poland’s central bank pledged to continue fighting inflation after its interest-rate increase fell short of market expectations and weakened the zloty. Policy makers in Warsaw lifted the benchmark rate by 75 basis points to 5.25%, the highest level since 2008. Most economists predicted a full percentage-point increase. Future decisions will hinge on the prospects for inflation and economic ...

Bloomberg Societe Generale SA benefited from higher interest rates and market volatility in the first quarter, helping offset rising costs as the French lender prepares to exit its Russian business. Revenue in the first three months rise 17%, beating analysts’ estimates, driven by its international banking operations, gains in French retail banking and across investment banking units. The Paris-based bank ...

  Bloomberg The yen may extend declines to 140 per dollar and that could trigger the Japanese government to spend $100 billion to limit further losses, according to Bank of America (BofA). The currency hasn’t weakened to 140 since 1998, but it may be pushed to that level by a fresh surge in Treasury yields, BofA analysts including Shusuke Yamada ...

  Bloomberg HSBC Holdings Plc has hired Michael Willoughby, a top mining banker at Standard Chartered Plc, to help build its global resources team, people with knowledge of the matter said. Willoughby, a Singapore-based managing director and co-head of metals and mining for Asia Pacific at Standard Chartered, will join HSBC in August as global head of metals, mining and ...

  Bloomberg China’s largest state-owned banks reported profit growth of at least 5% in the first quarter, fuelled by increased lending and improved asset quality before a Covid-19 outbreak triggered broad lockdowns and pummeled the economy. Industrial & Commercial Bank of China Ltd (ICBC) said net income rose 5.7% to 90.63 billion yuan ($13.8 billion) in three months ended March ...

  Bloomberg The US consumer watchdog is ordering Bank of America Corp (BofA) to pay a $10 million penalty and repay fees that the lender charged customers when garnishing wages. The Consumer Financial Protection Bureau (CFB) said that the Charlotte, North Carolina-based lender incorrectly froze accounts and garnished customer funds based on out-of-state court orders. The lender should have ensured ...