Banking

  Bloomberg Citigroup Inc agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank Ltd., as the US lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses including credit cards, retail banking, wealth management and consumer loans, it said in a statement. The transaction ...

  Bloomberg BNP Paribas SA’s personal finance unit lost a case at France’s highest court in its dispute over swiss-franc mortgages marketed between 2008 and 2009. France’s Cour de Cassation said that the bank had not given enough information to its customers about the loans’ mechanism, according to the decision that partially overturned an earlier ruling. The loans, which were ...

  Bloomberg Bank of China Ltd. reported its biggest profit increase in almost a decade last year as lending momentum recovered in the second year of the pandemic and a build-up in bad loans eased. Net income jumped 12.3% from a year earlier to 216.6 billion yuan ($34 billion) in 2021, the lender said in a filing. That beat a ...

  Bloomberg UBS Group AG is laying off equity capital markets bankers because of a sharp decline in revenue after a slowdown in deal-making across the industry, according to people familiar with the matter. The Swiss firm began laying off a handful of bankers in equity linked and capital markets in Europe and Africa this month, the people said, asking ...

  Bloomberg European banks could earn almost 6 billion euros ($6.6 billion) in annual revenue from financing the transition to a more sustainable economy, according to their top regulator. “The balance sheet choices banks will make about green and non-green assets will materially impact their bottom lines,” said Andrea Enria, who leads the European Central Bank’s supervisory board. “Consumers and ...

  Bloomberg Barclays Plc expects to take a 450 million-pound ($591 million) hit and will delay a share buyback until the second quarter after issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale. Barclays Bank Plc, the subsidiary that holds the lender’s corporate and investment bank, has determined that “securities offered and ...

  Bloomberg NatWest Group, the British bank will no longer be mostly owned by the UK government after it bought back nearly 5% of its shares in an off-market deal. The sale of the stake for £1.2 billion takes government’s shareholding to about 48%, and ends more than a decade of majority state ownership of the bank The UK government’s ...

Bloomberg Brazil President Jair Bolsonaro is seeking a second term amid growing economic challenges that will potentially determine the outcome of this year’s election. The right-wing leader is launching his pre-candidacy at an event organised by the Liberal Party, which will also host Defense Minister Walter Braga Netto, whom he may tap as running mate. According to Brazilian law, candidates ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda said stable inflation was needed to trigger policy change at the central bank not yen weakness, in remarks that appeared aimed at cooling speculation of possible stimulus tweaks driven by the sliding currency and signs of heating prices. Speaking in parliament after the yen breached the 122 mark against the dollar ...

Bloomberg JPMorgan Chase & Co. said it will do a third-party audit of its $30 billion racial-equity commitment, following Citigroup Inc and BlackRock Inc in agreeing to such a review. The biggest US bank will hire a third party to perform the audit and publish a report on the results by the end of this year, according to a statement. ...