Banking

  Bloomberg Credit Suisse Group AG warned that higher costs for pay and its restructuring will weigh on results in 2022, adding to the bank’s woes after it posted the biggest quarterly loss in about four years. The Zurich-based bank had a net loss of about 2 billion francs ($2.16 billion) in the three months through December, primarily driven by ...

  Bloomberg BNP Paribas SA’s joined European peers in pledging higher profitability and bigger shareholder returns, while struggling to contain a surge in costs that’s plaguing the industry. The Paris-based bank on Tuesday set a target for a return on tangible equity — a key measure of profitability — of more than 11% in four years’ time and vowed to ...

  Bloomberg Credit Suisse Group AG will refer its private banking clients to Barclays Plc in nine African markets as the Swiss lender exits most of the sub-Saharan region. “Credit Suisse has signed a private banking client referral agreement with Barclays as part of the plan to exit nine non-core wealth management markets primarily in Sub-Saharan Africa, excluding South Africa,” ...

  Bloomberg US lenders issued more credit cards than ever last year, with a growing share of them going to consumers with lower credit scores. A record 196 million Americans held cards at the end of 2021, according to a report by credit-data agency TransUnion. In the third quarter, the latest for which detailed numbers are available, the number of ...

  Bloomberg Banco Santander SA is planning to simplify the structure of its US operations by discontinuing businesses such as home loans and focusing on consumer lending. Spain’s biggest bank may also review some of its commercial and industrial business lending, it said in a presentation. Santander has been pivoting towards areas with scope for more profitable growth in the ...

  Bloomberg State Bank of India’s (SBI) profit rose 62% in the third quarter helped by strong lending as the pandemic eased. Net income at the state lender was 84.3 billion rupees ($1.1 billion) in the three months through December, compared with 51.96 billion rupees a year ago, it said in a statement. That beat the average estimate of 82.59 ...

  Bloomberg Bank Negara Malaysia signalled it’s not yet ready to withdraw policy support as the economy recovers, steering clear of the hawkish pivot undertaken by major central banks. The current policy stance is “appropriate and accommodative” and any adjustment will be data-dependent, Governor Nor Shamsiah Mohd Yunus said in an email interview. Headline inflation is expected to remain moderate ...

  Bloomberg Europe’s biggest bank payout-plan failed to excite investors who’ve grown accustomed to fat payout ratios and dividends at Intesa Sanpaolo SpA. The Milan-based lender said it will disburse more than 22 billion euros ($25 billion) to shareholders through 2025. While that put it ahead of Italian rival UniCredit SpA in the contest to offer Europe’s bank investors the ...

  Bloomberg Bank of America Corp (BofA) boosted Chief Executive Officer Brian Moynihan’s compensation 31% to $32 million for 2021, a year in which the firm set a record for profitability. His package includes $1.5 million in salary and a $30.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said in a filing. A year ago, Moynihan took ...

  Bloomberg As interest rates finally inch up, European banks are telling investors to expect something they haven’t seen in almost 15 years: returns in the teens. Several of the region’s top lenders recently raised their profitability targets as they expect higher income from lending. The upgrades range across the whole of Western Europe, from Nordea Bank in Helsinki to ...