Bloomberg Standard Bank Group Ltd said 99% of its transaction volumes in South Africa are now cashless, a trend that has helped the continent’s largest lender by assets to cut costs. “It’s extraordinary,†Standard Bank’s Chief Executive Sim Tshabalala said in an interview with Bloomberg News editor-in-chief Emeritus Matthew Winkler at the Africa Business Media Innovators Conversation. “What we’ve ...
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ICICI Bank Q3 profit up 25% to $832mn
Bloomberg ICICI Bank Ltd’s profit in the third quarter rises 25% from a year earlier, helped by interest earnings from lending as the impact from the coronavirus pandemic eased. Net income was 61.9 billion rupees ($832 million) in the quarter ended December compared with 49.4 billion rupees a year ago, the company said in a statement to the stock ...
Read More »Barclays boss gets $9,000 a month to move to London
Bloomberg Barclays Plc is offering its chief executive officer C.S. Venkatakrishnan 6,550 pounds ($8,877) a month in housing allowance for almost two years to encourage the banker to shift from New York to London after his appointment late last year, according to the Sunday Times. Venkatakrishnan took over as CEO on November 1 after former CEO Jes Staley stepped ...
Read More »Goldman picks Sarsfield to co-run $1.7trn asset management unit
Bloomberg Goldman Sachs Group Inc is promoting Luke Sarsfield to co-head of its asset-management business, putting an end to an anomaly atop one of its key units. Chief Executive Officer David Solomon is set to disclose the leadership change this week in a division that oversees $1.7 trillion in assets, according to people with knowledge of the matter. Sarsfield’s ...
Read More »HSBC divides Hong Kong team to different locations
Bloomberg HSBC Holdings warned traders that one of the main risks to business continuity is the city’s quarantine policy as the Asian financial hub tightens to contain a fifth wave of infections. Hong Kong, which is pursuing a Covid Zero strategy to match mainland China, has employed some of the strictest measures in the world to keep infections at ...
Read More »Swiss franc rises to six-year high against euro
Bloomberg The Swiss franc rises to the highest level against euro in more than six years on Monday, as concern over a possible military confrontation in Ukraine boosted demand for the haven currency. The franc climbed 0.2% to 1.0324 per euro, a level last seen in June 2015. It is poised for a 10th day of gains, the longest ...
Read More »China shows signs of loosening yuan grip as it starts easing
Bloomberg China’s central bank set its strongest reference rate for the yuan in three years in a sign it’s loosening its grip on the currency amid a relentless rally. The People’s Bank of China (PBOC) set the reference rate at 6.3485 per dollar, the strongest since May 2018, similar to the average estimate in a Bloomberg survey. The move ...
Read More »BofA job cuts offer road map for navigating higher costs
Bloomberg The biggest US banks received a clear message in recent days: Runaway expenses won’t cut it. Lenders that reported higher-than-expected costs, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and First Republic Bank, had their shares pummeled by investors. Bank of America Corp., (BofA) on the other hand, showed companies a different way to manage costs despite ...
Read More »JPMorgan raises CEO Jamie Dimon’s pay 10% to $34.5mn
Bloomberg JPMorgan Chase & Co raised Chief Executive Officer (CEO) Jamie Dimon’s total compensation 10% to $34.5 million for his work in 2021, the firm’s most profitable year on record. The package for Dimon — often the highest-paid CEO in US banking — includes $28 million of restricted stock tied to performance, an annual base salary of $1.5 million ...
Read More »PBOC’s pledge to open tool box puts focus on less-known options
Bloomberg A pledge by China’s central bank to open its monetary policy tool box wider to spur an economy under strain has fueled debate over its next move. With the People’s Bank of China (PBOC) having already cut interest rates and the ratio of cash banks must hold in reserve, economists are betting authorities will turn to some of ...
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