Banking

BLOOMBERG British households and businesses pulled almost £11 billion ($13.8 billion) out from banks in March as panic spread from the collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse Group AG. Households took out almost $6.32 billion (£5 billion) from bank accounts in the first decline in deposits in almost five years, Bank of England (BOE) ...

BLOOMBERG At least three nationwide Chinese banks lowered deposit rates, following a similar move by their smaller rivals in April as lenders battle shrinking margins. Mid-sized national banks including China Zheshang Bank Co, Hengfeng Bank Co and China Bohai Bank Co said they lowered deposit rates as much as 30 basis points on some tenors. After the adjustment, these lenders ...

BLOOMBERG Toronto-Dominion Bank (TD Bank) and First Horizon Corp have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement that they “entered into a mutual agreement” to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 ...

BLOOMBERG Australian bank margins have hit the peak and earnings are going to become harder to eke out, National Australia Bank Ltd (NAB) Chief Executive Officer (CEO) Ross McEwan warned. Speaking to Bloomberg Television after a record half-year profit failed to ease investor nerves about the bank’s outlook, McEwan said a decline in the share price was “somewhat expected.” “The ...

BLOOMBERG Morgan Stanley said it’s in talks with US prosecutors and regulators to resolve a probe into its block trading practices. “The firm is currently engaged in discussions regarding potential resolution of the investigations by the enforcement division of the US Securities and Exchange Commission (SEC) and the US Attorney’s Office for the Southern District of New York into various ...

BLOOMBERG  UniCredit SpA raised its full-year profit target and said it will boost shareholder payouts, after a surge in lending revenue helped the bank post its best-ever first-quarter. The Milan-based bank expects adjusted profit this year above €6.5 billion ($7.2 billion) and investor returns about €500 million higher, according to a statement. Key performance metrics for the period — including ...

BLOOMBERG  The Asian Development Bank (ADB) announced a new programme for financing efforts to counter climate change, stepping up its attempt to back one of its main focusses in the region. The Innovative Finance Facility for Climate Change in Asia and the Pacific (IF-CAP) could create up to $15 billion in new loans, through a goal of $3 billion in ...

BLOOMBERG Australia’s central bank signalled further policy tightening ahead after unexpectedly raising interest rates by a quarter-percentage point on Tuesday, sending the currency and bond yields surging. The Reserve Bank of Australia (RBA) increased its cash rate to 3.85%, the highest level since April 2012, in a decision predicted by only nine of 30 economists. Money markets rapidly revised up ...

BLOOMBERG Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking. Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter. That would amount to roughly 5% of staff excluding financial advisers and personnel supporting them ...

BLOOMBERG Banks in the euro zone curbed lending more than anticipated after borrowing costs jumped and turmoil gripped the financial sector, reinforcing calls for the European Central Bank (ECB) to slow the pace of its interest-rate hikes. Credit standards “tightened further substantially” in the first quarter, according to the ECB’s Bank Lending Survey. “The tightening for loans to firms and ...