Banking

BLOOMBERG  UBS Group AG Chief Executive Officer (CEO) Sergio Ermotti selected one of the lender’s former executives, Tom Naratil, to be a key member of the new management team, according to a report by NZZ. Naratil will become the group’s chief financial officer (CFO) and lead the integration division that will oversee Credit Suisse merger, the newspaper said. Bloomberg had ...

BLOOMBERG  Goldman Sachs and Bank of America (BofA) pushed back their call for when the next policy change from the Bank of Japan (BOJ) is likely to come, after Governor Kazuo Ueda continued with a largely dovish message at his first policy meeting. Economists at Goldman and BofA now have a base-case forecast for the central bank to adjust its ...

BLOOMBERG  JPMorgan Chase & Co won the bidding to acquire First Republic Bank in an emergency government-led intervention after private rescue efforts failed to fill a hole on the troubled lender’s balance sheet and customers yanked their deposits. JPMorgan will take over First Republic’s assets, including about $173 billion of loans and $30 billion of securities, as well as $92 ...

BLOOMBERG Colombia raised interest rates to the highest level since 1999 after political turmoil triggered a plunge in the nation’s bonds and currency. The central bank lifted its benchmark rate by a quarter percentage point to 13.25% on, Governor Leonardo Villar told reporters in Bogota. Four of the seven-member board voted for the move, two voted to hold, and one ...

BLOOMBERG China’s biggest lenders, including Industrial & Commercial Bank of China Ltd (ICBC), eked out profit growth in the first quarter of 2023 as they wrestled with shrinking margins and the lingering economic impact of China’s exit from Covid zero. Net income at ICBC rose 0.02% to 90.2 billion yuan ($13 billion) from the year-earlier period, according to an exchange ...

BLOOMBERG The slump in the yen spurred by the latest Bank of Japan (BOJ) decision drove the currency to its weakest level since just after the collapse of Lehman Brothers Holdings Inc in 2008. The euro-yen cross rate rose as much as 1.8% to 150.43, a level last seen in September that year, as the Japanese currency dived against all ...

BLOOMBERG US bank deposits rose in the latest week, a welcome break in a slide that’s seen cash flow into higher-yielding money-market funds amid unease about smaller lenders. Loans also increased, suggesting credit conditions are stable despite several recent bank failures. Deposits rose by $21.1 billion in the week ended on April 19, according to seasonally adjusted data from the ...

BLOOMBERG First Republic Bank’s week of harrowing stock drops and urgent work towards a deal to shore up its balance sheet ended with the lender’s fate in limbo. The Federal Deposit Insurance Corp (FDIC), keeping tabs on the bank’s deposits and funding, hasn’t reached a decision on intervening at the troubled lender, according to people with direct knowledge of the ...

BLOOMBERG  First Republic Bank is exploring divesting $50 billion to $100 billion of assets as the beleaguered lender attempts to rescue itself from the turmoil that engulfed the industry in March. The sales, which include long-dated mortgages and securities, are aimed at reducing the mismatch between the bank’s assets and liabilities — one of the factors that has left First ...

BLOOMBERG  Deutsche Bank AG plans to cut about 800 senior back-office staff as Chief Executive Officer (CEO) Christian Sewing steps up cost reductions amid a slowdown in the trading business that has fuelled much of the lender’s growth. Deutsche Bank announced the steps alongside first-quarter earnings that showed revenue from fixed-income trading slumped 17%, one of the worst performances among ...