Bloomberg JPMorgan Chase & Co tapped Hiscox Ltd’s Ben Walter to lead the firm’s business-banking division, succeeding Jennifer Roberts, who was named head of consumer banking earlier this year. Walter, 47, will join the biggest US bank in October as chief executive officer of the unit, which provides services to small businesses with as much as $20 million in annual ...
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BNP profit beats as CEO Bonnafe sees rebound in equities
Bloomberg BNP Paribas SA got a boost from lower provisions for bad loans and a rebound in equities trading last quarter, as Chief Executive Officer Jean-Laurent Bonnafe builds up the trading business. Revenue from the stocks unit more than doubled from a year earlier, helping drive a 27% jump in overall profit that topped analysts’ estimates. Still, the Paris-based lender ...
Read More »Deutsche Bank doubles down on traders as cost target scrapped
Bloomberg Deutsche Bank’s traders kept Chief Executive Officer Christian Sewing’s overhaul alive when negative interest rates eroded income from lending. Now the CEO is counting on them to carry him to the finish line. With Germany’s largest lender approaching the final stretch of his four-year plan, Sewing on Wednesday raised the revenue outlook on the back of another strong quarter ...
Read More »Singapore central bank head takes on political issues
Bloomberg In the last few weeks, the managing director of the Monetary Authority of Singapore has gained attention for his personal views on some politically charged topics, echoing a similar evolution among his central banking peers as they address the world beyond money supply. In a series of recent lectures as a visiting scholar at a local university’s think tank, ...
Read More »Credit Suisse ‘inquiry’ rips scrutiny
Bloomberg Credit Suisse Group AG failed to properly monitor tens of billions of dollars of exposure that piled up while handling trades for Archegos Capital Management that generated relatively little revenue, according to people briefed on the findings of the bank’s internal inquiry. The report into how the bank lost about $5.5 billion tied to the collapse of Bill Hwang’s ...
Read More »Santander Brasil’s CEO Rial to step down from role
Bloomberg Santander Brasil Chief Executive Officer Sergio Rial will step down from the role after almost six years at the helm of the bank. The change, announced in a filing, will happen at the end of the year. Rial, who’ll become chairman and will remain a member of the bank’s board in Spain, will be replaced by Mario Roberto Opice ...
Read More »Barclays gets boost from dealmaking in second quarter
Bloomberg Barclays Plc’s investment bankers brought in a record haul as the booming deals market extended through the second quarter, offsetting more muted results in trading and helping the group to deliver improved profit and fresh shareholder payouts. Income from capital markets and merger advisory at the London-based lender rose by almost a fifth to 873 million pounds ($1.2 billion), ...
Read More »Credit Suisse pushes deeper into China with IPO underwriting
Bloomberg Credit Suisse Group AG is pushing deeper into China with plans to extend underwriting of initial public offerings (IPOs) even as markets are roiled by Beijing’s crackdown on the booming financial technology and private education industries. The Swiss lender plans to sponsor initial public offerings (IPOs) on the Nasdaq-like Star Market Board in Shanghai, Tim Tu, head of the ...
Read More »TD makes its debut deal in growing loonie hybrid debt market
Bloomberg Toronto-Dominion Bank (TD) raised C$1.75 billion ($1.39 billion) in its inaugural sale of limited recourse capital notes (LRCNs), taking advantage of the fast growing market for the Canadian dollar-denominated hybrid securities first sold one year ago. Toronto-Dominion, Canada’s largest bank by assets, priced the transaction at the tight end of guidance after drawing orders covering the offering by more ...
Read More »Hungary primes for second rate hike to curb EU inflation
Bloomberg Hungary is set to deliver a second interest-rate increase in as many months to combat the European Union’s fastest inflation, though economists disagree on the size of the move. The eastern European country and the nearby Czech Republic both tightened monetary policy in June as a rally in global commodities and the easing of lockdowns pushed consumer prices sharply ...
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