Banking

Bloomberg State Bank of India (SBI) posted a record quarterly profit that beat estimates, helped by higher interest and other income as well as lower provisions for bad loans. However, India’s largest lender broke with trend and didn’t offer guidance on fresh soured assets — the so-called slippage ratio — citing uncertainty arising from the coronavirus outbreak that is ravaging ...

Bloomberg Bank of America Corp (BofA) is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps. The lender, working with the non-profit Neighbourhood Assistance Corp of America, set a goal of providing $15 billion in mortgages through May 2027, according to an announcement. Buyers get loans with no down payment, at below-market ...

Bloomberg US banks could cut as many as 200,000 jobs in the next decade as they try to boost efficiency to compete with fintech and other upstarts encroaching on their territory, according to Wells Fargo & Co. The eliminations are likely to accelerate as the economy reopens following the Covid-19 pandemic and conditions normalise, Wells Fargo analysts led by Mike ...

Bloomberg The Bank of England (BOE) signalled it will take account of the government’s environmental goals in buying assets in financial markets, saying it will shift purchases toward companies doing the most to fight climate change. The move is part of a global effort by central banks to push the financial services industry towards greener finance. The BOE stopped short ...

Bloomberg Global banks are losing share in the $186 billion lending market for Chinese borrowers offshore, falling behind local rivals boosting their presence just as the nation’s corporate sector recovers from the pandemic. Their portion of such lending has steadily dropped over the past decade, hitting 37% so far this year to May 17, well below the 11-year average of ...

Bloomberg Wells Fargo & Co, the fourth-largest US bank, is rolling out an initiative to bring more people into the banking system. The firm said it will increase access to affordable products, expand financial-education offerings and launch a National Unbanked Advisory Task Force. Wells Fargo also will set a 10-year goal for reducing the number of people who are unbanked, ...

Bloomberg The euro-area faces elevated risks to financial stability as it emerges from the pandemic with high debt burdens and “remarkable exuberance” in markets as bond yields rise, according to the European Central Bank (ECB). The language, echoing former Federal Reserve Chairman Alan Greenspan’s description of the dot-com bubble in the 1990s as “irrational exuberance,” highlights mounting concerns that the ...

Bloomberg Swiss lawmakers will debate whether banking regulations should be tightened when a parliamentary committee sits to discuss the losses suffered by lenders in the collapse of Archegos Capital Management LP, SonntagsZeitung reported. The conduct of Credit Suisse AG, the biggest loser to emerge from the blowup of Archegos, will be among the topics at the meetings, the newspaper reported. ...

Bloomberg Bank of America Corp (BofA) will boost its minimum hourly wage to $25 an hour by 2025 from a current $20, according to its Chief Executive Officer Brian Moynihan. The move follows four years of pay increases that brought the company’s minimum wage to an hourly $20 in 2020 from $15. The Charlotte, North Carolina-based lender will also require ...

Bloomberg JPMorgan Chase & Co, the biggest funder of fossil-fuel companies globally, is pledging a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of this decade. The commitment is among steps announced by the largest US bank, which agreed last year to align its financing activities with the United Nations’ Paris climate agreement. ...