Banking

Bloomberg It’s through their loan books and investment portfolios that banks and asset managers make their biggest contribution to climate change. The greenhouse gas emissions associated with financial institutions’ investing, lending and underwriting activities are more than 700 times higher, on average, than their direct emissions, according to a report published on Wednesday by climate nonprofit CDP. While banks generate ...

Bloomberg Deutsche Bank AG is working on plans to allow staff to work from home up to three days a week, as it considers one of the most flexible return-to-office policies among large international banks. The Frankfurt-based lender is “moving to provide our employees some additional flexibility in hybrid working models,” Chief Financial Officer James von Moltke said in an ...

Bloomberg Banco Santander SA delivered its highest adjusted profit in more than a decade as provisions for loan losses fell and its US unit rebounded, bolstering Chairman Ana Botin’s bid to restore gains eroded during the pandemic. The bank’s net income more than quadrupled, topping analyst estimates, as provisions fell by almost half. Underlying profit jumped to 2.14 billion euros, ...

Bloomberg Standard Chartered Plc (StanChart) is weighing options to downsize its office space in what could become the biggest floor cuts by a bank in Singapore in recent years, according to people familiar with the matter. The London-based bank is weighing options that would see it give up some of the 21 floors it leases at Marina Bay Financial Tower ...

Bloomberg Mitsubishi UFJ Financial Group Inc’s securities unit has hired external lawyers to look into how the firm lost $270 million from its dealings with Archegos Capital Management. “We are sorry to cause concerns about losses from transactions with a US client,” Hiroyuki Ogata, an executive officer at Mitsubishi UFJ Securities Holdings Co., said at an earnings briefing on Wednesday. ...

Bloomberg Lloyds Banking Group Plc beat forecasts in the first quarter as it reversed some provisions for bad loans, saying the British economy shows signs of recovering from the Covid-19 pandemic. Pretax profit of 1.9 billion pounds came in ahead of analyst expectations for 1.17 billion pounds, according to a consensus compiled by Bloomberg. Lloyds also upgraded its outlook for ...

Bloomberg HSBC Holdings Plc posted its best quarter since the pandemic began as an improving economic outlook drove optimism about the ability of borrowers to repay loans and its strategic reset to Asia remained on track. First-quarter profit more than doubled as $400 million of loan loss reserves were released, spurred by the rollout of vaccination programs in markets like ...

Bloomberg Global banks’ losses related to the collapse of Bill Hwang’s Archegos Capital Management topped $10 billion after Nomura Holdings Inc and UBS Group AG disclosed more than $3.7 billion of combined hits from the collapse of the US family office. The Japanese bank booked about 245.7 billion yen ($2.3 billion) of losses in the three months ended March 31, ...

Bloomberg Shares of Kotak Mahindra Bank Ltd were the most hit among peers after the Reserve Bank of India (RBI) capped founder’s tenure as chief executive officer of a bank to 15 years. That gives the world’s wealthiest banker Uday Kotak less than three years to find a successor, according to a note by Suresh Ganapathy, an analyst at Macquarie ...

Bloomberg Citigroup Inc’s decision to exit retail banking operations in 13 markets outside the US including China was crucial for its ability to redeploy capital to areas where it can make bigger profits, according to an internal memo by the bank’s Asia-Pacific chief. “This was not about any specific markets or the attractiveness of individual consumer markets,” Peter Babej said ...