Banking

Bloomberg India’s sharp surge in Covid-19 cases will not prevent the country’s markets from setting a record for initial public offerings (IPOs) in 2021, as a cohort of technology companies make their much-anticipated debuts later in the year, according to UBS Group AG. Last year companies amassed $4.6 billion from IPOs, according to data compiled by Bloomberg, and Anuj Kapoor, ...

Bloomberg China’s biggest banks fell after posting profit gains of below 3% in the first quarter with policy makers leaning on the lenders to contain debt growth as the economy powers out of the pandemic. Industrial & Commercial Bank of China Ltd., (ICBC) the world’s biggest bank by assets reported a 1.46% gain in profit in period. Its smaller rivals ...

Bloomberg UBS Group AG will relocate its Tokyo-based rates trading business to Sydney by the end of this year as the Swiss bank reorganises its Asia-Pacific operations. The firm has initiated the process to relinquish its Japan Government Bond primary dealership, though the change won’t impact UBS’s other fixed-income trading businesses conducted with Japanese clients, it said in a statement. ...

Bloomberg Deutsche Bank AG raised its outlook after traders outperformed most Wall Street peers and it dodged losses from the collapse of Archegos Capital Management, handing Chief Executive Officer Christian Sewing the strongest quarter in seven years. Income from buying and selling debt securities rises 34% in the first three months of the year, Germany’s largest bank said in a ...

Bloomberg Booming stock markets and retail-investor fueled volatility have delivered the best quarter in years for many European banks’ equity trading desks, mirroring gains at their US counterparts. Barclays Plc said the first quarter was the “best ever” for its equities unit, which reported a 65% year-on-year jump in revenue to more than $900 million, while BNP Paribas SA posted ...

Bloomberg In his last words as Credit Suisse Group AG Chairman, Urs Rohner apologised. Eight weeks after the Swiss bank entered one of the most turbulent periods in its history, its outgoing chairman offered a mea culpa for the financial hits from the collapse of Archegos Capital Management and Greensill Capital. “The inexcusable losses that we have had to inform ...

Bloomberg HSBC Holdings Plc’s global banking unit will raise fixed pay for junior investment bankers in key hubs and hire more of them to share the workload, becoming the latest global firm to take steps to address burnout among staff. The lender will also shorten a four year associate program for certain groups in hub locations, including Hong Kong, London ...

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, ...