Banking

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 ...

Bloomberg Zimbabwe’s CBZ Bank Ltd., the country’s biggest lender, begun voluntary job cuts as it deals with the fallout from the coronavirus pandemic on the corporate landscape. The bank needs to review its structures and operations to adapt to new ways of working, according to a memo from group CEO Blessing Mudavanhu and its chief human resources officer. “The manner ...

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda will fail to reach his goal of stable 2% price growth during his term after what will have been more than a decade of stimulus to stoke inflation, according to the Bank of Japan’s latest forecasts. Even with an economy expected to show a faster recovery from the pandemic, a slew of ...

Bloomberg Citigroup Inc could fetch as much as $6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said. The sale process for Australia is the furthest along and the preliminary ...