Banking

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, ...

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 ...