Banking

Bloomberg European banks probably failed to live up to US peers’ record fourth-quarter profits as they set aside more money for troubled loans and missed out on the rally in equities trading. Ten of Europe’s biggest lenders probably set aside $15 billion for doubtful credit in the fourth quarter, taking the year’s total to $61.5 billion, the highest since 2012, ...

Bloomberg HSBC Holdings Plc’s Chief Executive Officer (CEO) Noel Quinn is set to appear before the UK Parliament Foreign Affairs Committee to answer questions over the lender’s moves to freeze accounts of activists in Hong Kong, according to an exiled lawmaker. Quinn is listed as a participant, along with Colin Bell, the bank’s chief compliance officer, at private and public ...

Bloomberg Morgan Stanley Chief Executive Officer (CEO) James Gorman leaped past JPMorgan Chase & Co.’s Jamie Dimon as the best-paid CEO of a major US bank. Morgan Stanley boosted Gorman’s pay 22% to $33 million for 2020, when the Wall Street bank posted its third consecutive year of record earnings. His pay includes $1.5 million in salary and a $7.88 ...

Bloomberg Deutsche Bank AG is conducting an internal probe after receiving complaints that some bank employees sold risky investments to clients who didn’t properly understand them, and then shared the profits. “We initiated an investigation in relation to our engagement with a limited number of clients,” a bank spokesman said in a statement following a Financial Times report, adding that ...

Bloomberg Kotak Mahindra Bank Ltd., India’s third-largest lender by market value, posted December-quarter profit that topped analyst expectations as bad debt fall. Net income totaled 18.5 billion rupees ($254 million) for the three months ended December 31, compared with 16 billion rupees a year earlier, the Mumbai-based bank said in a filing on Monday. Analysts had expected a profit of ...

Bloomberg India’s central bank proposes tighter regulations for large shadow lenders to prevent events such as the collapse of a major financier in 2018, the effects of which still linger in the nation’s financial system. The Reserve Bank of India (RBI) suggests classifying so-called non-bank financial companies (NBFCs) into four categories based on parameters including the size of assets, according ...

Bloomberg Malaysia kept its benchmark interest rate unchanged Wednesday, saving its policy ammunition as the country grapples with a surge in Covid-19 infections that could take months to subside. Bank Negara Malaysia (BNM) maintained the overnight policy rate at a record-low 1.75% at its first meeting of the year, as expected by 12 of 23 economists surveyed by Bloomberg. The rest ...

Bloomberg JPMorgan Chase & Co. has appointed veteran dealmaker Houston Huang to lead its Chinese securities venture as the Wall Street firm steps up expansion in the country. Huang will become chief executive officer and head of investment banking for JPMorgan Securities (China) Co., according to an internal memo seen by Bloomberg News. He will be responsible for implementing the ...

Bloomberg Wall Street’s worst fears about the fallout from Covid-19 are receding. Three of the biggest US lenders — JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. — cut their combined reserves for losses on loans by more than $5 billion, helping fourth-quarter profit top estimates even as they faced headwinds from low interest rates. While posting ...

Bloomberg Hong Kong police have arrested seven current and former bank staff in the city in an alleged money laundering case involving HK$6.3 billion ($810 million) in dirty money flows over the past four years. Five men and two women, between the ages of 30 and 37, were arrested, the police said in a statement on Wednesday after making raids ...