Banking

Bloomberg JPMorgan Chase & Co and Citigroup Inc. joined rivals in asking the vast majority of employees in England to work from home following government rules to stop a surge in coronavirus infections. The Wall Street banks told staff in separate memos Tuesday that most workers will be required to work from home until further notice from Thursday, when a ...

Bloomberg Credit Agricole SA got a boost from clients selling bonds and set aside less money for expected bad loans, joining peers in taking a benign view of the pandemic as Europe enters a second phase of lockdowns. Revenue from capital markets, the biggest driver of Credit Agricole’s investment bank, surged 25% in the third quarter to beat analysts’ highest ...

Bloomberg BNP Paribas SA got a bigger-than-expected boost from trading and painted a relatively optimistic picture of the pandemic’s impact on its loan book, as it joined European peers in signalling an eventual return to dividend payments. Third-quarter revenue from trading fixed income, currencies and commodities surged 36% to 1.25 billion euros ($1.45 billion), the Paris-based bank reported, surpassing the ...

Bloomberg State Bank of India (SBI) reported better-than-expected profit as the nation’s largest lender set aside fewer provisions for non-performing loans. The bank’s net income jumped 52% to 45.7 billion rupees ($610 million) for the three months to September, beating the 36.9 billion rupee average estimate of 11 analysts surveyed by Bloomberg. SBI set aside 101.2 billion rupees in provisions ...

Bloomberg Deutsche Bank AG had the outlook on its credit rating lifted by Moody’s Investors Service, which said Germany’s largest bank may finally be able to execute on a strategic plan after years of setting targets and then missing them. The lender’s “senior management and staff have laid the foundation for a sustainable turnaround,” Moody’s analyst Michael Rohr wrote in ...

Bloomberg China’s biggest state-owned banks are still plagued by a surge in bad loans even as an early containment of the pandemic and a recovery in the world’s second-largest economy helped them trim profit declines. Net income slid less than 5% at Industrial & Commercial Bank of China Ltd. (ICBC) and its three largest rivals in the three months through ...

Bloomberg Australia’s central bank is expected to cut interest rates to a fresh record low, reduce its three-year yield target and unleash further bond buying as it tries to turbo-charge a recovery now that the country is released from lockdown. The Reserve Bank of Australia (RBA) will cut the cash rate to 0.10% from 0.25% and set its yield curve ...

Bloomberg JPMorgan Chase & Co. raised the stake in its Chinese securities joint venture to 71%, taking a step closer to becoming the first foreign bank to attain full ownership of a firm as the country opens its $50 trillion financial market. The bank bought a 20% stake put up for sale by Shanghai Waigaoqiao FTZ for 177.7 million yuan ...

Bloomberg The largest US banks are less healthy than they appear, boosted by temporary accounting and capital-relief measures as well as massive market support from the Federal Reserve, an advocacy group said. Although the six biggest banks’ leverage ratios reported at the end of June averaged almost 2 percentage points above the regulatory minimums, the actual average would have been ...

Bloomberg Westpac Banking Corp.’s full-year profit plunged after the lender was hit with a record fine for breaching anti-money laundering laws, and the coronavirus-induced recession swelled bad-debt charges. Cash earnings fall 62% to A$2.61 billion ($1.8 billion) in the 12 months ended September 30, the Sydney-based bank said in a statement. The results include a previously disclosed A$1.2 billion charge ...