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 ...
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Westpac profit falls on bad debts, record laundering fine
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 ...
Read More »Pound slips to weakest level in a month
Bloomberg The pound declined to the weakest level in a month on concern a lockdown across England would deal a painful blow to an economy already reeling from similar measures earlier this year. Sterling fell as much as 0.7% to $1.2855, the lowest since October 7, after Prime Minister Boris Johnson announced the month-long restrictions amid concern that the coronavirus ...
Read More »Colombia central bank holds rates as it looks for new chief
Bloomberg Colombia became the latest emerging market to end a series of interest rate cuts, joining peers from Brazil to South Africa as it recovers from the pandemic. After the decision, the central bank said that Governor Juan Jose Echavarria will retire early next year. The bank left its key rate unchanged at a record low of 1.75%, in line ...
Read More »ICICI Bank profit rises on interest income amid virus
Bloomberg ICICI Bank Ltd. posted a record quarterly profit as it set aside a lower amount of funds for potential bad loans even as the coronavirus pandemic constrains growth in financial sector. Net income at India’s second-largest private lender rose to 42.51 billion rupees ($570 million) in quarter ended Sept. 30 from 6.55 billion rupees a year earlier. That was ...
Read More »Fed not expected to ramp up bond buying this year or next
Bloomberg The Federal Reserve won’t increase the pace of its asset purchases this year or next, and wouldn’t meaningfully boost the US economy even if it did so, according to most economists surveyed by Bloomberg. Many Fed watchers are eager for more guidance on the future of the central bank’s balance-sheet policy, but aren’t expecting any new clues when the ...
Read More »Deutsche Bank boosts securities unit outlook
Bloomberg Deutsche Bank AG signalled the trading boom that helped it beat Wall Street rivals will continue through the end of the year, boosting investment banking revenue and compensating for headwinds at its lending businesses. Income from trading fixed-income securities and currencies rises 47%, beating all but one of the large investment banks so far and snapping a long streak ...
Read More »BOE to combat new lockdown pain with fresh stimulus aid
Bloomberg The Bank of England (BOE) looks certain to unleash another burst of monetary stimulus this week as new coronavirus lockdowns shock the economy and put yet more pressure on government finances. Any doubt that Governor Andrew Bailey and his colleagues might delay boosting their bond-buying program when they meet this week was effectively erased with Prime Minister Boris Johnson’s ...
Read More »Goldman asks most London staff to work from home
Bloomberg Goldman Sachs Group Inc. has informed staff that only ‘in-office essential’ employees can work from its London office after Boris Johnson announced a new nationwide lockdown to arrest an accelerating second wave of the virus. Goldman has told the vast majority of its more than 5,000 London employees to work from home from November 5, with only essential workers ...
Read More »Santander rebounds from big loss with profit, capital lift in Q3
Bloomberg Banco Santander SA rebounded from its worst-ever quarter with a profit that beat estimates and improved capital as it seeks to convince regulators that its balance sheet is strong enough to resume dividend payments. Net income totalled 1.75 billion euros ($2.1 billion) in the third quarter, beating estimates of about 1 billion euros, the bank said on Tuesday. The ...
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