Banking

Bloomberg Societe Generale SA said two deputies to Chief Executive Officer Frederic Oudea are stepping down in a shakeup of top management, as the bank vowed to accelerate the transformation of its business after posting the biggest loss since the onset of the financial crisis. As part of the overhaul, Deputy CEO Severin Cabannes will leave his post at the ...

Bloomberg Australia’s central bank kept its interest rate and yield target unchanged, while announcing it will end a three-month hiatus in bond buying, as Victoria state’s tighter and longer lockdown adds to headwinds. Reserve Bank of Australia Governor Philip Lowe and his board left the cash rate and three-year bond yield target at 0.25% on Tuesday, as expected by most ...

Bloomberg HSBC Holdings Plc is speeding up the shakeup of its global business after warning that the economic fallout from the coronavirus pandemic may trigger loan losses of as much as $13 billion this year. The Asia-focused lender missed estimates after reporting first-half profit that halved to $5.6 billion because of higher credit provisions. The bank said it is looking ...

Bloomberg Bank of England (BOE) policy makers are set to keep delivering ultra-loose monetary policy even as they disagree over the pace of economic recovery from coronavirus-triggered recession. While officials led by Governor Andrew Bailey have different takes on how the economy is emerging from the pandemic shock, the next policy decision on Thursday is expected to leave interest rates ...

Bloomberg Goldman Sachs Group Inc. and Bank of America Corp. (BofA) were left off Ant Group’s upcoming stock sale in Hong Kong because of their past work with rivals of its affiliate Alibaba. Bankers have been told by senior executives at Alibaba Group Holding, which owns a third of Ant, that they should refrain from doing deals for its competitors if ...

Bloomberg Societe Generale SA swung to a surprise $1.5 billion loss because of charges at its trading unit, extending a losing streak that’s set to increase pressure on Chief Executive Officer Frederic Oudea. The French lender posted almost 1.33 billion euros in one-off costs following a review of the global markets and investor services business, including a 684 million-euro writedown. ...

Bloomberg Australia’s central bank staff will be working around the clock to factor in the latest data from Victoria state’s spiralling Covid crisis into economic projections ahead of Tuesday’s policy meeting and Friday’s forecasts publication. Reserve Bank Governor Philip Lowe is set to keep interest rates and the three-year yield target unchanged at 0.25%, most economists say, and reiterate a ...

Bloomberg Bandhan Bank Ltd.’s main shareholder sold $1.4 billion of its stake in India’s most profitable bank to meet the regulator’s ownership rules. Bandhan Financial Holdings Ltd. sold 337.4 million shares in the Indian lender at 313.1 rupees in a block trade on Monday, according to deal teams seen by Bloomberg News. The company’s shares plunged 11% to 307 rupees ...

Bloomberg Caught in the crossfire between Washington and Beijing, HSBC Holdings Plc is fighting forces that threaten to upend a business built on connecting China to the West. Chairman Mark Tucker is overseeing a sweeping review of HSBC’s US and European operations with an eye towards unloading businesses beyond repair, as doubts grow that 35,000 job cuts announced in February ...

Bloomberg An independent panel backed an African Development Bank (AfDB) probe that found no evidence of wrongdoing by its president, Akinwumi Adesina. The finding enables Adesina, 60, to seek re-election next month as head of the continent’s biggest multilateral lender for another five years. It’s also a rebuff to US Treasury Secretary Steven Mnuchin, whose rejection of the AfDB ethics ...