Banking

BLOOMBERG Metro Bank Plc plans to open 11 new branches in the north of England from next year in a bid to grow its customer base, while keeping the costs “significantly” lower than its previous outlets. The new branches, which Metro calls “stores,” will have less surplus floor space and more cost-effective fixtures and fittings but still retain the “distinctive ...

BLOOMBERG Royal Bank of Canada (RBC) reported a surge in its trading businesses that helped fiscal first-quarter earnings top analysts’ estimates. Revenue from RBC Capital Markets — the largest capital-markets division among Canada’s banks — rose 4.3% to C$3.12 billion ($2.3 billion) in the three months through January, Royal Bank said. That beat analysts’ C$2.35 billion average estimate. National Bank ...

BLOOMBERG Deutsche Bank AG’s rates traders received some of the biggest increases in bonuses as Germany’s largest bank unveiled compensation details. The business, which saw revenue jump five-fold last quarter amid rapid increases in central bank interest rates, saw the largest gain in variable compensation within the securities unit, according to people familiar with the matter. Currency traders and the ...

BLOOMBERG Credit Suisse Group AG is escalating efforts to win back clients with deposit rates that are significantly higher than rivals as a run of senior banker departures adds urgency to its campaign to recoup assets. After unprecedented outflows in the fourth quarter, the Zurich-based lender has raised three-month rates to as much as about 6.5% for new money of ...

BLOOMBERG Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help qualify for a $3 ...

BLOOMBERG Senior investment bankers at HSBC Holdings Plc in Hong Kong could lose their private offices as the firm moves towards open-plan desks for the financial hub, causing angst among some executives who’ve complained about potential confidentiality risks. The investment-banking division isn’t being singled out and the plan is in line with a broader move across the company, people familiar ...

BLOOMBERG Sajid Javid, the UK’s former Chancellor of the Exchequer, is set to join London-based Centricus Asset Management Ltd, people with knowledge of the matter said, joining a long list of politicians who’ve moved into financial services after leaving office. Javid plans to join the $40 billion investment firm as a senior adviser, according to the people, who asked not ...

BLOOMBERG Citigroup Inc’s clients are shifting supply chains away from China in a trend that is likely to last for years, according to David Livingstone, the lender’s chief executive officer for Europe, the Middle East and Africa. The Wall Street giant remains positive on China but a recalibration of global supply chains that’s been underway since the Covid pandemic has ...

BLOOMBERG The yen has room to weaken further as Japan’s deteriorating international trade position adds to pressure to maintain a softer currency, potentially hindering the Bank of Japan’s (BOJ) scope to battle inflation with tighter monetary policy. The Japanese currency has already slumped more than 7% since mid-January, reversing the bulk of the gains it made after the BOJ officials ...

BLOOMBERG  Banco Santander SA pledged to return a bigger share of earnings to investors as Chairman Ana Botin joins the race among European lenders to lure shareholders after years of subpar returns. Spain’s largest lender plans to pay out 50% of profit over the next three years, up from 40% previously, it said in a presentation. The Madrid-based bank also ...