Banking

Bloomberg Royal Bank of Scotland Group Plc(RBS) slid as the state-controlled lender indicated it’s unlikely to reach key profitability targets next year given the political and economic tension around Brexit. Outgoing Chief Executive Officer Ross McEwan blamed an “uncertain and competitive environment” as the bank reported second-quarter net interest income that missed analysts’ estimates. The bank said it’s very unlikely ...

Bloomberg Bank of England (BOE) Governor Mark Carney dodged the question of whether he’d be interested in becoming the next head of the International Monetary Fund (IMF). “I wouldn’t mind doing something after I leave” the BOE at the end of January, “but I don’t know what I’m going to do next,” Carney said in an interview with BBC Radio ...

Bloomberg Ireland’s central bank commission discussed how to contain any potential fallout from the controversy which engulfed its incoming governor, a person familiar with the matter said. In June, Gabriel Makhlouf, New Zealand’s top Treasury official at the time, escaped dismissal with a rebuke from authorities for failing to take responsibility for a security breach around sensitive budget information. He ...

Bloomberg The Federal Reserve’s decision to stop shrinking its balance sheet means the era of quantitative tightening by major central banks is over less than a year after it started. Net bond purchases by the Fed, European Central Bank and Bank of Japan are now turning positive, according to an analysis of their balance sheets by Bloomberg Economics. That’s just ...

Bloomberg US-China trade tensions didn’t stop Standard Chartered Plc from delivering results that beat expectations. Adjusted pretax profit was $2.61 billion in the first half, the bank reported, higher than the company-compiled $2.50 billion estimate. Standard Chartered said it remains confident of a full-year return on tangible equity greater than 10 percent in 2021. “Trade protectionism is bad for the ...

Bloomberg Mark Carney won’t be able to play the saviour if the UK leaves the European Union with no deal at the end of October. The Bank of England (BOE) governor said that the institution can’t necessarily deliver a growth-boosting package in the event of Brexit without a transition. In a week when the pound capped its worst monthly performance ...

Bloomberg Banca Monte deiPaschi di Siena SpA had another tough quarter for earnings, showing how far the state-rescued Italian lender has to go before it can re-emerge as a private company. Second-quarter net income fell 35 percent to 65.3 million euros ($72 million) from a year earlier hurt by lower income from lending and fees, the Siena-based bank said. Monte ...

Bloomberg The building blocks for a sustained rally in emerging-market bonds are in place as their central banks embark on a rate-cutting cycle, according to Goldman Sachs Asset Management. Last month’s easing by South Korea, Indonesia and South Africa is a foretaste of things to come as policy makers step up efforts to bolster growth, said Angus Bell, a senior ...

Bloomberg Credit Agricole SA followed competitor SocieteGenerale SA in strengthening its capital buffers, even though slower investment banking activity weighed on second-quarter earnings. Profit at the large clients business that houses the securities unit fell 20 percent after the bank saw a continued drop in margins in a sluggish market. A decline in overall net income was in line with ...

Bloomberg Traders at Credit Suisse Group AG and BNP Paribas SA broke some of the gloom in European banking, beating most of their Wall Street peers in the second quarter of 2019. The results represent a rare bright spot for institutions contending with a deteriorating economy and huge job cuts, including the 18,000 positions that Deutsche Bank AG expe-cts to ...