Banking

Bloomberg At Citigroup Inc, bean counting and boring banking are in ascendance. Trading, not so much. The lender cut costs deeper than analysts expected while its consumer division posted its strongest second-quarter since 2013. Together, that outshined the firm’s Wall Street operations, where dealmakers eked out a surprise increase in revenue from underwriting debt while traders struggled. “We have good ...

Bloomberg The World Bank Group appointed Anshula Kant of the State Bank of India as chief financial officer, according to a statement in Washington. Kant is currently a managing director at SBI and previously served as its CFO, the World Bank said. It hasn’t yet announced when Kant will start the new job. Kant will report to World Bank President ...

Bloomberg It’s long seemed that nothing could unite President Donald Trump and Democrats on Capitol Hill. Then Facebook decided to create a cryptocurrency. Washington’s bipartisan distrust of the social-networking giant will be on display as it defends the digital-money proposal in two congressional hearings. In a sign that the testimony is likely to be an ordeal for Facebook, Trump took ...

Bloomberg A raft of global banks including HSBC Holdings Plc and Morgan Stanley were among those added to a UK task force that aims to set strategy for fighting financial crimes in the country, giving the industry more influence over its own regulation. While details were scant, the task force promised in a statement to improve the use of data ...

Bloomberg BNP Paribas SA will no longer finance private prison companies, joining a wave of banks pulling out of the business amid criticism of the conditions in US detention facilities. “This decision is the result of the bank’s internal and external consultative process that ensures that clients’ practices are aligned with the group’s policies,” BNP Paribas said in an emailed ...

Bloomberg Bank of Italy Governor Ignazio Visco has renewed his call for a review of European rules on banking crises that limit the ability to help ailing lenders. “A legislation initiative of the new European Commission to review the BRRD directive would represent the occasion to tweak current rules, in order to make the regulation framework more flexible and appropriate ...

Bloomberg Siam Commercial Bank Pcl expects digital lending to retail customers to climb almost eight-fold this year as Thailand’s biggest lender accelerates its online drive to win business. Credit card and personal loans via the bank’s mobile phone application will rise to at least 18 billion baht ($582 million) this year from about 2.3 billion baht in 2018, said Co-President ...

Bloomberg Axis Bank Ltd has picked banks including Citigroup Inc and JPMorgan Chase & Co to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter. The bank has also selected Credit Suisse Group AG, BNP Paribas SA, HSBC Holdings Plc, UBS Group AG and Axis Capital Ltd for the proposed offering, ...

Bloomberg Beleaguered Indian shadow lender Dewan Housing Finance Corp (DHFL) posted its first quarterly loss in more than a decade, missed interest payments and cast doubt on its ability to continue as a going concern. DHFL posted a loss of 22.23 billion rupees ($324 million) for the quarter ended in March compared with 1.34 billion rupees in net income a ...

Bloomberg More than 100 days into Wells Fargo & Co’s hunt for a chief executive officer, the field of potential candidates has winnowed  — but there’s little sign that an appointment is imminent. After twists and turns in the search, Bank of America Corp’s Cathy Bessant is among executives who remain in talks with Wells Fargo, while JPMorgan Chase & ...