Banking

Bloomberg UBS Group AG rebounded from one of the worst environments in recent history, but CEO Sergio Ermotti is still facing no shortage of challenges. Pressure on investment banking revenue, the prospect of fresh rate cuts and the struggle to meet profit targets are all weighing on the bank after it posted the best quarterly net income in almost a decade. ...

Bloomberg China’s central bank governor said the country’s current interest rates are at an appropriate level and the bank will make decisions on interest rates based domestic considerations. China didn’t follow the Federal Reserve in raising interest rates last year, and it’ll continue to “look at its own real situation” when making rate decisions now that the Fed is likely ...

Bloomberg Banco Santander SA is prepared to fight Andrea Orcel in court over its decision to drop an offer to hire the former UBS Group AG investment chief as its chief executive officer. Santander is convinced it made the right decision and is ready to defend its U-turn on Orcel in a dispute over deferred bonuses at UBS, Secretary General ...

Bloomberg Lloyds Banking Group Plc and Standard Life Aberdeen Plc are set to settle a dispute over the bank’s decision to pull its 109 billion-pound ($136 billion) contract from the asset manager. Lloyds would pay Standard Life 140 million pounds in cash as compensation and leave 30 billion pounds of the total under their management for three years, according to ...

Bloomberg One of the most senior bankers in India has an antidote for the nation’s yearlong credit crisis that is showing no signs of abating: seek monies from overseas investors. JPMorgan Chase &Co’s chairman for south and south-east Asia, Kalpana Morparia, is advising policy makers to tweak bankruptcy rules to let foreign portfolio managers throw a lifeline to the troubled ...

Bloomberg The new chief executive officer of Danske Bank A/S says he wants anyone with good ideas about how to run his firm to contact him. About 1 1/2 years after Danske was slammed by its financial regulator for having a culture that discouraged staff from speaking up, the bank is embracing transparency. Chris Vogelzang, a former ABN Amro banker ...

Bloomberg India is attempting to prevent any repeat of last year’s shadow banking crisis after detecting “signs of fragility” in some of the 50 housing finance and other non-bank lenders it is monitoring, according to central bank Governor Shaktikanta Das. The Reserve Bank of India is working closely with the country’s lenders to prevent the collapse of another large systemically ...

Bloomberg Two months after China shocked investors with the first government seizure of a bank in two decades, market confidence in the nation’s smaller lenders has yet to fully recover. That may be just what the country needs. When it took control of Baoshang Bank Co and imposed losses on some creditors, China’s government upended the long-held assumption that it ...

Bloomberg Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, people familiar with the matter said. JPMorgan Chase & Co, Citigroup Inc and Standard Bank Group Ltd are among the firms working on an initial public offering, which may value the financial technology company at $1.3 billion ...

Bloomberg Gerard Lyons has become front runner to replace Mark Carney as Bank of England Governor, according to an online oddsmaker. The economist — a former adviser to prime ministerial candidate Boris Johnson and a prominent advocate of Brexit — is reported to have interviewed for the role and published an opinion column for the Financial Times. Betway said it ...