Banking

Bloomberg Australia’s banking regulator has softened its capital buffer requirement on the nation’s largest banks after they argued that there wasn’t sufficient market capacity available to raise the necessary funds. The so-called Big Four banks will need to lift their total capital by three percentage points of risk-weighted assets by January 2024, less than an initial target of four to ...

Bloomberg Danske Bank A/S, contending with negative interest rates and a money-laundering scandal, cut its outlook for profit this year after trading income fell short of expectations and compliance costs mount. The Danish lender now expects profit of $1.9 billion to 15 billion kroner, down from a previous range of 14 billion to 16 billion kroner. The company said second-quarter ...

Bloomberg Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co to oversee investment banking in the automotive technology sector. Heyer’s coverage area will include autonomous vehicles, components and software, the bank said in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with ...

Bloomberg Deutsche Bank AG’s massive reorganisation will put thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily. The German lender’s sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bank’s workforce by about 18,000 employees globally. Workers from Sydney to London ...

Bloomberg Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a $3.1 billion second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability. Chief Executive Officer Christian Sewing will shelve the dividend this year and then take restructuring charges of 7.4 billion euros through 2022 to pay ...

Bloomberg One of Japan’s biggest regional banks is resuming an expansion overseas, 20 years after the country’s financial crisis forced it to retreat. Concordia Financial Group Ltd plans to expand in Asia to offer cash management services to its Japanese corporate clients and infrastructure loans to local entities, president Kenichi Kawamura said. It aims to hire specialists and double overseas ...

Bloomberg Back-to-back interest-rate cuts — and the possibility of more to come — have Credit Suisse AG feeling gloomy about Australia’s banking sector. With interest rates at a record low of 1 percent, banks are reaching the limit on how much they can reduce rates on deposits, which they rely on to fund their loan books. Australia & New Zealand ...

Bloomberg Central banks are going after gold in 2019, boosting holdings as economic growth slows, trade and geopolitical tensions rise, and some authorities seek to diversify their reserves away from the dollar. The People’s Bank of China said on Monday it raised reserves for a seventh month in June, adding 10.3 tons, following the inflow of almost 74 tons in ...

Bloomberg In the US, Wall Street’s biggest investment banks have been known to reject about 95 percent of job applicants. In China, it’s often the other way around. Although international securities firms are stepping up efforts to expand in Asia’s largest economy, experienced local recruits tend to prefer state-backed companies such as China International Capital Corp and Citic Securities Co. ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing promised a “tough” restructuring in May. What he’s likely to deliver involves culling almost a third of the top leadership and slashing the balance sheet. The supervisory board, expected to meet in Frankfurt to adopt the bank’s sweeping revamp, will probably replace three out of nine management board members and cut ...