Banking

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 ...

Bloomberg Brazil’s Central Bank President Roberto Campos Neto said there is “no mechanical relationship” between congressional approval of a key pension reform bill and a cut in interest rates, in an interview with the newspaper O Estado de Sao Paulo. The comments appear to partially walk back the messaging in the central bank’s latest minutes, which suggested that the reform ...

Bloomberg India’s beleaguered state-run lender Punjab National Bank (PNB) disclosed another incident of fraud amounting to $555 million, roughly one year after it suffered through the country’s costliest banking scandal. The new case relates to the non-performing assets of insolvent Indian firm Bhushan Power & Steel Ltd, PNB said in a filing. It reported the fraud to the Reserve Bank ...

Bloomberg The US said banks in the Democratic Republic of Congo must increase their efforts to combat money laundering and financing of terrorism. US authorities recommended the lenders “put in place rigorous control and monitoring of the accounts of politically exposed people,” according to a statement issued by the Association of Congolese Banks . The association met officials from the ...

Bloomberg Trade tensions and uncertainty surrounding Brexit are raising economic risks for the euro region that may require central bank action, according to Societe Generale SA Chairman Lorenzo Bini Smaghi. “At some point the slowdown may reach bottom, and we want to have the monetary instruments in place to avoid that this becomes a recession,” he said in a Bloomberg ...