Banking

Bloomberg Canadian households are wallowing in debt. Home prices are falling. Credit growth, the key driver for bank earnings, is hovering close to its slowest pace since 1983. All of which should be bad news for the country’s lenders — and good news for investors betting against them. “Should” being the operative word. Even with danger signs piling up, the ...

Bloomberg Senate Banking Chairman Mike Crapo said that he thinks the Federal Reserve should cut interest rates to boost growth, aligning him with President Donald Trump and his latest choices for the Fed board, Stephen Moore and Herman Cain. “I personally think that we’re at a point where they could be reduced a little bit now,” the Idaho Republican said. ...

Bloomberg UBS Group AG investors should reject the firm’s compensation report, shareholder adviser Glass Lewis said, citing high fines in a legal dispute and the generally lackluster performance of the bank’s shares. UBS had proposed a pay package that included 14.1 million francs ($14 million) in compensation for Chief Executive Officer Sergio Ermotti for last year. While that’s down slightly ...

Bloomberg Deutsche Bank AG came last in a ranking of European and US investment banks compiled by JPMorgan Chase & Co. because of ongoing concerns about trading revenue. Analysts led by Kian Abouhossein cut their forecasts for Deutsche Bank “mainly on lower trading revenue” as European lenders are set to report a weaker first quarter than their US counterparts, the ...

Bloomberg Shorting Canadian banks has long made for a poor bet by US hedge funds, and this time will be no different, according to Bank of Nova Scotia Chief Executive Officer Brian Porter. “US hedge funds, from time to time, have appeared in this country over the last 10 years with the same hypothesis of shorting Canadian banks, and it ...

Bloomberg Singapore meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct. Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, the Monetary Authority of Singapore said in a statement on Wednesday. Former UOB employee Nguyen Duy Minh ...

Bloomberg Several of the best-known bankers in India’s financial capital, Mumbai, are striking out on their own after one of the most turbulent periods in decades for the country’s credit markets. The moves highlight how mounting strains in the country’s markets are reshaping traditional career paths. Banks have been in cost cutting mode as they grapple with one of the ...

Bloomberg The Federal Reserve is proposing a new approach for overseeing foreign banks such as Deutsche Bank AG, Barclays Plc and Credit Suisse Group AG that’s expected to require some of them to hold bigger stockpiles of easy-to-sell assets to guard against losses. Fed board members voted 4-1 to seek comment on its plan for a new system that closely ...

Bloomberg President Donald Trump fired a fresh broadside at the Federal Reserve for raising interest rates last year, saying the economy is in good shape “despite the unnecessary and destructive actions” taken by the central bank. In a tweet, Trump added that trade agreements with China, Canada and Mexico are “moving along nicely, there is little or no Inflation, and ...

Bloomberg Societe Generale SA said it plans to cut about 1,600 jobs after a slump in trading revenue pushed Chief Executive Officer Frederic Oudea to intensify efforts to boost profit at the investment-banking unit. The reductions include close to 1,200 positions at the global banking and investor solutions division, which houses its trading activities, a trade union representing SocGen’s French ...