Banking

Bloomberg Swedish lender SEB AB plans to hire 10 advisers to kick start a new push into all things energy. The bank is building a new unit within investment banking to focus on energy, an area that for SEB involves the shift away from fossil fuels to renewables, sustainable infrastructure projects, electrification and building sustainable societies, Chief Executive Officer Johan ...

Bloomberg Analysts at Citigroup Inc and Berenberg poured cold water on Edward Bramson’s plans to obtain a seat on Barclays Plc’s board and shift its strategy away from the investment bank. “We believe Mr Bramson will ultimately prove unsuccessful in his objective to obtain a board seat,” said ana- lysts at Citigroup including Andrew Coombs. He “would need a shareholder ...

Bloomberg A bank merger in Thailand may finally give Bank of Nova Scotia a path to retreat from the Southeast Asian nation after three years of trying. Thai lenders Thanachart Bank Pcl and TMB Bank Pcl are in talks to merge in a deal supported by Thailand’s government. Such a transaction could give Canada’s Scotiabank — which owns 49 percent ...

Bloomberg Pay for female staff at HSBC Holdings Plc’s UK business fell further behind male colleagues’ in the last year, according to new figures from the London-based bank. Women at HSBC earned 61 percent less on average compared with male employees at the lender, a wider gap than the 59 percent difference the firm reported a year ago, already the ...

Bloomberg For the Federal Reserve, 2019 has started out looking a lot like 2016: the last time uncertainty over global growth roiled financial markets for months on end. Fed Chairman Jerome Powell pointed to the 2016 episode to underscore the US central bank’s ability to be flexible when necessary, recalling the Fed held interest rates steady almost all year. But ...

Bloomberg Jim Yong Kim abruptly resigned as president of the World Bank more than three years ahead of schedule, potentially sparking an international tussle over who replaces him as the Trump administration questions the development lender’s purpose. Kristalina Georgieva, the bank’s second in command, will take over as interim president on February 1, the Washington-based bank said in a statement. ...

Bloomberg Bandhan Bank Ltd, India’s newest lender, will combine with mortgage financier Gruh Finance Ltd in a $11.7 billion deal, bringing the bank closer to meeting shareholding rules and helping it accelerate expansion. Investors in Gruh Finance, controlled by Housing Development Finance Corp, India’s biggest mortgage lender, will get 568 shares of Bandhan Bank for every 1,000 they own, according ...

Bloomberg Bank stock downgrades keep piling up as analysts caution about interest rates and credit with fourth-quarter earnings due to kick off next week. Raymond James downgraded 13 banks and lowered earnings estimates for most banks across its coverage. Analysts David Long and Michael Rose expect “abundant” downward revisions to net interest margin “with rates no longer providing such a ...

Bloomberg Nigeria is preparing rules that will allow wireless carriers to transfer cash, softening a previous policy that protected the turf of banks in Africa’s most populous country. The central bank may have realised it can’t rely on lenders alone to achieve its objective of extending services to the 50 million adults still without a bank account in the nation ...

Bloomberg Morgan Stanley just beat JPMorgan Chase & Co and Goldman Sachs Group Inc for a second straight year in one of Wall Street’s most competitive businesses — and it’s poised to win again in 2019. Its secret: Quirky dealmakers wielding a spigot of private money. The bank is the world’s top stock underwriter, a title that in recent years ...