Banking

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing gave himself one year to turn around the lender. Six months into his tenure, urgent questions about the future are becoming louder as the stock slumps to record lows. After disappointing investors by posting the lowest third-quarter revenue in eight years and abandoning some targets, the stock rout worsened, producing Deutsche ...

Bloomberg Seven years “is more than enough time at any company that has to put up with me.” That’s George Culmer’s assessment as he steps down as chief financial officer of Britain’s largest mortgage lender. His comments may come as surprise to Lloyds Banking Group Plc chief Antonio Horta-Osorio, who has been at the bank just as long. “I am ...

Bloomberg DNB ASA dropped after third-quarter profit disappointed with income from its investment banking and trading declining. Norway’s biggest bank’s third-quarter net income failed to rise from a year earlier, ending at 5.44 billion kroner ($652 million) and missing a 5.67 billion-krone analyst estimate compiled by the bank. “There will be fluctuations from quarter to quarter, but regarding the investment ...

Bloomberg The Italian government would step in to help in the event of a crisis in the banking sector, Finance Minister Giovanni Tria said, echoing comments made by one of the country’s two coalition leaders earlier in the week. In the event of a crisis, the government “must in one way or another intervene; saying how isn’t possible, if a ...

Bloomberg Danske Bank A/S’s laundering scandal and a massive dividend-tax fraud now look set to influence elections due to be held in Denmark next year. The country’s politicians are promising major changes to how the financial industry will be policed. The goal is to appease voters stunned by the sheer scale of allegations against their country’s biggest bank, and by ...

Bloomberg Mario Draghi defended the independence of central banks hours after Italian populists blamed him for adding to market tensions that threaten the health of the nation’s banks. “Credibility hinges on independence,” the European Central Bank president said in a speech in Brussels. “The central bank should not be subject to fiscal or political dominance and should be free to ...

Bloomberg India’s central bank wants more independence to regulate state-run banks as it seeks to clean up the country’s banking system, which has one of the highest stressed loan ratios among major economies. In a speech in Mumbai, Viral Acharya, deputy governor in charge of monetary policy, said the central bank has limited powers to discipline errant government-owned banks as ...

Bloomberg Russia’s central bank kept borrowing costs unchanged, pausing despite persistent inflation risks after a surprise hike last month. The key interest rate will stay at 7.5 percent, according to a statement. The decision was forecast by 39 of 41 economists surveyed by Bloomberg, with the rest predicting an increase to 7.75 percent. “Holding the rate unchanged is a good ...

Bloomberg Royal Bank of Scotland Group Plc set aside 100 million pounds ($128 million) to reflect greater uncertainty aro-und Brexit, the first British bank to do so this quarter, as Chief Executive Ross McEwan said big companies are pausing investment as the talks drag on. While McEwan said his meeting with Prime Minister Theresa May alongside other CEOs last week ...

Bloomberg After multiple turnaround plans and promises to restore growth, Deutsche Bank AG investors are no longer buying the talk. The German lender — already the worst-performing major bank stock in Europe this year — hovered near a record low on Wednesday after Chief Executive Officer Christian Sewing conceded that cuts to the investment bank are having a deeper impact ...