Banking

Bloomberg The ruble could plunge by as much as 15 percent and borrowing costs would spike to a three-year high if the US goes ahead with proposals to impose sanctions on Russian government bonds, according to a new model developed by Citigroup Inc. Moscow-based analysts at the bank said that such extreme moves would come from a “worst-case scenario” of ...

Bloomberg Lloyds Banking Group Plc is quickly gaining earnings momentum, but is still looking over its shoulder to clean up its troubled past. Britain’s largest mortgage lender posted a 23 percent jump in pretax profit for the second quarter, beating analyst estimates, and also upgraded its financial guidance for the full year. It’s also taking a 460 million-pound charge ($602 ...

Bloomberg Societe Generale SA said a former trader who insists he was made a scapegoat for the bank’s role in a rate-rigging scandal should face up to criminal charges in the UK before a Paris court rules on his bid for more than $9 million in compensation. The French lender disputed Stephane Esper’s lawsuit at a hearing, saying that employment ...

Bloomberg Standard Chartered Plc, one of the biggest financiers of global trade, isn’t losing sleep over an increasingly fractious relationship between the world’s two largest economies. Standard Chartered is well-positioned to deal with the fallout of a lasting dispute between the two nations, the bank said as it reported first-half profit that beat analysts’ estimates. Despite the escalation of US ...

Bloomberg Stuart Scott, the former head of currency trading at HSBC Holdings Plc, won a last-ditch battle to block his extradition to the US, where he would face wire-fraud charges. Scott was charged, along with his ex-boss Mark Johnson, by the US Justice Department in July 2016 with front-running a $3.5 billion currency order from Cairn Energy Plc in 2011 ...

Bloomberg Jielun Zhu, the former head of Asia healthcare investment banking at Jefferies Financial Group Inc., is joining I-Mab Biopharma Co. as chief financial officer, people familiar with the matter said. In his new Hong Kong-based role, Zhu will focus on helping I-Mab with a planned initial public offering in the city, according to the people. The Chinese biotech firm ...

Bloomberg Credit Suisse Group AG global markets unit failed to keep pace with trading gains at Wall Street rivals, prompting CEO Tidjane Thiam to defend the underperforming business. Net revenue at global markets fell 6 percent in the second quarter from a year earlier after declines in fixed income sales and trading and equities. Overall trading revenue at Zurich-based Credit ...

Bloomberg Mizuho Financial Group Inc.’s first-quarter profit rose, as gains from fee businesses and sales of its shareholdings helped the Japanese lender offset the effects of the central bank’s continuing monetary stimulus program. Net income climbed 36 percent to $1.4 billion in the three months ending June 30 from a year earlier, the Tokyo-based bank said in a statement. Shares ...

Bloomberg Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation. Nordea Bank AB, whose Chief Executive Officer Casper von Koskull says his industry might only have half its current human workforce a decade from now, is ...

Bloomberg Credit Suisse Group AG is moving 50 investment banking jobs to Madrid as part of its Brexit planning, according to two people familiar with the matter. The Swiss lender is relocating bankers at its Global Markets trading division and dealmakers from its advisory unit, the people said, asking not to be identified because the decision is private. The firm ...