Banking

Bloomberg Banca Monte dei Paschi di Siena SpA rode lower costs and an asset sale to a second straight quarter of profit, even though a sharp drop in the value of Italian state debt hit revenue and eroded capital. Second-quarter net income totalled $117 million, the Siena, Italy based bank said in a statement, confirming progress toward a turnaround after ...

Bloomberg Bond-market strategists interested in Bank of America Corp.’s latest opening probably shouldn’t apply if they can’t speak French or don’t want to live in Paris. “Although not certain as yet, the role is very likely to be based in Paris as part of the firm’s Brexit transition,” the US lender said in a job advert for a credit strategist ...

Bloomberg The day after Haruhiko Kuroda pledged to allow greater swings in Japan’s giant bond market while pushing back against rapid increases, traders are putting him to the test. Moves in 10-year government debt futures were so extreme — a drop of as much as 0.5 percent, the most in almost two years — that they triggered an emergency margin ...

Bloomberg China’s central bank has started actively encouraging banks to extend more credit by taking a softer stance on loan quotas, people familiar with the matter said, as authorities ratchet up efforts to bolster a cooling economy. The People’s Bank of China (PBOC) has delivered the message via so-called window guidance, said the people, who asked not to be named ...

Bloomberg India’s central bank raised its benchmark interest rate to the highest in two years as it stepped up efforts to curb inflation and stem capital outflows. Five of the six members of the monetary policy committee voted to raise the repurchase rate by 25 basis points to 6.5 percent, with Ravindra Dholakia the only one opposing it, the Reserve ...

Bloomberg UBS Group AG doesn’t have to hand over client details to French tax authorities after a Swiss court handed the country’s largest bank a clear victory in a long-running saga over banking secrecy. The Swiss Federal Administrative Court said that French officials didn’t provide evidence that “the taxpayers involved have failed to comply with their tax obligations.” “Simply having ...

Bloomberg BNP Paribas SA’s resilience in equities helped offset declines at a key debt-trading business that under-performed Wall Street rivals. The Paris-based bank benefited from “good volumes” in derivatives and providing brokerage services to hedge funds, driving equities revenue to a three-year high. That contrasted with the FICC unit buying and selling bonds, currencies and commodities — its biggest trading ...

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 ...