Banking

  Bloomberg Wells Fargo & Co. posted higher-than-expected fourth-quarter expenses, even after the firm warned of a hefty loss tied to a regulatory sanction last month. The firm spent $16.2 billion in the last three months of 2022, according to a statement, exceeding analyst estimates. That included $3.3 billion in operating losses after Wells Fargo said last month it would ...

  Bloomberg Credit Suisse is planning to cut more than 10% of its European investment bankers this year, adding to hundreds of job losses in London and Zurich, the Financial Times newspaper reported. The bank has been reducing headcount across its divisions after announcing plans to reduce 9,000 roles globally by 2025 last year. The further cuts come after the ...

  Bloomberg Bangladesh’s central bank raised the benchmark rate by 25 basis points to contain inflation that’s hovering near the highest level in a decade. The benchmark repurchase rate was increased to 6% from 5.75% effective from Monday, Bangladesh Bank said in a statement on Sunday. The reverse repo rate will climb to 4.25%, it said. The central bank said ...

Bloomberg Bank of America Corp (BofA) reported an increase in net interest income as the lender benefits from rate hikes, and its traders beat analysts’ estimates, reaping the benefits of dramatic market swings spurred by the higher rates, soaring inflation, recession fears and global political turmoil. Net interest income, the revenue collected from loan payments minus what depositors are paid, ...

  Bloomberg Asia’s major banks are seeing a widening gap between ESG leaders and laggards, as regulators in the region ramp up scrutiny of sustainable finance, according to WWF-Singapore. While leading banks in Singapore and Malaysia made headway on implementing their environmental and social risk policies in 2022, over half of the 46 regional lenders surveyed made “little to no ...

  Bloomberg JPMorgan Securities LLC asked a court to order one of its former employees to stop poaching its customers for his new employer, Morgan Stanley Smith Barney LLC. Joseph A Michael, who quit in December after more than 18 years at JPMorgan, has already persuaded about 32 JPMorgan households, with assets totalling about $28 million, to start transferring their ...

  Bloomberg Peru extended its biggest-ever phase of monetary tightening in a bid to curb a spike in inflation that is now being aggravated by anti-government protests and road blockades. The central bank raised its benchmark rate by 0.25 percentage points to 7.75%, the highest level in more than two decades. The decision was in line with expectations, and was ...

  Bloomberg Wells Fargo & Co., announcing a “new strategic direction” for a mortgage empire that was once the largest in US banking, said it will stop funding home loans arranged by outsiders and shrink the portfolio of debts that it services. The retreat from so-called correspondent lending and reduction in servicing caps years of efforts to clean up a ...

  Bloomberg US mortgage rates retreated for the first time in three weeks, helping provide a modest lift to refinancing activity. The contract rate on a 30-year fixed mortgage decreased 16 basis points to 6.42% in the week ended January 6, according to Mortgage Bankers Association (MBA) data. That helped boost applications for refinancing, which rose 5.1% in the week. ...

  Bloomberg Three months after Goldman Sachs Group Inc carved out a new division to house what’s left of its once-ambitious foray on Main Street, it’s giving shareholders a clearer look at those financials. The collection of businesses — including Goldman’s Apple Card — now packaged into the segment dubbed Platform Solutions racked up more than $1.2 billion in pretax ...