Banking

Bloomberg Bank of Montreal has made efforts over the years to expand in US banking. It’s a good thing it did. The Canadian lender’s US business was one of the few bright spots in its fiscal first quarter, deliv- ering higher earnings growth as divisions including capital markets and wealth management saw profits fall. Earnings from US personal and commercial ...

Bloomberg Japan’s financial supervisor is laying the groundwork for a regulatory overhaul that could lead to a shakeup in the nation’s $10 trillion banking industry. The Financial Services Agency is examining how to change the legal framework so that all providers of financial services are subject to the same rules — a move that would allow emerging companies such as ...

Bloomberg The Bank of Korea left its benchmark interest rate unchanged in Governor Lee Ju-yeol’s last policy meeting, as it weighs risks to its economic outlook against the cost of raising borrowing costs for the nation’s indebted households. The unanimous decision to keep the seven-day repurchase rate at 1.5 percent was forecast by all 17 analysts surveyed by Bloomberg. “With ...

Bloomberg Deutsche Bank AG is expanding in Saudi Arabia and the United Arab Emirates as the lender expects sovereign bond sales and initial public offerings to drive deals this year. The Frankfurt-based bank plans to hire in Dubai and Abu Dhabi to cover sovereigns and large corporates, Jamal Al Kishi, chief executive officer for the Middle East and Africa, said ...

Bloomberg Bank of America Corp. plans to open 500 branches across the US during the next four years, including an expansion of its retail business into Ohio. Consumer-banking services will be available in Cincinnati, Cleveland and Columbus, Ohio, the Charlotte, North Carolina-based firm said in a statement. The bank plans to hire more than 5,400 workers as part of the ...

Bloomberg The fallout from India’s biggest banking fraud is spreading to the market for trade financing, as foreign lenders become more reluctant to accept the guarantees from their local counterparts that underpin the loans. Citigroup Inc., Deutsche Bank AG, Standard Chartered Plc and HSBC Holdings Plc are among banks reducing exposure to these transactions, used by smaller companies to access ...

Bloomberg US claims that a Latvian bank laundered money and violated sanctions on North Korea led to the lender’s demise in little over a week, turning the spotlight on the European Central Bank’s role as chief supervisor for euro-zone lenders. The US Treasury proposed banning ABLV Bank from doing business in dollars, but the ECB doesn’t have the power to ...

Bloomberg Bank of England Deputy Governor Dave Ramsden looks to have changed his mind on interest rates. An opponent of a rate increase in November, Ramsden told the Sunday Times in an interview that an acceleration in wage growth suggests swifter rate rises are now required. Ramsden said he’ll closely monitor what happens in the early part of 2018 to ...

Bloomberg The clock is ticking for John Cryan to complete the next step in Deutsche Bank AG’s turnaround. The lender on Monday said it will sell shares in its DWS asset management business “in the earliest available window,” confirming a plan first outlined a year ago and kicking off what is usually a four-week run-up to the initial public offering. ...

Bloomberg President Joko Widodo’s choice of a career central banker to head Bank Indonesia signals monetary policy continuity as rising odds of faster US rate increases roil emerging-market currencies and bonds. Widodo, also known as Jokowi, has nominated Deputy Governor Perry Warjiyo as his sole candidate, Sofjan Wanandi, adviser to Vice President Jusuf Kalla, said by text message on Monday. ...