Bloomberg If you think things will keep getting better for China’s biggest banks, look no further than China Construction Bank Corp. Goldman Sachs Group Inc and Morgan Stanley are among at least 16 brokerages that have raised their target prices for China’s second-largest bank this year. Institutional investors including BlackRock Inc and Invesco Ltd have recently increased their CCB holdings, ...
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Fed resists upgrading long-run growth outlook after tax cuts
Bloomberg Federal Reserve officials are showing surprise at just how much the recently-enacted tax cuts are boosting the US economy. But they’re still not impressed enough to lift estimates for long-term growth, a stance that puts them at odds with the White House. Minutes from the January 30-31 meeting of the Federal Open Market Committee showed “a number†of policy ...
Read More »Buyer of Deutsche Bank Mexico unit considering renegotiation of price
Bloomberg InvestaBank, the Mexican lender that agreed in 2016 to buy Deutsche Bank AG’s Mexico units, is considering steps to renegotiate the $175 million purchase, according to people with direct knowledge of the matter. The Mexico-based firm may seek to lower the price after regulatory changes wiped out most of the revenue the German lender generated through its monopoly on ...
Read More »World’s big banks sued over Doral Bank collapse
Bloomberg The US agency responsible for insuring bank deposits sued more than a dozen of the world’s biggest lenders, accusing them of contributing to the collapse of Puerto Rico’s Doral Bank by manipulating the benchmark Libor interest rate. The collapse of San Juan-based Doral was the biggest US bank failure of 2015. The Federal Deposit Insurance Corp., its receiver in ...
Read More »RBS reports 37% pay gap
Bloomberg Royal Bank of Scotland Group Plc pays its female staff on average 37 percent less than men at the bank, joining Lloyds Banking Group Plc and Standard Life Aberdeen Plc in revealing an acute gender imbalance between employees under new disclosure requirements. Women at RBS receive average bonuses that are 64 percent lower than male employees, the bank said ...
Read More »Barclays sees uptick gathering pace as dividend is restored
Bloomberg While Barclays Plc’s torrid 2017 ended on a mixed note, Jes Staley sees better things to come. Income from dealing stocks, bonds and currencies fell 18 percent, according to the bank’s fourth-quarter earnings report. That beat both the 26 percent decline estimated by UBS Group AG and the average 25 percent drop in markets revenue posted by Wall Street ...
Read More »Europe to wind down Latvian bank hit by US over sanctions
Bloomberg European authorities moved to liquidate Latvia’s ABLV Bank AS after clients pulled assets from the lender following US accusations that it laundered money. The European Central Bank, which had already placed a freeze on payments by the lender, said that ABLV was failing or likely to fail, handing it over to Europe’s Single Resolution Board. That authority said a ...
Read More »Citi to refund $335mn after APRs found too high
Bloomberg Citigroup Inc., one of the world’s largest credit-card issuers, said it will refund $335 million to US customers whose annual percentage rate should have been lower. The lender determined that a method it was using to calculate APRs didn’t properly reflect the full benefit customers should have received for good behaviour, such as paying on time, the New York-based ...
Read More »JPMorgan: Pay gap for women only 1 percent
Bloomberg JPMorgan Chase & Co. said that its female employees earn 99 percent of what male employees make globally, making it the fifth large US bank to disclose an adjusted gender pay gap of around one percent. People of color employed by the bank earned more than 99 percent of what white workers made, according to an internal note sent ...
Read More »Housing slowdown no dampener for RBC
Bloomberg Royal Bank of Canada, the nation’s largest mortgage lender, isn’t hurting from a slowing housing market — yet. The Toronto-based bank reported 6.4 percent growth in Canadian residential mortgages in the fiscal first quarter, with average balances climbing to C$238.5 billion ($187.6 billion). That’s down from the 6.6 percent growth rate in the fourth quarter, though it’s still the ...
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