Banking

  Bloomberg Lloyds Banking Group Plc Chief Executive Officer Antonio Horta-Osorio has reshuffled senior jobs at the bank to create a new role to advise on cost control ahead of a strategic update this year, according to people with knowledge of the matter. Jennifer Tippin, the London-based bank’s former customer services director, will lead group organizational design and cost management ...

  Bloomberg It would seem that Mervyn King isn’t a fan of what central bankers have been doing since he departed their ranks. In a discussion of the economics profession and central banking, the former Bank of England governor expressed concerns ranging from the ‘narrow’ focus of macroeconomics, a lack of humility among forecasters and the risks of straying into ...

  Emirates Business Al Hilal Bank was recently awarded the prestigious Service Olympian Award for Most Improved Branches category during an event held by Ethos Integrated Solutions at the Emirates Towers Hotel, Dubai. Mohammed Al Dosari, Head of Distribution in Retail Banking Group at Al Hilal Bank, received the award which marks another milestone in the Bank’s journey of success.

  Bloomberg China’s central bank said it provided a “temporary liquidity facility” to some major commercial banks for 28 days to help ease a cash crunch before the Lunar New Year holiday. The operation provides more effective liquidity transmission before the week-long break, the People’s Bank of China said in a statement. The PBOC said the new lending facility will ...

  Bloomberg Lloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Frankfurt as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter. The UK bank will choose to convert its German branch into a subsidiary and plans to apply for an extension to its ...

  Bloomberg Some of India’s biggest lenders are asking the central bank to ease debt-management rules as they try to restructure about Rs87,000 crore ($13 billion) owed by Essar Steel Ltd. and Bhushan Steel Ltd., according to people with knowledge of the matter. Lenders including State Bank of India (SBI) and ICICI Bank Ltd. are aiming to restructure the debt ...

  Bloomberg HSBC Holdings Plc is sharpening divisions within its investment-banking bonus pool this year, giving more lucrative awards to top performers while slashing compensation for those ranked at the bottom, people familiar with the moves said. The bank is also cutting 100 senior staff at the managing director and director level across both the banking and trading units, reductions ...

  Reuters JPMorgan Chase & Co agreed to pay $55 million to settle a US Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said. The US Justice Department complaint, filed in Manhattan federal court, accused the bank of willfully violating the ...

  Bloomberg Credit Suisse Group AG and the Justice Department completed a $5.3 billion agreement to settle a US investigation into the bank’s sales of toxic mortgage debt before the financial crisis. Credit Suisse will pay a $2.5 billion civil penalty and $2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said ...

  Bloomberg Citigroup Inc. reported fourth-quarter profit that surpassed analysts’ estimates as trading revenue jumped 31 percent, more than the bank had forecast last month. Net income rose 7.1 percent to $3.57 billion, or $1.14 a share, from $3.34 billion, or $1.02, a year earlier, the New York-based company said Wednesday in a statement. The average estimate of 25 analysts ...