Banking

BNP Paribas outpaces its European peers

  Bloomberg With some of Europe’s largest banks still struggling to boost profitability and raise dividends, BNP Paribas SA is doing both. That helps explain why investors have driven the shares to the highest in almost a decade. The Paris-based lender will probably report on Tuesday that fourth-quarter net income more than doubled to 1.63 billion euros ($1.75 billion), according ...

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Lloyds bonuses to beat RBS’s for first time since bailouts

  Bloomberg Lloyds Banking Group Plc is poised to pay more in bonuses than Royal Bank of Scotland Group Plc for the first time since the financial crisis, underscoring the contrasting performances of two of Britain’s bailed out banks. Lloyds has earmarked about 390 million pounds ($486.8 million) for its employee bonus pot, overtaking RBS, which is considering a pool ...

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Mashreq Bank enhances ‘Card Control’ with new safety features

  Dubai / Emirates Business Mashreq, the market leader in innovation, recently added two new advanced safety features to its Card Control service, integrated to its award-winning mobile banking app – Mashreq Snapp. Both the features are launched for the first time in the UAE. The two new features ‘Block by Country’ and ‘Block by Merchant Category’ are aimed at ...

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Deutsche Bank says ‘sorry’ for misconduct, loss

  AP Deutsche Bank, Germany’s largest lender, has apologized in full-page German newspaper ads for misconduct that has cost the company billions. The ad, signed by CEO John Cryan on behalf of the bank’s top management, ran in the Frankfurter Allgemeine Zeitung and the Munich-based Sueddeutsche Zeitung. The bank said its past conduct “not only cost us money, but also ...

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Policy tightening not imminent, says BoE

  Bloomberg The pound snapped a two-day rally and gilts rose after the Bank of England (BoE) signaled that a policy tightening wasn’t imminent. Sterling rose initially after the central bank said that some within its committee had become more concerned about accelerating inflation and that they were “closer to those limits” of tolerance. It reversed gains after a fuller ...

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In JPMorgan’s ‘War Room,’ pvt banking meets cross-selling

  Bloomberg Salespeople of all stripes know the drill. Go to the morning pump-up sessions. Hit the revenue targets. Move product or move along. The playbook for selling everything from phones to time shares also crops up in a rarefied environment — the Manhattan offices of JPMorgan Chase & Co.’s elite wealth-management unit. There, private bankers working with JPMorgan’s richest ...

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UniCredit sets discount for $14bn rights offer at 38%

  Bloomberg UniCredit SpA will sell new shares for more than a third less than their current price in a 13 billion-euro ($14 billion) rights offer aimed at strengthening its capital position. The bank will sell stock at 8.09 euros a share and offer 13 new shares for every five held, the Milan-based lender said in a statement. The offer ...

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European Banks’ million-euro earners jumped 33% in 2015

  Bloomberg The number of bankers and financiers pulling down 1 million euros ($1.1 million) or more soared 33 percent to 5,142 across the European Union in 2015, the bloc’s banking regulator said. Bankers based in the UK accounted for 80 percent of the highest earners largely driven by appreciation of the pound against the euro, the European Banking Authority ...

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Ex-Morgan Stanley adviser held in $5 million fraud case

  NEW YORK / AP A former Morgan Stanley financial adviser was arrested in Nevada on charges in New York that he stole at least $5 million from several members of a wealthy family to live lavishly, including using private jets, authorities said. Barry Connell, 50, of Chester, New Jersey, was arrested in Henderson, Nevada, on fraud and identity theft ...

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BofA says European credit is ‘mispricing’ inflation

  Bloomberg Buckle up, bond investors. Global reflation and fading central-bank stimulus herald a new dawn for the European corporate debt market that will buoy high-yield paper at the expense of high-grade, according to analysts at Bank of America (BofA), citing an upcoming portfolio shift among investors. “In 2016 we saw the lowest in yields and spreads,” strategists at the ...

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