Banking

  Bloomberg As the Bundesbank turns 60 this year, it might have a message for the teenage European Central Bank: we’ve been there before. While the two Frankfurt-based institutions haven’t always seen eye-to-eye, the ties between them run deep. The ECB was deliberately infused with the spirit, and some of the staff, of the German central bank when it was ...

  Bloomberg Wells Fargo & Co. is benefiting from higher interest rates and increased fee income from cards and deposit accounts as Chief Executive Officer Tim Sloan plans cost cuts and works to recover from a scandal in the retail banking unit. Fourth-quarter net interest income, a measure of earnings from customer deposits, climbed to $12.4 billion from $11.6 billion ...

  Reuters Bank of America Corp (BoA) reported a near-50-percent jump in fourth-quarter profit due to cost cuts and higher trading revenue, and its finance chief forecast sturdy income growth ahead thanks to rising interest rates. The Charlotte, N.C.-based lender’s earnings surged 47 percent in the quarter through Dec. 31 to $4.34 billion, or 40 cents a share, from $2.95 ...

  Bloomberg Against the most ‘Trumpian’ of odds, Goldman Sachs Group Inc. is defying bearish bets and predicting Mexico’s peso will make a comeback this year. The worst performer among the world’s 16 major currencies so far in 2017 will rally 13 percent to 19 per dollar over the next 12 months on the view that the protectionist impact of ...

  Bloomberg JPMorgan Chase & Co. said fourth-quarter profit rose 24 percent as the biggest U.S. bank set aside less money for bad loans and bond-trading revenue increased more than analysts estimated. Earnings benefited from better credit quality among U.S. consumers and corporations, allowing the bank to pull about $400 million from bad-loan reserves in the mortgage, energy and metals ...

  Bloomberg Turkey’s central bank is taking more steps to prop up a tumbling currency by forcing banks to borrow at a higher rate, said a person with direct knowledge of the matter. The lira surged against the dollar. The central bank didn’t offer any funding to local lenders at 8 percent through the one-week repo auction on Thursday, with ...

  Bloomberg National Bank of Oman (NBO), the sultanate’s third-largest lender by assets, posted on Thursday a 19.9 percent fall in fourth-quarter net profit, according to Reuters calculations. The lender made a profit of 13.68 million rials ($35.5 million) in the three months to Dec. 31, Reuters calculated based on previous financial statements in lieu of a quarterly breakdown. This ...

  Bloomberg Banca Monte dei Paschi di Siena SpA is set to become Italy’s biggest nationalized bank since the 1930s after its failure to raise funds on the market set a state rescue in motion. Talks are underway between the Italian Treasury and the lender on developing a new business plan. The European Central Bank directed Monte Paschi to raise ...

  Emirates Business VMware, Inc., a global leader in cloud infrastructure and business mobility, announced that Al-Mawarid Bank is deploying VMware NSX network virtualization to improve security and application continuity, accelerate product innovation through IT automation, and meet stringent regulatory compliance requirements. Al-Mawarid Bank is a fast-growing, Lebanese bank that invests in the latest technologies to stay ahead of the ...

  Bloomberg Azerbaijan will transfer as much as 7.5 billion manat ($4 billion) of assets from its sovereign wealth fund to the central bank this year, giving it ammunition to defend the manat in the latest effort to break the grip of a currency crisis. The regulator will use the money to ‘ensure macroeconomic stability’ in 2017, according to a ...