Banking

  Bloomberg National Bank of Canada seeks to generate at least 10 percent of profit from its international business by 2020, while looking to expand its stakes in Africa and Asia lenders into controlling positions, Chief Executive Officer Louis Vachon said. “We are looking to complement our Canadian growth — not substitute, but complement our Canadian growth — with a ...

  Bloomberg Banco Bilbao Vizcaya Argentaria SA is reducing its corporate and investment banking staff in the U.S. by about 10 percent as Spain’s second-biggest bank streamlines its business to focus on core clients. About 35 employees will leave the bank’s CIB business at BBVA’s offices in New York, Houston and Dallas, a spokesperson for the Bilbao, Spain-based bank said ...

  AFP US and European stock markets retreated, as banking shares led by Deutsche Bank slumped on news US authorities were hunting down Germany’s biggest lender over a record fine. Frankfurt’s DAX 30 was the hardest hit, closing down 1.5 percent, while the Paris CAC 40 shed nearly 1.0 percent from Thursday. London’s benchmark FTSE 100 index lost 0.3 percent, ...

  Bloomberg Investors in Europe’s biggest banks, frustrated with the problems of today, just got a reminder that the lenders still have to pay for the sins of the past. Shares in Credit Suisse Group AG, Royal Bank of Scotland Group Plc, Barclays Plc and UBS Group AG fell after Deutsche Bank AG disclosed that the US Department of Justice ...

  Bloomberg Wells Fargo & Co. was sued by customers in what may be the first of many lawsuits to come after disclosures that employees created unauthorized accounts to boost the bank’s fees. Three Utah customers sued the bank in federal court, blaming the scandal on the lender’s push to increase the number of accounts held by clients to an ...

  AP The Bank of England kept its main interest rate unchanged at a record low of 0.25 percent on Thursday after a run of better-than-anticipated news in the wake of the country’s decision in June to leave the European Union. The unanimous decision was widely anticipated after last month’s series of post-Brexit measures by the bank’s policymaking body that ...

  Bloomberg A decision to cap Kenyan interest rates may favor the biggest banks as small lenders will struggle to raise cheap deposits to fund lending, according to Equity Group Holdings Ltd. Chief Executive Officer James Mwangi. At least 30 of Kenya’s 42 lenders may have difficulty paying the minimum for deposits as demanded by a new law on interest ...

  Bloomberg HSBC Holdings Plc offered 181.8 billion yen ($1.8 billion) in Japanese currency bonds on Thursday in the biggest single sale by an issuer in the Samurai market since 2009, according to data compiled by Bloomberg. The London-based bank’s sale included 64.4 billion yen in 10-year notes priced at 1.207 percent, according to a statement from SMBC Nikko Securities ...

  Bloomberg Some analysts expect the Bank of Japan to fire another blast of monetary stimulus at the end of its two-day policy meeting on September 21. Others see a central bank with little if any ammunition left — or one turned gun-shy. For some economists, the BOJ’s decision to undertake a comprehensive review of its easing program to be ...

  Bloomberg Wells Fargo & Co. has started doing damage control on Capitol Hill. Tim Sloan, the bank’s president and chief operating officer, has spent most of the week reaching out and meeting with members of Congress and their staffs in Washington, as the lender confronts blowback over allegations it opened more than 2 million accounts without customers’ approval, said ...