Banking

  Bloomberg Investment bankers at Europe’s biggest securities firms are watching their bonuses melt. A rout in financial stocks this year has wiped more than $2.5 billion from the value of deferred shares that were paid as bonuses in the past few years at Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG and UBS Group AG, data compiled by ...

  Beijing / AFP Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa’s finance department said on Wednesday, in a coup for Beijing after Washington had tried to dissuade US allies from signing up. “Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the ...

  Bloomberg Australia’s government will probe bank lending to small businesses as Prime Minister Malcolm Turnbull tries to stave off opposition calls for a broader inquiry into the financial industry. The inquiry, to be conducted by the Small Business and Family Enterprise Ombudsman, comes on top of moves to summon chief executives of the nation’s big four banks to testify ...

  Bloomberg Mitsubishi UFJ Financial Group Inc.’s banking unit and its two biggest Japanese peers plan to sign a non-binding agreement with Saudi Arabian Oil Co. in Tokyo this week to expand lending to the state-run firm as it considers an initial public offering, reports said. Bank of Tokyo-Mitsubishi UFJ Ltd. President Takashi Oyamada and Sumitomo Mitsui Financial Group Inc. ...

  Bloomberg National Bank of Canada (NBC) became the sixth Canadian lender to beat analysts’ estimates, posting a 5.5 percent jump in profit on record earnings in personal and commercial banking and gains in wealth management. Net income for the fiscal third quarter ended July 31 rose to C$478mn ($365mn), or C$1.31 a share, from C$453mn, or C$1.28, a year earlier, ...

  Bloomberg Bank of Nova Scotia eliminated 827 jobs since the end of April, mostly in its Canadian business, as the lender reorganized to adapt to consumers embracing digital technology. The company had 88,783 workers in the fiscal third quarter, which ended July 31, down from 89,610 in the second quarter, when the bank took a C$278 million ($213 million) ...

  AFP The first female head at one of India’s biggest banks says a ruling forcing firms to appoint women directors to boards has eased chronically lopsided gender ratios — but warns too many firms are still failing to embrace diversity. State Bank of India (SBI) chairwoman Arundhati Bhattacharya said that the regulator’s moves to get rid of the “old boys’ ...

  Bloomberg Societe Generale SA, France’s second-largest bank, shut its energy and commodities research unit in Paris this week, according to people with knowledge of the matter. Thierry Bros, who covered European gas and LNG, and Paolo Coghe a European power, coal and emissions analyst, were among the people who are leaving, said the people who asked not to be ...

  Bloomberg Banco Santander SA, Spain’s biggest bank, hired Morgan Stanley as an adviser to help it buy Citigroup Inc.’s retail assets in Brazil for $350 million to $450 million, according to three people with knowledge of the matter. Santander, whose Brazil unit generates about 19 percent of the Madrid-based company’s revenue, also is working with Credit Suisse Group AG, ...

  Bloomberg Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, reported the first decline in its bad-loan ratio since 2012 in the second quarter, while eking out 1 percent profit growth. ICBC’s non-performing loans fell 4 percent to 196.3 billion yuan ($29.4 billion) at the end of June from three months earlier, according an earnings ...