Banking

  Bloomberg VTB Group, Russia’s second-biggest bank, boosted profit more than sixfold in the second quarter as the financial industry began to recover from a crisis. Net income increased to 16 billion rubles ($250 million) from 2.5 billion rubles a year earlier, the lender said in a statement on its website on Tuesday.Banking industry profits in Russia are heading back ...

  Bloomberg ABN Amro Group NV jumped the most in almost six months after second-quarter profit beat estimates and Chief Executive Officer Gerrit Zalm announced plans to cut costs by about 200 million euros ($225 million). Underlying net income climbed 10 percent to 662 million euros from a year earlier, the Amsterdam-based bank said in a statement on Wednesday. That ...

  BLoomberg Citigroup Inc. hired Gavin Michael from JPMorgan Chase & Co. to oversee technology for its consumer bank. Michael replaces Mark Torkos, who retired in July, New York-based Citigroup said Tuesday in an e-mailed statement. He starts Nov. 14 and will report to Stephen Bird, chief executive officer of the global consumer bank, according to the statement. Michael, who ...

  Bloomberg JPMorgan Chase & Co. hired Ryota Sakagami from SMBC Nikko Securities Inc. as its chief Japan equity strategist, filling a position left vacant since Jesper Koll left the U.S. bank last year. Sakagami joined JPMorgan in Tokyo on Wednesday, the brokerage said in an e-mailed statement to Bloomberg. He was ranked first among strategists in the country from ...

  Bloomberg David Findlay, chief executive officer of Nomura Holdings Inc.’s Americas business, received his full compensation for last year as investment bankers took deep cuts, causing frustration and anger across the struggling unit, people familiar with the matter said. Findlay, who has run the New York-based business since 2012, got a guaranteed $5 million package, while dealmakers and advisers ...

  AFP Customers at Deutsche Bank, Germany’s largest, will not be charged negative interest rates on their savings, a senior executive said on Wednesday. “That won’t happen with us,” private banking chief Christian Sewing told Bild daily. Banks across Europe are feeling the pinch of a -0.4 percent rate on their deposits with the European Central Bank (ECB). The ECB ...

  Bloomberg Mizuho Financial Group Inc. formed an alliance with Malayan Banking Bhd. on stock research and trading in Southeast Asia, as the Japanese lender complements an equities hiring push with partnerships. Maybank Kim Eng, the investment-banking arm of Malaysia’s largest bank, will provide Japanese institutional clients of Mizuho Securities Co. with research on companies in Southeast Asia as well ...

  Bloomberg Temasek Holdings Pte bought shares in ICICI Bank Ltd., India’s largest private-sector lender by assets, as the nation’s central bank pushes lenders to clean up bad debts that have weighed on earnings. The Singapore state-owned investor bought 2.55 million American depositary receipts of ICICI in the second quarter, worth $18 million at the end of June, according to ...

  STOCKHOLM / Bloomberg Svenska Handelsbanken AB removed its chief executive officer after less than 18 months and said the top role at the bank has become so complex that a traditional management profile was no longer adequate. Frank Vang-Jensen, a 48-year-old who was only appointed to the role of CEO in March last year, is being replaced by Anders ...

  Bloomberg China’s central bank urged investors not to focus too much on short-term concerns and said the diverging pace of credit expansion doesn’t mean monetary policy is losing steam. July credit growth slowing to a two-year low was a distortion and the reports for August and September will show it rebounding, the People’s Bank of China (PBC) said in ...