Banking

  Bloomberg Bank of America Corp., which spends about $1 billion a year handling cash, will save money and require fewer employees as more customers make payments electronically, Chief Executive Officer Brian Moynihan said. “This is just the reality: the more electronification, the less people,” Moynihan, 56, said in an interview on Bloomberg Television. “It’s the way we’ve gone from ...

  Bloomberg Ratings for Nova Ljubljanska Banka d.d., Nova Kreditna Banka Maribor d.d. and Abanka d.d may be raised by Moody’s Investors Service as Slovenia’s economy gathers strength, improving lenders’ funding conditions following a reduction in wholesale borrowing. All long-term ratings and rating inputs of Nova Ljubljanska and Abanka d.d. were placed on review for upgrade while the long-term deposit ...

  Bloomberg Societe Generale SA, France’s second-largest bank, reported second-quarter profit that beat analyst estimates, capping a string of positive results for the country’s lenders. Net income rose 8 percent to 1.46 billion euros ($1.6 billion) from a year ago, the Paris-based bank said in a statement. That beat the 1.36 billion-euro average estimate of six analysts compiled by Bloomberg. ...

  Bloomberg Deutsche Bank AG Chief Executive Officer John Cryan signaled Germany’s largest lender may have to deepen cost cuts after second-quarter profit was almost wiped out by a slump in trading revenue and costs tied to job reductions. The shares declined. Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned lender, posted a larger loss than estimated in the ...

  AFP US bank JPMorgan Chase denied that it ever intended to buy troubled Italian rival BMPS, as people close to the alleged deal had reported. “This is not accurate and was never under consideration,” a JPMorgan spokesperson said. Sources who asked to remain anonymous had indicated that Jamie Dimon, chief executive of the largest US bank by assets, and ...

  Bloomberg A cut to lenders’ reserve requirements would add too much liquidity to the financial system and lead to yuan depreciation expectations, China’s central bank said late Friday. Frequent reductions will also spur declines in borrowing costs, the People’s Bank of China said, adding that the relatively strong signal from a lowering of reserve-requirement ratios could fuel speculative currency ...

  Bloomberg Standard Chartered Plc surged in London trading as first-half loan impairment charges fell by a third, signaling further progress in Chief Executive Officer Bill Winters’s plan to turn around the bank a year into his tenure. The shares were briefly halted after jumping as much as 11 percent, after provisions for bad loans declined to $1.1 billion in ...

  Bloomberg The Bank of England’s corporate-bond purchase program, announced on Thursday, has been met by skepticism from some credit market analysts, who say precedents across the Channel don’t bode well for the program’s ability to stimulate issuance. While credit market observers reckon the BOE’s corporate-bond program will engineer a modest reduction in borrowing costs across the sterling bond market ...

  Washington / Bloomberg Goldman Sachs Group Inc. agreed to pay $36.3 million over allegations that former employees obtained confidential documents from the Federal Reserve in a settlement that requires the bank to beef up its policies to prevent another lapse. The Fed is also pursuing a $337,500 fine and a permanent banking ban against a former Goldman Sachs managing ...

  Nairobi / Bloomberg KCB Group Ltd., Kenya’s biggest bank by assets, boosted first-half profit by 14 percent as earnings from lending increased and after setting aside less money for credit-related losses. Net income in the six months through June rose to 10.5 billion shillings ($103.6 million) compared with 9.2 billion shillings a year earlier, the Nairobi-based lender said in ...