Banking

Bloomberg Commerzbank AG’s decision to raise two financial targets fell flat with investors, after results in the third quarter were hit by charges at its Polish unit and the lender flagged cost headwinds. Revenue at the Frankfurt-based bank declined 5.9% in the three months through September, slightly worse than analysts had estimated, reflecting a hit of almost €750 million at ...

Serbia will probably hike borrowing costs as the fastest inflation in more than a decade overshadows the risks of a sharp downturn in economic growth. The National Bank of Serbia will lift its benchmark interest rate by 50 basis points to 4.5%, according to nine of 16 economists in a Bloomberg survey. Five expect a quarter-point increase and two see ...

Credit Agricole SA said its regional-bank shareholders would buy up to €1 billion ($1 billion) of the lender’s shares by the first half next year, in a move that takes advantage of depressed prices amid worries over the economic outlook. The Paris-based bank said the regional lenders, through the holding entity SAS Rue La Boetie, would increase their stake to ...

Credit Suisse Group AG promoted executives in its Asia-Pacific wealth management unit and removed a layer of hierarchy in a revamp after recent senior departures in the group. “We have flattened the organisational structure,” Benjamin Cavalli, the bank’s regional wealth head, said in a memo, while elevating market group heads who will report to him. Cavalli said he made the ...

Wells Fargo & Co. is under pressure from the Consumer Financial Protection Bureau to pay more than $1 billion to settle a series of investigations into mistreatment of customers, a deal that would shatter the agency’s previous record — also with Wells Fargo. The regulator’s demand in confidential talks, described by people with direct knowledge of the matter, reflects its ...

Barclays Plc will refund more than a 1,000 customers an average of £750 ($858) after it failed to send them reminder of its payment protection insurance (PPI) policies. The total payout of up to £1 million is made up of refunds and goodwill payments, according to a Competition & Markets Authority (CMA) statement on Wednesday. The CMA requires providers to ...

Most banks that have published net-zero emissions targets are failing to live up to those commitments, according to a fresh study by ShareAction. The majority of the 43 largest financiers of fossil fuels in the Net Zero Banking Alliance (NZBA) “have climate targets that fall short of what’s needed to prevent the worst impacts of climate crisis,’’ the nonprofit said. In ...

New Zealand central bank governor Adrian Orr has been reappointed for a second five-year term, giving him the opportunity to complete an aggressive tightening cycle as the bank seeks to regain control of inflation. Finance Minister Grant Robertson reappointed Orr after a “unanimous recommendation” from the Reserve Bank Board, Robertson said on Tuesday in Wellington. Orr’s second term begins on ...

Citigroup Inc is increasing holiday allowances for UK staff, the latest bid by a bank to improve its working culture. From January, new employees will get 27 days of annual leave, increasing to 28 after two years and 29 after five years, Kathryn Skelton, head of human resources in the UK, said in an internal memo seen by Bloomberg. Previously ...

Kotak Mahindra Bank Ltd.’s investing banking arm is planning to expand its operation by hiring about 20 bankers, betting on a rebound in deals activity next year. The addition would mean a 25% increase to its current 80-strong investment banking unit, according to S Ramesh, managing director and chief executive officer of Kotak Investment Banking. The firm is looking to ...