Banking

  Bloomberg Ireland will make it easier for would-be borrowers to qualify for mortgages next year as it relaxes its income-to-loan requirements in an effort to widen accessibility in the face of a shortage of supply and record prices. Prospective first-time homeowners will be able to borrow as much as four times their gross income, up from a limit of ...

  Bloomberg Deutsche Bank AG is set to post a capital gain of more than €300 million ($292 million) in the fourth quarter after completing the sale of its Italian financial promoters network to Zurich Insurance group AG. The German lender will book the gain as additional revenue in the final quarter of the year. Deutsche Bank said Monday that ...

  Bloomberg Mastercard Inc. debuted a service that will let consumers buy and sell digital assets through their bank accounts, potentially paving the way for thousands of finance firms to offer crypto trading for the first time. The product, called Crypto Source, will start in the US, Israel and Brazil early next year through a pilot program, Ajay Bhalla, Mastercard’s ...

  Bloomberg BNP Paribas SA has won approval to set up a wealth-management joint venture in China, adding competition to global rivals including BlackRock Inc. and Amundi SA vying for a slice of the $4 trillion market. China’s banking regulator has granted permission for the French lender’s asset-management arm to form the venture with the wealth unit of Agricultural Bank ...

Bloomberg Bank of America Corp (BofA) reported its highest quarterly net interest income (NII) in at least a decade as the lender reaps the benefits of the Federal Reserve’s interest-rate hikes, and debt traders beat analysts’ estimates. NII, a key source of revenue for the bank, rises 24% to $13.8 billion in the third quarter on higher rates and loan ...

  Bloomberg The Indian currency will withstand the recent strengthening of the dollar, Finance Minister Nirmala Sitharaman said, reiterating a central bank forecast that the South Asian economy will grow at 7% in the year to March, 2023. “The Indian rupee has performed much better than many other emerging market currencies,” Sitharaman said at a media briefing in Washington DC. ...

  Bloomberg Wells Fargo & Co. set aside an additional $2 billion to resolve a variety of legacy regulatory and legal woes as Chief Executive Officer Charlie Scharf continues wrestling with the costly fallout from scandals he was hired to resolve. The charge hampered a third quarter that was better than expected on some metrics. Net interest income, for example, ...

  Bloomberg JPMorgan Chase & Co. reported its highest quarterly net interest income ever and raised its guidance for the year as the biggest US bank reaps rewards from the Federal Reserve’s interest-rate hikes. The firm generated $17.6 billion in third-quarter NII, the money it earns on loans minus what it pays out for deposits. Expenses also came in lower ...

  Bloomberg Credit Suisse Group AG faces a capital shortfall of as much as 8 billion Swiss francs ($8 billion) in 2024, analysts at Goldman Sachs Group Inc. estimate, underscoring the challenges for the troubled lender as it nears what’s likely to be a deep restructuring. At the very least, the Zurich-based firm is facing a hole of 4 billion ...

Bloomberg While Citigroup Inc.’s Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation. The bank’s third-quarter profit beat analysts’ estimates even as revenue falls short in trading and deal-making, which had thrived during the pandemic. Salvation this time came from ...