Banking

BLOOMBERG Citigroup Inc will make sweeping changes to its checking-account offerings as the banking giant makes a deeper push into wealth management. The company is ditching standard account packages and will instead adopt “relationship tiers” that are based on customer’s deposit and investment accounts, according to a statement. As customers plow more money into their Citigroup accounts, they’ll automatically be ...

BLOOMBERG Royal Bank of Canada (RBC) said it plans to cut as much as 2% of its full-time equivalent (FTE) staff in the coming quarter after a surge in expenses weighed on third-quarter results. Non-interest expenses climbed 23% to C$7.86 billion ($5.8 billion) for the fiscal third quarter, compared with the C$7.31 billion average of analyst estimates compiled by Bloomberg. ...

BLOOMBERG UBS Group AG is poised to decide in favour of fully integrating Credit Suisse’s domestic bank, ending months of speculation about the future of the business. The Zurich-based lender has set a target of winding down the Credit Suisse brand in the country, people familiar with the matter said. Executives are preparing for an announcement as soon as the ...

BLOOMBERG India’s inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official. “I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV Somanathan said in an interview in New Delhi. “Every instrument in the toolkit is being ...

BLOOMBERG Adani Group said cash and profit generated from its sprawling infrastructure business can cover all the debt maturing each year in the coming decade, as billionaire Gautam Adani tries to restore investor confidence days before India’s markets regulator is due to submit findings from a probe into the group’s alleged wrongdoings. In a credit report, the power-to-port conglomerate said ...

BLOOMBERG Five months after being pulled into the rescue of Credit Suisse, UBS Group AG’s decision to break free of a government backstop is set to accelerate the historic takeover of its smaller rival. Switzerland’s biggest bank said it will voluntarily end a safety net negotiated as part of its purchase of Credit Suisse, including a 9 billion-franc ($10.3 billion) ...

BLOOMBERG The Reserve Bank of India (RBI) asked lenders to set aside more cash, stepping up measures to drain liquidity in the financial system. Bank stocks fell. The central bank ordered lenders to set aside 10% of their incremental deposits garnered between May 19 and July 28, governor Shaktikanta Das said. The move will remove a little over one trillion ...

BLOOMBERG ABN Amro Bank slumped in Amsterdam after the bank’s delay of buyback plans outweighed the better-than-expected profit in the second quarter. Net income of €870 million ($955 million) in the three months through June compared with expectations for profit of €576.3 million, while net interest income was broadly in line with expectations. The Dutch bank, which last announced a ...

  BLOOMBERG China raised its gold reserves for a ninth straight month in July as central bank purchases continue to underpin prices of the precious metal. Bullion held by the People’s Bank of China (PBOC) rose by 740,000 troy ounces, the central bank said. That’s equivalent to about 23 tons. Total stockpiles now sit at 2,137 tons, with around 188 ...

BLOOMBERG Chalk it up to the heat, to late-summer doldrums, or to the phases of the moon, but the usually volatile Bitcoin hasn’t been acting in its typical sporadic ways of late. The largest digital currency has gone eight trading sessions without a 1% move, the longest such stretch since the start of January, according to data compiled by Bloomberg. ...