Banking

  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 ...

  Bloomberg HDFC Bank Ltd.’s quarterly profit rises 20%, almost in line with analyst estimates as higher interest income boosted India’s biggest lender by market valuation, setting the tone for the nation’s bank earnings. Net income for the quarter ended September stood at 106.1 billion rupees ($1.3 billion), compared to 88.3 billion rupees a year ago, according to an exchange ...

  Bloomberg Asian governments spent about $50 billion in foreign-exchange reserves last month — the highest level since March 2020 — to defend their currencies from a relentless advance in the US dollar. Exante Data Inc., a firm that specialises in tracking global capital flows, estimates emerging Asian nations excluding China spent nearly $30 billion with dollar sales in the ...

  Bloomberg The yen fell to its lowest level in more than 30 years in the aftermath the hotter-than-expected US inflation report, before reversing the move in a whiplash trade that raised market chatter of potential intervention. The Japanese currency falls to 147.67 per dollar, the weakest since August 1990, before bouncing back in choppy trading. It fluctuated around the ...

  Bloomberg Apple Inc. and Goldman Sachs Group Inc. will team up to offer savings accounts to users of the tech company’s credit card. “Apple Card users will be able to open the new high-yield savings account and have their daily cash automatically deposited into it — with no fees, no minimum deposits and no minimum balance requirements,” Apple said. ...

  Bloomberg A UK lender is offering to pay bondholders higher interest to swap debt rather than risk tapping sterling’s chaotic market for fresh cash. With no sign of volatility easing yet, Shawbrook Group wants to keep investors happy by moving them to new notes that offer an 8.099 percentage-point premium over UK gilts, an extra 100 basis points versus ...

  Bloomberg Pakistan’s foreign exchange reserves dropped to the lowest level in three years as assistance from multilateral lenders and friendly countries is yet to flow. The stockpile fell by $303 million to $7.59 billion, according to central bank data. The reading is the lowest since July 2019 and covers less than six weeks of imports. “This decrease was entirely ...