Bloomberg Deutsche Bank AG Chief Financial Officer James von Moltke softened the lender’s mid-term revenue target just two months after setting it. The company now expects revenue of 24 billion euros ($26.6 billion) to 25 billion euros in 2022, von Moltke said at the Barclays Global Financial Services Conference in New York. That compares with a goal of about 25 ...

Bloomberg Barclays Plc is putting aside an estimated 1.6 billion pounds ($2 billion) more after a rush in last-minute payment protection insurance claims, threatening t he lender’s promise to return more money to shareholders. The bank said a “significantly higher volume of PPI-related claims” ahead of the regulatory deadline led to the provision of between 1.2 billion pounds and 1.6 ...

Bloomberg Few geopolitical events have distracted global banks more than the endless twists and turns of Brexit. Now, Goldman Sachs Group Inc is hiring a former public servant steeped in the UK’s attempts to sever itself from the European Union. Olly Robbins, who was former Prime Minister Theresa May’s chief Brexit negotiator, plans to join the US bank as a ...

Bloomberg Facebook Inc told US senators that the initial basket of currencies that will back its Libra cryptocurrency will likely include the US dollar, euro, yen, British pound and Singapore dollar. The list responds to concerns from Virginia Democratic Senator Mark Warner that China may push the Libra Association to include the yuan in the so-called stable coin, which Facebook ...

Bloomberg Online banks have been more aggressive than their established rivals in attracting customers with high deposit rates. Now that rates are falling, they’re quicker to cut as well. Ally Financial Inc and American Express (AmEx) Co lead the pack in lowering rates across deposit products, Credit Suisse Group AG analysts led by Moshe Orenbuch said in a note. Ally ...

Bloomberg Citigroup Inc trading revenue is set to drop this quarter amid volatility that gripped markets for most of August, while a top Bank of America Corp executive said his traders are “doing OK” in the period. Investment-banking revenue at Citigroup is also likely to decline from a year earlier, Chief Financial Officer Mark Mason said at an investor conference. ...

Bloomberg China’s crackdown on Cathay Pacific Airways Ltd has raised questions about the government’s insider at the carrier: Air China Ltd. State-run Air China has quietly owned almost 30 percent of Cathay for more than a decade, giving the national flag carrier a ringside view of the Hong Kong airline’s worldwide operations. Restrictions imposed on Cathay by China’s aviation regulator ...

Bloomberg Kenya Airways Plc said it will cut flights in the next few weeks because cancellations, resulting from a shortage of pilots, cost the carrier an estimated $50 million annually. The airline has 435 pilots but requires 497, Director of Operations Paul Njoroge said in a letter to the Kenya Airline Pilots Association (Kalpa), a copy of which Bloomberg has ...

Bloomberg British Airways pilots forced the cancellation of almost all flights on the second day of a strike on Tuesday as their union called on management to make new pay proposals to resolve the dispute. The unit of IAG SA — which says the walkout is costing it about $49 million a day — scrubbed more than 1,600 departures and ...

Bloomberg Climate change may lead to large swings in the incomes of US retail workers, according to a new study published by the Federal Reserve. In the analysis published this month, Fed economist Brigitte Roth Tran suggested that income inequality could increase as retail employees whose pay or hours are tied to sales find their work affected by more volatile ...