Bloomberg China’s biggest banks fell after posting profit gains of below 3% in the first quarter with policy makers leaning on the lenders to contain debt growth as the economy powers out of the pandemic. Industrial & Commercial Bank of China Ltd., (ICBC) the world’s biggest bank by assets reported a 1.46% gain in profit in period. Its smaller rivals ...

Bloomberg UBS Group AG will relocate its Tokyo-based rates trading business to Sydney by the end of this year as the Swiss bank reorganises its Asia-Pacific operations. The firm has initiated the process to relinquish its Japan Government Bond primary dealership, though the change won’t impact UBS’s other fixed-income trading businesses conducted with Japanese clients, it said in a statement. ...

Bloomberg Deutsche Bank AG raised its outlook after traders outperformed most Wall Street peers and it dodged losses from the collapse of Archegos Capital Management, handing Chief Executive Officer Christian Sewing the strongest quarter in seven years. Income from buying and selling debt securities rises 34% in the first three months of the year, Germany’s largest bank said in a ...

Bloomberg Booming stock markets and retail-investor fueled volatility have delivered the best quarter in years for many European banks’ equity trading desks, mirroring gains at their US counterparts. Barclays Plc said the first quarter was the “best ever” for its equities unit, which reported a 65% year-on-year jump in revenue to more than $900 million, while BNP Paribas SA posted ...

Bloomberg In his last words as Credit Suisse Group AG Chairman, Urs Rohner apologised. Eight weeks after the Swiss bank entered one of the most turbulent periods in its history, its outgoing chairman offered a mea culpa for the financial hits from the collapse of Archegos Capital Management and Greensill Capital. “The inexcusable losses that we have had to inform ...

Bloomberg HSBC Holdings Plc’s global banking unit will raise fixed pay for junior investment bankers in key hubs and hire more of them to share the workload, becoming the latest global firm to take steps to address burnout among staff. The lender will also shorten a four year associate program for certain groups in hub locations, including Hong Kong, London ...

Bloomberg Google’s results, showing a surge in ad sales related to travel and retail, offered a glimpse of online spending in a post-pandemic world: Businesses are boosting digital marketing to capture a public eager to resume something resembling normal life again. Google parent Alphabet Inc. said first-quarter revenue, excluding payments to distribution partners, came in at $45.6 billion, pummeling Wall ...

Bloomberg Microsoft Corp reported quarterly sales and profit that topped analysts’ estimates for a ninth straight quarter, lifted by booming cloud-computing demand. This time, investors weren’t satisfied. Sales in the period ended March 31 rise to $41.7 billion, the Redmond, Washington-based software maker said in a statement. That compared with the $41.1 billion average estimate of analysts polled by Bloomberg. ...

Bloomberg Twitter Inc tumbled 13% after the social media company posted a sluggish start to the year in its advertising business and gave a disappointing revenue forecast, a sign the social media service hasn’t fully capitalized on the digital advertising boom amid the pandemic like companies such as Facebook Inc. and Google. Sales were slow during the first months of ...

Bloomberg Toyota Motor Corp.’s global sales in March rise to a record, as the automaker’s ability to keep churning out vehicles amid a global shortage of chips puts the company in prime position to capitalise on a resurgence in demand for cars. Toyota’s global sales in March rise 44% to 982,912 units, a record for a single month, the company ...