May, 2018

• 23 May

  US House approves overhaul of bank rules

  

  Bloomberg The US House has approved a sweeping overhaul of bank regulations, sending to President Donald Trump a bill that will give him a chance to make good on his vow to “do a big number” on the Dodd-Frank Act. Lawmakers voted 258-to-159 to advance a measure that is the product of years of financial-industry lobbying to soften post-crisis rules ...

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• 23 May

  Barclays explores merger with StanChart

  

  Bloomberg Barclays Plc has been exploring a potential merger with rival banks including Standard Chartered Plc, as part of wide-ranging contingency plans being weighed by senior board members following pressure from an activist investor, the Financial Times reported. Chairman John McFarlane was at least theoretically keen on the idea of combining with Standard Chartered, and was supported by Deputy Chairman ...

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• 23 May

  Canada’s CIBC reins in mortgage growth

  

  Bloomberg Canadian Imperial Bank of Commerce is no longer an outlier on mortgages. CIBC has scaled back its rapid expansion of Canadian home loans, bringing it more in line with the industry and ending a two-year streak of outpacing the nation’s other big banks. Mortgage balances rose 6 percent to C$208.2 billion ($161.6 billion) in the fiscal second quarter from ...

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• 23 May

  Wells Fargo cuts 22 jobs in currency trading

  

  Bloomberg Wells Fargo & Co.’s foreign-exchange business cut 22 salespeople, according to a person briefed on the matter, the latest casualties of a slump in market activity. Affected employees worked in locations including St. Louis and Atlanta, where the bank is consolidating operations elsewhere, the person said. Some staff are being moved to other offices, while others leave the company, ...

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• 23 May

  Kenya’s top buyer of banks looking ahead to profits

  

  Bloomberg SBM Holdings Ltd., the Mauritius lender that bought two Kenyan banks within months of each other, expects the combined operations to make a profit within a year. The second-biggest lender in the Indian Ocean island-nation is expanding in East Africa’s largest economy to use it as a hub for the rest of the region as part of a broader ...

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• 23 May

  United Air board faces a long to-do list, from chairman to jets

  

  Bloomberg United Continental Holdings Inc. directors face a series of momentous decisions as the board gathers this week at the airline’s Chicago headquarters. The to-do list ranges from naming a new chairman to initiating a search for a new chief financial officer. There’s also the debate about long-range planes that will make up the company’s future fleet. The deliberations will ...

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• 23 May

  MH370 search in peril as Malaysia PM Mahathir cuts costs

  

  Bloomberg The search for Malaysia Airlines Flight 370 is in peril once again as new Prime Minister Mahathir Mohamad reins in government spending. After several extensions of what began as a three-month “no cure, no fee” contract signed by US exploration company Ocean Infinity in January, the government has given extra time until May 29 to wrap up the search ...

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• 23 May

  Target’s online push pays off even as profit misses forecasts

  

  Bloomberg Target Corp.’s online sales push paid off in the first quarter even as profit missed forecasts, and the retailer said performance will improve further in the current period. Digital revenue rose 28 percent in the period ended on May 5, the company said. That contributed to a 3 percent lift in same-store sales, beating analysts’ average prediction, according to ...

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• 23 May

  JC Penney seeks new chief as CEO exits

  

  Bloomberg Big Texas-based department-store chain seeks new leader: must be willing to tackle sluggish sales, failed fashion and $4 billion in long-term debt. JC Penney Co., once again, is searching for a new chief executive after Marvin Ellison was poached by home-improvement retailer Lowe’s Cos. on May 22, a surprise exit that sent JC Penney’s stock down to historic lows. ...

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• 23 May

  M&S faces up to past errors as food, clothing sales fall

  

  Bloomberg Marks & Spencer Group Plc owned up to its mistakes, saying it needs to close more stores and catch up to rivals in e-commerce as Chairman Archie Norman tries to pull the UK retailer out of a crisis that has dragged on for more than a decade. A decline in sales of food and clothing in the fourth quarter ...

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