Banking

HSBC Holdings new chief executive Georges Elhedery is reportedly planning to restructure Europe’ largest lender in an effort to save $300 million, the Financial Times reported on Thursday, citing informed sources. According to one source, the restructuring is set to “affect senior people and some of the larger roles” as that it “where the costs are.” The measures could include merging HSBC’s

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. jumped by 14.2% in the week ending September 13. MBA’s Weekly Applications Survey offers a comprehensive analysis of mortgage application activity. Since the survey’s inception in 1990, its indexes have been a leading indicator of housing and mortgage finance activity. The average contract interest rate for

The European Central Bank (ECB) and the national central banks (NCBs) of European Union member states using the euro face “prolonged losses” brought on by higher borrowing costs, Fitch Ratings said in a new report on Monday (Sept. 9). The credit rating agency estimated that the aggregate losses of the Eurosystem will amount to over EUR160 billion (averaging 0.2% of GDP per

Shares in Raiffeisen Bank International (AT:RBI), listed on the Wiener Börse AG, closed down 7.12% on Friday (Sept. 6) following Russia’s court ruling to block the sale of the Austrian financier’s Russian subsidiary. RBI, the largest western bank still operating in Russia, shared the day before that a Russian court had issued a preliminary injunction imposing an immediate transfer ban on its

Both deposits and loans in the Cypriot banking system experienced a decrease last month, according to the August 2023 edition of ‘Monetary and Financial Statistics,’ published this week by the Central Bank of Cyprus (CBC). Total deposits in July 2023 witnessed a net decrease of €301.1 million, compared with a net increase of €399.2 million in June 2023. This shift was primarily

UK bank Standard Chartered chief executive Bill Winters said on Monday (April 25) that the banking sector may face new problems even as the immediate risks from last month’s market turmoil have faded. “I think we can put the crisis behind us. I don’t think we can put the issue behind us,” he told CNBC’s Joumanna Bercetche. Winters also said other issues

Swiss lawmakers rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s merger with UBS. The government invoked Swiss emergency law to sign it off to the ire of the almost 250 lawmakers left without a say. A shotgun marriage that saw banking giant Credit Suisse taken over by Zurich-based rival UBS for 3 billion Swiss francs