Banking

The United Kingdom’s Competition and Markets Authority (CMA) announced on Friday that it has reached a settlement with four banks over competition law violations in the gilt market. Gilts are a crucial type of UK government bond that help finance public spending. Investors lend money to the UK government in exchange for stable interest payments. Following an investigation, the CMA determined that

Swiss banking giant UBS has reported a fourth-quarter net profit of $770 million, significantly exceeding analyst forecasts of $483 million. This strong financial performance was driven by a 7% increase in total revenue, reaching $11.6 billion. Investment Bank underlying revenues were up 37% YoY with strong growth in Global Banking and Global Markets leading to market share gains in areas of strategic

HSBC, Europe’s largest bank, has announced a major restructuring of its investment banking operations as part of CEO Georges Elhedery’s broader strategy to streamline and refocus the organization. The London-based bank will wind down its mergers and acquisitions (M&A), advisory and equity capital market (ECM) services in the UK, Europe, and the U.S., while retaining more focused capabilities in Asia and the

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

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

Waves of bad news keep hitting the banking sector. Following the failure of Silicon Valley Bank in the US and the forced takeover of Credit Suisse, shares in Deutsche Bank fell sharply Friday (March 24) after a jump in default insurance costs. Deutsche Bank shares, which have lost more than a fifth of their value so far this month, closed down 8.5% on Frankfurt’s