BlackRock and Mustier’s blank cheque firm eye Credit Suisse fund management arm April 9, 2021 BlackRock and Jean-Pierre Mustier’s blank-check firm are among investors expressing interest in Credit Suisse’s asset management arm, three sources told Reuters, as the Swiss lender explores options for the unit after a run of costly scandals. U.S. investment firm State Street Corp is also eyeing a rival bid for all or part of the Swiss [...]
EU banks take on Visa and Mastercard with ‘truly European’ payments system July 2, 2020 Some 16 banks from across the EU have said that they expect to have a “truly European” payments system up and running in 2022, to help digitise a region in which half of all retail payments are made in cash. European Union policymakers and central bankers have long sought to develop a home grown rival [...]
Unicredit poised to strike with rival Commerzbank bid if Deutsche Bank talks break down April 4, 2019 Italian lender Unicredit could be poised to strike with a rival bid for Commerzbank should merger talks with Deutsche Bank break down. Italy’s second-biggest bank is preparing a multi-billion-euro offer as Germany’s two biggest lenders continue talks, the Financial Times reported. Read more: Deutsche Bank denies reports it could raise €10bn for Commerzbank merger Deutsche [...]
ECB may expand bond buying in future but no need yet, says board member June 10, 2020 The European Central Bank (ECB) may expand its crisis-fighting toolkit in the future but is not planning to do so imminently, a board member said, playing down the possibility of the central bank buying bonds issued by banks or by junk-rated companies. The ECB last week boosted its Pandemic Emergency Purchase Programme to €1.35 trillion [...]
Rothschild warns of financial hit from coronavirus and halts dividend March 31, 2020 Historic bank Rothschild & Co has said it won’t propose a dividend at its 2019 annual general meeting, and warned that the coronavirus pandemic will hit its results as the virus batters businesses and markets across the world. Rothschild said it would pay out the planned €0.85 per share for 2019 “when appropriate”, but became [...]
Credit Suisse cuts profit targets and pivots away from coal December 11, 2019 Credit Suisse faces missed targets and losses next year, after the bank cut its profitability target for 2020. The Swiss bank expects return on tangible equity – a profitability metric – to be over eight per cent, a drop from previous expectations of 10-11 per cent. Read more: Credit Suisse profit doubles amid rise in [...]
HSBC interim chief executive’s pay set to rise to £1.3m March 11, 2020 HSBC has revealed chief executive Noel Quinn will receive a 2.5 per cent pay rise, bringing his total salary to £1.3m, while finance boss Ewen Stevenson’s salary will rise to £741k. Last month, the bank unveiled a radical strategy overhaul alongside its annual results. Under the plans, HSBC will cut 35,000 jobs over the next [...]
Italy and Spain ban short selling after record stock sell-off March 13, 2020 Italian and Spanish securities regulators have today implemented a ban on the short selling of more than 100 stocks following record losses yesterday. As a result, the Financial Conduct Authority (FCA) has had to temporarily place a ban on short selling of those stocks on the FTSE. In Spain, the ban affects 69 stocks, including [...]
ECB financial supervisor calls on banks to cut bonuses due to coronavirus March 31, 2020 Banks should exercise “extreme moderation” on bonus payments this year, according to Europe’s top financial supervisor, who also threatened to intervene if lenders fail to show restraint. Andrea Enria, chair of the European Central Bank supervisory board, said he hoped banks would limit payouts and avoid the need for the ECB to take action, but [...]
UBS sticks with planned dividend despite global calls for payout freeze March 30, 2020 UBS intends to pay its 2019 dividend as planned, the Swiss banking giant said today, despite guidance from Swiss authorities and international banking groups to limit payouts due to the catastrophic economic impact of coronavirus. The bank’s proposed dividend of $0.73 (59p) in cash per share is an increase of almost six per cent on [...]