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☆ Comerica profit beats as interest income boost offsets deposits fall
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

April 20 (Reuters) - Comerica Inc (CMA.N) on Thursday beat Wall Street estimates for first-quarter profit, as the regional lender's interest income surged from the U.S. Federal Reserve's rate hikes and helped soften a blow from a fall in deposits. Net interest income (NII), which measures the difference between the interest earned on loans and given out on deposits, rose to $708 million for the three months ended March 31, from $456 million a year earlier. Deposits decreased by $3.7 billion since the beginning of the banking crisis on March 9, largely due to diversification by customers, Comerica said. Reuters GraphicsThe bank reported a profit of $2.39 per share, beating analysts' average estimate of $2.29, according to Refinitiv data. Net income attributable to common shareholders rose to $317 million from $182 million.

☆ UBS salvages most value from Credit Suisse wreck
▼ + stars: | 2023-03-19 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meanwhile the government will cover up to 9 billion Swiss francs of losses, such as markdowns on Credit Suisse assets, past a certain threshold. A UBS takeover is preferable to the Swiss government nationalising Credit Suisse or winding it down. Follow @liamwardproud on TwitterCONTEXT NEWSUBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19. Shareholders in Credit Suisse will get one new UBS share for every 22.48 shares they currently hold. Based on UBS’s closing price on March 17 the offer values Credit Suisse shares at 0.76 Swiss francs each, well below the last closing price of 1.86 Swiss francs.

☆ HSBC takes $300 mln hit on Russia business sale, says deal on track for 2023
▼ + stars: | 2023-02-21 | by ( Lawrence White | ) www.reuters.com time to read: +1 min

Europe's biggest bank has taken a $300 million loss on the expected sale of the business, HSBC said as it reported its annual results for 2022. HSBC said in July last year the deal was pending approval from Russia's government and regulators, shortly before Deputy Finance Minister Alexei Moiseev said Russia would block the sale of foreign banks' Russian businesses. Credit Suisse last July was banned from disposing of shares in its Russian unit by a Moscow court which also ordered the seizure of 10 million euros ($10.7 million) from the Swiss bank. HSBC's operations in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers. It employed around 200 people on the eve of Russia's invasion, HSBC Chief Financial Officer Ewen Stevenson said at the time.

Finance chiefs are coming into the year grappling with a variety of challenges, from rising interest rates and inflation to managing labor disruptions, pricing and inventory. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. “But…there’s more and more of a belief that any kind of downturn will be short and shallow, frankly. Some finance chiefs, meanwhile, are finding opportunities to expand in the volatile economy. You can’t take everything that your vendors are sending you.”Labor woes persistHiring, however, remains a challenge for finance chiefs.

☆ Bank of America announced a new class of managing directors — here are all 87 names in corporate and investment banking
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Bank of America has announced a new class of 360 managing directors. Insider has the list of the 87 new MDs for the firm's Global Corporate and Investment Bank. It's managing director promotion day at Bank of America. On Thursday, the class of 360 managing directors across the firm were announced internally, up 15% from the 314 promoted in 2022.Insider has the list of the 87 employees who were promoted in the firm's Global Corporate and Investment Bank — the division responsible for dealmaking. That's down 17% from 105 new MDs last year in the division, likely a reflection of a difficult year in investment banking across Wall Street that saw revenues drop in excess of 50%.

This is why we have seen less activity," said Dirk Albersmeier, co-head of global M&A at JPMorgan. In the fourth quarter, there has been a 56% contraction in global M&A to $641.2 billion, partly caused by a 66% drop in private equity activity. Top rainmakers expect a pickup in cross-border M&A activity. Going forward, private equity funds are expected to kickstart the recovery as they seek assets at a discount. We were probably more optimistic a year ago," said David DeNunzio, global head of M&A at Wells Fargo.

☆ ZKB not poaching Credit Suisse clients - CEO in paper
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Zuercher Kantonalbank (ZKB) bank is seen at its headquarters in Zurich, Switzerland September 24, 2020. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Zuercher Kantonalbank (ZKB.UL) is not trying to poach clients from embattled Credit Suisse (CSGN.S), the state-backed cantonal bank's chief executive said in a newspaper interview published on Saturday. Amid a social media storm that sparked unfounded speculation about its stability, Credit Suisse reported sharp outflows in October as wealthy clients moved assets elsewhere, although its chairman has said the situation has since stabilised. ZKB CEO Urs Baumann told the Neue Zuercher Zeitung his bank was not actively approaching Credit Suisse clients and said ZKB was not using its state backing as a marketing tool amid such market jitters. Asked would it mean for the Swiss banking sector and for ZKB if problems at Credit Suisse intensified, he said:"We want a strong CS.

FRANKFURT, Nov 25 (Reuters) - Germany's Deutsche Bank (DBKGn.DE) has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough. "There was evidence of non-German banks in this country taking lending off the table while German banks were going longer-credit during the pandemic, in 2020," he added, again without citing examples. Deutsche Bank has long highlighted a need for Europe to have strong banks to vie with U.S. and Chinese competitors, but the latest rhetoric signals a more aggressive tone. Campelli called for a "concerted approach" by politicians and regulators to support European banks. He said he wanted strong European banks in Germany and pushed back on being a mere U.S. bank.

☆ Deutsche Bank logs ninth straight quarter of profit with big earnings beat
▼ + stars: | 2022-10-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

In this article .BBKA Follow your favorite stocks CREATE FREE ACCOUNTwatch nowDeutsche Bank on Wednesday crushed market expectations for the third quarter, amid higher interest rates and turbulent market trading. The bank reported a net income of 1.115 billion euros ($1.11 billion) for the quarter. Here are other highlights for the quarter: Revenues rose 15% from a year ago, and hit 6.92 billion euros. As a result, additional contingent risk fell to 0.2 billion euros, from the 0.6 billion euros at the end of the second quarter. Higher interest rates for longer?

☆ JPMorgan investment banking chief Hernandez to retire in 2023
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

Oct 17 (Reuters) - JPMorgan Chase & Co (JPM.N) said on Monday that Carlos Hernandez, its executive chair of investment and corporate banking, will retire at the end of the first quarter next year. Hernandez, 61, is a 36-year veteran of the company and has helped grow several segments of JPMorgan including its treasury services, investor services and global equities business, according to an internal memo that was confirmed by a company spokesperson. He will work closely with Jim Casey and Viswas Raghavan, co-heads of global investment banking, to ensure a smooth transition, according to the memo. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khushi Mandowara; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse's investment bankers are bracing for another case of 'rinse and repeat' as they await the bank's second strategic review in a year. Insiders describe an environment of uncertainty and cy
▼ + stars: | 2022-09-27 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +7 min

Investment bankers at Credit Suisse are stuck in limbo and are bracing for heavy cuts as the bank rolls out another strategic review. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. This review of the investment banking business is Credit Suisse's second in a year. Credit Suisse will update the market when it reports third-quarter results on October 27. Bracing for changeThe investment bank was known as Credit Suisse First Boston until 2005.

László Diósi, Președintele Comitetului Executiv – CEO, a sumat „Ar fi sincer să recunoaștem că stabilitatea noastră financiară este atu-ul acestor timpuri. Fapt care ne-a permis să răspundem cu agilitate nevoilor clienților, să mizăm pe eficiență în gestionare și să fim prudenți în anticiparea riscurilor. Programul TFP al BERD promovează comerțul exterior către și din economiile în care BERD investește. Până în prezent programul TFP a sprijinit peste 27.000 de tranzacții comerciale, însumând peste 22 miliarde EUR. Beneficiați gratuit de consultarea cu privire la instrumentele de facilitare a comerțului internațional, oferită de experții Mobiasbanca - OTP Group, apelând la 022 812 400/022 812 490 sau la adresa e-mail: tradefinance@mobiasbanca.md.

Persons: Renaud, Elena, László Diósi Organizations: OTP Group, OTP, BERD Locations: OTP Group

☆ MAIB a desfășurat prima fază a sesiunii strategice
▼ + stars: | 2021-03-23 | by ( ) www.ipn.md time to read: +1 min

MAIB a desfășurat prima fază a sesiunii strategiceMoldova Agroindbank este onorată să anunțe despre desfășurarea unei sesiuni strategice cu prezența a peste 70 de participanți, inclusiv membri ai Consiliului Băncii, ai Executivului și o parte a middle-managementului, întâlnirea reprezentând o etapă preliminară revizuirii strategiei băncii. Printre multiplele subiecte abordate la sesiune menționăm cele mai bune practici internaționale și regionale, studii de caz și istorii de succes din domenii ca:Experiența clientului și centrarea pe client;Brandul;Transformarea rețelei;Private și corporate banking;Plăți;Ecosisteme digitale și e-commerce;Cultura corporativă;Perspectivele pentru IPO. Sesiunea a avut loc online, un accent sporit fiind pus pe discuțiile în grup, brainstorming, gândire creativă, asigurându-se implicarea activă a participanților și agreindu-se asupra modului în care cele mai bune practici internaționale, regionale ar putea fi utilizate de MAIB pe piața din Republica Moldova. Sesiunea strategică și discuțiile aferente în grup constituie un punct de pornire pentru actualizarea strategiei MAIB și avansarea băncii la nivelul următor. _______DISCLAIMER: Autorii comunicatelor – nu agenția de presă IPN – poartă responsabilitate exclusivă pentru corectitudinea și esența conținutului comunicatului, prezentat spre publicare și/sau distribuire.

Persons: MAIB Organizations: Sesiunea Locations: Moldova, Republica Moldova

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