Commerzbank (CBKG.DE) employee representatives have agreed a job reduction deal, the bank and union officials said on Friday, paving the way for the German lender to cut 10,000 jobs globally.
Posts published in “Banking”
UK Banks fail in bid to share cost of refunding scam victims
Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed.
Seven banks and building societies had signed up to an interim, shared arrangement, but will now pay for refunds individually.
Five of China’s largest state-owned banks have reported higher first-quarter net profits, helped by a rebound in the country’s economy from the coronavirus pandemic.
But margins – a key indicator of profitability for banks – shrank almost across the board as these remain under pressure from low interest rates.
Deutsche Bank (DBKGn.DE) posted a better-than-expected net profit for the first quarter, its strongest in seven years, driven by its investment banking activities that outperformed major United States rivals.
Not long ago, Deutsche’s sprawling investment bank was viewed as its problem child following dwindling revenue and scandals involving the sale of mortgage securities and the laundering of money from Russia. Deutsche managers said they would focus more on old-fashioned retail and corporate banking.
Standard Chartered PLC (STAN.L)is to reduce its global branch network by half to around 400 to cut long-term costs after the British bank reported a stronger than expected first-quarter profit.
The Asia, Africa and Middle East-focused lender, which had as many as 1,200 branches worldwide in 2014, said on Thursday it will shrink the network to a third of that total as it also gives up office space worldwide.
Lloyds Banking Group (LLOY.L) smashed quarterly profit forecasts and freed up some cash set aside to cover bad loans, ending CEO António Horta-Osório’s decade in charge on a high as Britain’s pandemic-hit economy shows signs of recovery.
Britain’s biggest domestic lender said on Wednesday it made 1.9 billion pounds ($2.64 billion) of pretax profit in the first three months of the year, comfortably ahead of analysts’ forecasts and the 74 million pounds reported a year earlier.
The results showed further signs of how government measures such as job support schemes have pushed back economic pain from the pandemic, with banks’ loan books still holding firm.
Metro Bank (MTRO.L) reported a 17% slide in lending in the first quarter on Wednesday, but the British lender said it was starting to see improvement across its loan book as coronavirus restrictions eased.
Metro, one of the highest profile so-called challenger banks since it launched in 2010, is trying to turn around its finances after two years of losses and restore investor faith after a major accounting error in January 2019.
“Dull is probably what the market
The three-month trial of a lawsuit against Toronto-Dominion Bank (TD.TO), in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages is expected to end on Wednesday.
A written judgment from the court is expected in a few months.
Wells Fargo & Co’s (WFC.N) executive pay plan for 2020 received backing from only about 57% of investor votes on Tuesday, a narrow win for the company and the latest evidence of tougher scrutiny shareholders have put on CEO compensation this year.
CEO and President Charles Scharf was paid $20.4 million in 2020, down from $34.3 million in 2019, when he was first named to lead the bank, according to its proxy statement filed in March. On an annualized basis his total direct compensation in 2020 fell about 12% from $23 million the prior year, according to a January filing.
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