Banking
Credit Agricole (CA) announced a 55% year-on-year increase in first-quarter net profits on Friday. Earnings came in at €1.9 billion, outperforming the €1.48 billion average predicted by analysts. In the previous quarter, CA's sales climbed 11% to €6.81 billion, also beating analysts' expectation of €6.47 billion. The cost of risk, meaning capital set aside to cover potential losses from loans, was €400 million, €105 million less than expected. The lender said it now plans to meet its 2025 financial targets a year early, boosted by strong performances in its corporate and investment banking div...
Euronews (English)
Lender HSBC is on the lookout for a new CEO after 62-year-old Noel Quinn unexpectedly announced his retirement on Tuesday. Leading the company since 2019, Quinn has guided the lender through a restructuring process, battling headwinds linked to the Covid-19 pandemic and a dispute over HSBC's Asia division. "After an intense five years, it is now the right time for me to get a better balance between my personal and business life," said Quinn in a statement. HSBC is considering both internal and external candidates to replace the current CEO, who will continue his duties until a successor is fou...
Euronews (English)
Over 90% of the best paid bankers in the EU are men, according to figures published by the European Banking Authority (EBA) last Thursday (25 April). For investment firms, the figure – which counts staff who earned over €1 million in 2022 – is over 96%, highlighting the scale of the financial sector’s gender pay gap. EU regulators collect data on financiers’ high pay – driven by the concern that big bonuses can encourage risky behaviour in staff, potentially causing a repeat of the 2008 financial crisis. For the first time ever, the data now includes a male-female breakdown – and it paints a t...
Euronews (English)
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent (CA)
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent (UK)
Major Chinese banks are limiting payments for transactions with Russia, fearing U.S. sanctions, Reuters reported on April 29, citing undisclosed trading and banking sources. The Wall Street Journal reported last week that Washington is drafting sanctions that will threaten to cut off Chinese banks that aid Russia's war effort from the global financial system. Chinese banks have stepped up scrutiny of Russia-related transactions since March or stopped doing business with Russia at all to avoid U.S. sanctions, the sources told Reuters. "Transactions between China and Russia will increasingly go ...
Kyiv Independent
Major Chinese banks are limiting payments for transactions with Russia, fearing U.S. sanctions, Reuters reported on April 29, citing undisclosed trading and banking sources. The Wall Street Journal reported last week that Washington is drafting sanctions that will threaten to cut off Chinese banks that aid Russia's war effort from the global financial system. Chinese banks have stepped up scrutiny of Russia-related transactions since March or stopped doing business with Russia at all to avoid U.S. sanctions, the sources told Reuters. "Transactions between China and Russia will increasingly go ...
Kyiv Independent (CA)
Major Chinese banks are limiting payments for transactions with Russia, fearing U.S. sanctions, Reuters reported on April 29, citing undisclosed trading and banking sources. The Wall Street Journal reported last week that Washington is drafting sanctions that will threaten to cut off Chinese banks that aid Russia's war effort from the global financial system. Chinese banks have stepped up scrutiny of Russia-related transactions since March or stopped doing business with Russia at all to avoid U.S. sanctions, the sources told Reuters. "Transactions between China and Russia will increasingly go ...
Kyiv Independent (UK)
Russia's state-owned Sberbank announced a first-quarter net profit of $4.32 billion, an 11.3% increase over the same period last year, Reuters reported on April 26. Despite being under Western sanctions, Russia's banking industry is once again thriving. Sberbank reported a record annual profit of $16.3 billion in 2023, a more than five-fold increase in 2022. "We are observing strong growth for the start of the year in retail clients' funds, which forms a solid base for the development of the business in the future," CEO German Gref said in a statement reported by Reuters. The bank announced on...
Kyiv Independent (UK)
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