bank
UBS Chief Executive Officer Sergio Ermotti earned 14.4 million Swiss francs (€14.7 million) in compensation for his nine months on the job in 2023, according to the bank's annual report. This is more than what the CEO of HSBC, Europe's biggest bank, received last year, sending Ermotti to the top of the best-paid European bank executives' list. He rejoined UBS in April 2023 to orchestrate the multi-year work of the emergency takeover of Credit Suisse, after serving as CEO of the banking group from November 2011 to October 2020. Ermotti's pay package is more than that of HSBC's Noel Quinn (€12.4...
Euronews (English)
Four of the biggest Chinese banks sit on top of the list of the world’s 500 most valuable banking brands, leaving US and European lenders well behind, according to a new report from brand valuation consultancy Brand Finance. For the eighth consecutive year, the top spot on the world’s top 500 banking brands’ list has been awarded to the ICBC (Industrial and Commercial Bank of China). The lender increased its brand value by 3% to $71.8 billion (€65.77 billion), roughly the equivalent of the nominal GDP of Slovenia. What are shadow banks and why are they failing in China?Significance of brand va...
Euronews (English)
Washington (AFP) - The US Federal Reserve voted Wednesday to keep interest rates at a 23-year high for a fifth consecutive meeting, while signaling it still expects to make three cuts this year. The news sent US markets higher, as traders cheered the central bank's affirmation that three cuts are likely despite a recent uptick in monthly inflation. All three major indices on Wall Street closed at new records. The Fed's unanimous decision to hold its key lending rate between 5.25 percent and 5.50 percent lets policymakers "carefully assess incoming data, the evolving outlook and the balance...
AFP
Washington (AFP) - The US Federal Reserve could provide additional clues on Wednesday about how much it will cut interest rates this year, but it is almost certain to leave its key lending rate unchanged for the time being. Following two days of debate, the Fed's rate-setting Federal Open Market Committee (FOMC) will publish its interest rate decision Wednesday, along with an updated summary of economic projections (SEP) that includes policymakers' interest rate expectations for 2024 and beyond. The US central bank has lifted its key lending rate to a 23-year high of between 5.25 and 5.50 pe...
AFP
Washington (AFP) - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to hold firm on interest rates, and continue discussions about when to start cutting them. The meeting got under way in Washington at 9am local time (1300 GMT) on Tuesday, the Fed said in a statement. It will culminate on Wednesday afternoon with the publication of the interest rate decision, along with an updated summary of economic projections (SEP), which will include a prediction of how many interest rate cuts policymakers expect to make this year. The Fed has raised int...
AFP
Washington (AFP) - The US Federal Reserve is widely expected to keep its key lending rate unchanged again on Wednesday, as policymakers continue discussions over when to start rate cuts and launch the next phase in their long-running battle against inflation. The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50 percent as it looks to return inflation firmly to its long-term target of two percent. After making significant progress against rising prices last year, 2024 has been more challenging, with the US seeing a small uptick in the pace of monthly inflation. At the ...
AFP
Shares in Barclays climbed 4.77% on the London Stock Exchange in early trade after the bank reported its latest financial results \- and announced an extensive structural overhaul. Total group income rose by 2% to £25.4 billion, although the fourth quarter contribution of £5.6 billion was shy of the expected £5.8 billion. Net interest income (NII), meanwhile, jumped by 20% to £12.7 billion year-over-year, with higher interest rates continuing to provide a tailwind. Pre-tax profit for 2023 came in at £6.6 billion, falling from £7 billion in 2022. Denmark's GDP soars thanks to growing pharma sec...
Euronews (English)
EZB-Direktoriumsmitglied Isabel Schnabel hat sich gegen schnelle Zinssenkungen im Euroraum ausgesprochen. In einem Interview mit der «Financial Times» sagte die Notenbankerin, die Europäische Zentralbank (EZB) sollte bei einer geldpolitischen Lockerung «geduldig und vorsichtig» vorgehen. Schnabel verwies auf die anhaltende Inflation im Dienstleistungssektor, einen widerstandsfähigen Arbeitsmarkt und die geopolitischen Spannungen im Nahen Osten. «All dies zusammengenommen spricht gegen eine baldige Anpassung des politischen Kurses.» «Wir sind noch nicht am Ziel»Zudem habe die Erfahrung gezeigt,...
DPA (German)
Iran evaded Western sanctions by using accounts at two UK banks to move money around the world in an extensive sanctions evasion scheme, according to the Financial Times. Lloyds Banking Group and Santander UK provided accounts to front companies that were secretly owned by a sanctioned and state-controlled Iranian petrochemicals company, the news outlet said, citing documents. The Petrochemical Commercial Company's (PCC) British subsidiary (PCC UK) is still operating near Buckingham Palace. Both companies have been under US sanctions since 2018, meaning that Western banks are blocked from doin...
Euronews (English)
Washington (AFP) - The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent. What is less clear, however, is when the first of those cuts will come. While the US central bank is almost certain to announce it is holding its key lending rate steady at its next rate decision on Wednesday, analysts think it could also drop some more hints that cuts are coming. In economic forecasts published alongside the last Fed decision, policymakers indicated that they expect as many as three quarter perce...
AFP
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