Credit Suisse’s strategic overhaul at a glance
Battered by years of scandals and losses, Credit Suisse (CSGN.S) plans to raise capital, cut thousands of jobs and spin off its investment bank.
Here are main elements of ...
Elon Musk’s Twitter ownership starts with firings, uncertainty
Elon Musk became Twitter Inc’s TWTR.Nowner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the ...
Cyprus Business Now
The total amount of deposits in the Cypriot banking system reached the highest level of the last nine years in September 2022, while loans stood at a five-month low, according to ...
Credit Suisse asks investors for billions after bumper loss
Credit Suisse, battered by years of scandals, plans to raise 4 billion Swiss francs ($4 billion) by selling stock while slashing thousands of jobs and spinning off its investment bank in an ...
Egypt’s central bank raises key interest rates by 200 basis points
Egypt’s central bank said on Thursday it had raised interest rates by 200 basis points in an exceptional meeting of its monetary policy committee.
The central bank set the overnight ...
ECB raises interest rates again, cuts bank subsidies
The European Central Bank raised interest rates again on Thursday and announced it was changing the terms of its ultra-cheap loans to commercial banks in a bid to shrink its ...
ECB to raise interest rates, likely to trim bank subsidies
The European Central Bank will raise interest rates again on Thursday and likely reel in a key subsidy to commercial banks, taking another big step in tightening policy to fight ...
Hellenic agrees to reimburse former co-op employees
Hellenic Bank announced on Wednesday that it will raise the wages of former Co-op bank employees who work for them, following a 2014 cut, which had carried over when the co-op ...
Petrides warns against suspension of foreclosure bill
Finance Minister Constantinos Petrides on Wednesday said the decision on a possible foreclosure suspension now lies with the House, warning, however, that amidst rising rates, there is a danger that ...
Deutsche Bank reports big jump in profit despite slump in dealmaking
Deutsche Bank (DBKGn.DE) on Wednesday posted a better-than-expected jump in third-quarter profit as a trading boom at its investment bank offset a nosedive in dealmaking, but executives highlighted risks ...
Global economy approaching a recession, central banks unchained
The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies while central banks keep raising interest rates to bring down ...
Decade of central bank largesse haunts taxpayers as losses loom
For more than a decade since the global financial crisis, central bankers pumped trillions of dollars of cheap money into the financial system to keep the economy afloat. Now that ...
Increased interest income should not stop banks from addressing structural vulnerabilities, says CBC Governor
Increased interest revenue stemming from monetary policy normalisation should not overshadow Cypriot banks’ structural vulnerabilities, Constantinos Herodotou, governor of the Central Bank of Cyprus (CBC) said on Monday.
Speaking to ...
UK stocks close higher as Rishi Sunak looks set to be next PM
Britain’s main equity indexes closed higher on Monday as Rishi Sunak looked set to become the next prime minister after other candidates quit the race, offering investors some relief ...
Deutsche Bank investment bank job cuts to include staff in Britain -source
The dozens of staff to be cut at Deutsche Bank’s (DBKGn.DE) investment bank include staff based in Britain, a person with knowledge of the matter said on Friday.
...
Rating agency upgrades Cyprus, factors in EU membership benefits
International rating agency Capital Intelligence on Saturday announced that it has upgraded the long-term rating of Cyprus in foreign currency to “BBB-“, from “BB+”.
At the same time, the agency ...
Hellenic ushering in a new era in banking services
Hellenic Bank is forging ahead decisively in its modernisation drive. As part of its digital transformation rollout, the Bank is changing the way in which day-to-day banking transactions are conducted, ...
Cyprus Business Now
Hellenic Bank on Thursday announced a number of changes to its banking services, aiming to empower its meeter greeter service, which in turn will help customers become more comfortable with ...
Lebanon MPs pass second attempt at new banking secrecy law
Lebanon’s parliament passed another round of amendments to a banking secrecy law after the International Monetary Fund said a previous draft retained key deficiencies.
The IMF has laid out ...
Cyprus Business Now
Cyprus’ Gross Domestic Product (GDP) was revised to €24.01 billion at current prices for 2021 and to €21.89 billion for 2020, according to a report released on Monday by the Cyprus Statistical Service (Cystat).
...
Mexico’s non-bank lenders may now need bank licenses to survive
Mexico’s biggest non-bank lenders may need to become licensed banks, analysts said, as they maneuver through growing market turmoil to avoid the fate of three big peers who defaulted ...
UK shares end higher for third straight day after Hunt’s policy U-turn
London shares rose on Monday as new finance minister Jeremy Hunt reversed Prime Minister Liz Truss’s economic plan announced three weeks ago that slammed UK markets and dented investor ...
Goldman plans major overhaul, to combine investment banking and trading
Goldman Sachs is planning a major reorganization as part of which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth ...
A US central bank digital currency isn’t necessary for dollar supremacy- Fed’s Waller
Creating a US central bank digital currency is likely not important to the long-term status of the US dollar, Federal Reserve Governor Christopher Waller said Friday.
In a speech during ...