Switzerland’s tradition of dependable consensus politics has taken a battering after the government used an emergency law to push through a state-backed mega-merger of UBS and Credit Suisse , sidelining the country’s parliament.
HSBC’s planned sale of its French retail banking business to Cerberus-backed My Money Group could fail due to interest rate hikes in France that boosted the amount of capital the buyer will need, the British bank said on Friday.
PNC Financial Services Group reported an 18.5% rise in first-quarter profit on Friday, as the Federal Reserve’s rate hikes fueled a surge in the U.S. regional lender’s net interest income (NII).
JPMorgan Chase & Co’s first-quarter profit beat Wall Street estimates as higher interest income offset weakness in dealmaking, and the biggest U.S. lender remained resilient through the banking crisis in March.
Wells Fargo & Co on Friday beat profit expectations for the first quarter as the lender earned more from higher interest rates, while executives said the U.S. economy is strong but expected to slow in response to tighter monetary policy.
BlackRock Inc reported an 18% drop in first-quarter profit on Friday but it beat analysts’ estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a global banking rout that rocked financial markets.
The International Monetary Fund is working closely with Suriname authorities to bring their financing program back, while looking for progress in government talks with China, a key creditor, an IMF official said on Thursday.
World Bank President David Malpass on Thursday said progress on sovereign debt issues would be measured by actual restructuring deals being agreed for Ghana, Ethiopia and Zambia, and said there was still no agreement on his longstanding call for a standstill in debt service payments for countries seeking help.
