Major U.S. banks on Friday reported rising profits from higher interest rates on loans, but warned the economy was slowing as customers depleted their savings.
India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said.
Banking turmoil this year provides justification for fully implementing the “final mile” of Basel global banking capital rules, a global regulator said on Friday, despite an industry backlash in the United States.
PNC Financial Services Group said on Friday it would reduce its staff by about 4% as part of a cost-cut initiative after the U.S. lender’s third-quarter profit declined and revenue missed estimates.
Australia’s ANZ Group on Friday lost a landmark lawsuit that found it guilty of not disclosing to public that its underwriters had bought nearly one-third of a share issue worth A$2.5 billion ($1.58 billion) in 2015.
Citigroup’s profit was broadly steady and beat third-quarter estimates on Friday as it benefited from a surge in trading revenue and investment banking fees.
JPMorgan Chase beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high.
Wells Fargo beat analysts’ third-quarter profit estimates and raised its annual forecast for income from interest payments on Friday, as customers paid more to borrow.
Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday.
A sharp drop in net inflows took shares of BlackRock down 2% on Friday despite the company handily beating third-quarter profit estimates, as the world’s largest asset manager signaled that it was increasing its hunt for acquisition targets.
