UBS is weighing cutting tens of thousands of jobs following its emergency takeover of Credit Suisse, as the Swiss bank leans towards keeping the domestic operations of its fallen rival, according to a person familiar with the discussions.
The Indian banking sector’s bad loan ratio could improve to 3.6% by March 2024 from a 10-year low of 3.9% in March 2023, provided macroeconomic conditions don’t worsen, the Reserve Bank of India’s (RBI) financial stability report showed on Wednesday.
Central Europe’s banks are expected to weather a sharp economic slowdown this year, bolstered by strong funding structures and improving profitability, Fitch Ratings Senior Director Artur Szeski told a media briefing on Wednesday.
Ghana has reached an agreement with banks to restructure 15 billion Ghana cedi ($1.36 billion) of locally issued U.S. dollar bonds and cocoa bills, three sources close to the negotiations have told Reuters.
Wall Street banks and brokerages are in a last-minute scramble to meet a July 3 deadline to charge investors for research reports, bankers and others in the industry said, a requirement that threatens their European business if they fail to comply.
UBS Group is looking to cut more than half of Credit Suisse’s workforce from next month as a result of the bank’s takeover, Bloomberg News reported on Tuesday.
Brazil’s planning and budget minister, Simone Tebet, said on Tuesday that the country’s central bank is causing “unnecessary noise” by publishing varying comments regarding its plans for the benchmark interest rate.
The Italian government has proposed Fabio Panetta, an executive board member of the European Central Bank, as the next governor of the Bank of Italy, two government sources said on Tuesday.
Odey Asset Management (OAM) said it had entered “advanced talks” to move Oliver Kelton and the funds he previously managed at OAM to the equities investment firm, SW Mitchell Capital, according to an investor letter seen by Reuters on Tuesday.
Credit card giant American Express Co said on Tuesday Chief Financial Officer Jeffrey Campbell has decided to retire, and Deputy CFO Christophe Le Caillec would succeed him.
