International Banks – Page 2

Sumitomo Mitsui Financial Group CEO Dies at 65

27Nov

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World

Sumitomo Mitsui Financial Group CEO Dies at 65

Sumitomo Mitsui Financial Group said Jun Ohta, its director president and group chief executive, has died at the age of 65.Japan’s second-largest lender said Monday that it will select a successor and make an announcement once a decision is made.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

25Nov

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Money

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Updated Nov. 25, 2023 12:01 am ETWhen Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

25Nov

By adminNo Comments

World

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Updated Nov. 25, 2023 12:01 am ETWhen Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

The Big Bank With a $15 Billion Conundrum in China

21Nov

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Money

The Big Bank With a $15 Billion Conundrum in China

HSBC Holdings has a $15 billion headache in China—a big stake in a local lender that it can’t easily sell and that could require a big write-down.Long after most other Western banking giants have exited similar positions, HSBC has held on to its roughly 19% position in Bank of Communications, an investment that dates back to 2004. HSBC, Europe’s largest bank by market value, has said the stake is strategically important for its ambitions to grow in Asia.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citigroup Moving On to Next Phase of Reorganization

20Nov

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World

Citigroup Moving On to Next Phase of Reorganization

Citigroup is moving ahead with the next layer of changes across its businesses and functions, a move to reorganize it said would involve difficult and consequential decisions.The bank didn’t address layoffs in a brief statement released on its website, but said it had shared the next phases of organizational changes with its colleagues.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case

16Nov

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Money

UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case

Updated Nov. 15, 2023 11:13 am ETUBS Group won’t have to pay around $2 billion after the French Supreme Court partly overturned a decision from a lower court that had fined the bank in a long-running tax-fraud case, but confirmed a ruling that the bank had helped wealthy clients in France evade taxes.The latest ruling, announced Wednesday by the Supreme Court, effectively rescinds the financial penalties imposed on UBS in December 2021.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Warren Buffett’s Berkshire Hathaway Sheds Investments in GM, J&J and P&G

15Nov

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Money

Warren Buffett’s Berkshire Hathaway Sheds Investments in GM, J&J and P&G

Warren Buffett’s Berkshire Hathaway eliminated its stake in a handful of American blue chips, including General Motors and Johnson & Johnson, while the stock market’s rally sputtered in the third quarter.The company also sold off smaller positions in Procter & Gamble, Mondelez International and United Parcel Service, while trimming its investments in Amazon.com, Chevron and HP, among others.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

13Nov

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World

ANZ’s Profit Flat, Increases Dividend

Updated Nov. 12, 2023 5:45 pm ETSYDNEY—ANZ Group Holdings said its annual net profit was flat on a year earlier, but the bank increased its dividend even as higher interest rates impact economic activity.The Australian major lender reported a statutory profit of 7.1 billion Australian dollars (US$4.51 billion) for the 12 months through September. Analysts had expected a full-year net profit of A$7.21 billion, according to FactSet’s consensus estimate.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citi to Pay $25.9M For Discriminating Against Armenian-American Credit Card Applicants

8Nov

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Money

Citi to Pay $25.9M For Discriminating Against Armenian-American Credit Card Applicants

Citigroup will pay $25.9 million in fines and redress to consumers after illegally discriminating against credit card applicants that the bank identified as Armenian American, according to the Consumer Financial Protection Bureau.“Citi stereotyped Armenians as prone to crime and fraud,” CFPB Director Rohit Chopra said. “In reality, Citi illegally fabricated documents to cover up its discrimination.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

How a Banking Capital of the World Botched Its Own Banking Rules

8Nov

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Money

How a Banking Capital of the World Botched Its Own Banking Rules

Updated Nov. 8, 2023 12:54 am ETListen to article(2 minutes)Switzerland wanted its big banks to be fortresses. In practice, the country’s “too big to fail” banking laws made a sand castle of Credit Suisse.The Swiss rules in question have become an object lesson in the difficulties of designing financial regulation. Created to prevent a repeat of the 2008 financial crisis bailouts, Switzerland’s customized version of international capital requirements laid the groundwork for the biggest bank rescue since.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8