Category: Banking

HSBC Said Close to Naming AIA’s Mark Tucker as Chairman

HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe’s largest bank takes the first step to overhaul its top management team. Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, is in discussions with the bank, according to the people who asked not to be identified because the succession process is private.

U.S. Subprime Auto Losses Reach Highest Level Since Crisis

U.S. subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings. Losses for the loans, annualized, were 9.1 percent in January from 8.5 percent in December and 7.9 percent in the first month of last year, S&P data released on Thursday show, based on car loans bundled into bonds.

European Stocks Called Lower After Wall Street Declines; ECB Meeting in Focus

European stocks are expected to open lower Thursday following three consecutive session declines on Wall Street as investors await a key policy meeting from the European Central Bank. European stocks are expected to open lower Thursday following three consecutive session declines on Wall Street as investors await a key policy meeting from the European Central Bank .

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Asia Stocks Rise as Markets Await U.S. Jobs Data

Markets in Asia largely recovered from a Deutsche Bank-led decline in financial stocks in the morning, as attention moved to Friday’s release of U.S. jobs data. Australia’s S&P/ASX 200 reversed early declines to trade up 0.3%, though mining stocks continue to be weighed down by softer commodity prices.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Reversal

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend a day per week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Deutsche Bank Turnaround Plan Receives Mixed Investor Review

Deutsche Bank AG Chief Executive Officer John Cryan needs to convince investors he’s finally on the right track after tearing up his own turnaround plan just 17 months into the revamp. Reaction so far to his about-face — which includes an $8.5 billion rights offering, selling part of the asset-management business and reintegrating the consumer-banking unit — has been mixed.

Deutsche Bank’s Cryan Has New Strategy: Reverse the Old One

Deutsche Bank AG Chief Executive Officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort flopped. Germany’s largest bank late Sunday approved measures — most crucially, plans to raise about $8.5 billion in a share sale — that effectively restart what has already been the most turbulent transformation in its recent history.

Deutsche Bank Shares Tumble In Frankfurt After $8.5 Billion Capital Raising Confirmation

Deutsche Bank stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around $8.5 billion in capital and sell parts of its asset management business. Deutsche Bank AG stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around a 8 billion in capital from shareholders and plan the partial sale of its asset management business.

Deutsche Bank to raise $8.5 billion to help restructure firm

European banking giant Deutsche Bank announced plans to raise at least $8.5 billion in capital and sell off a stake in its asset management business, in a move to help shore up the troubled German firm. Deutsche Bank will issue 687.5 million new shares later this month, the bank said Sunday, in an effort to take advantage of the recent run up in the bank’s stock price.

Deutsche Bank CEO Reverses Course With Overhaul to Raise Capital

Deutsche Bank AG Chief Executive Officer John Cryan is reversing course less than two years into his new strategy, announcing an overhaul that includes offering 8 billion euros in stock, selling part of the asset management business and reintegrating Postbank. “It’s a positive step forward that we take the brave step of admitting we were going in the wrong direction,” Cryan said on Sunday.

Deutsche Bank to Offer $8.5 Billion of Stock, Names Deputy CEOs

Deutsche Bank AG will offer 8 billion euros of stock, sell part of its asset management business and named two deputies to Chief Executive Officer John Cryan as Germany’s largest lender seeks to shore up capital after two consecutive years of losses. The bank said it will keep its Postbank consumer division and still aims to reduce total costs to 22 billion euros by 2018, the Frankfurt-based company said in a statement Sunday.

Deutsche Bank Plans $8.5 Billion Capital Raising, Partial Asset Management IPO

Deutsche Bank said Sunday it will raise 8.5 billion in new capital and plan the partial sale of its asset management business as it attempts to strengthen its balance sheet. Deutsche Bank said Sunday that it will raise a 8.5 billion in new capital and plan the partial sale of its asset management business as it attempts to strengthen its balance sheet following a multi-billion settlement with U.S. legal authorities.

Deutsche Bank Board to Meet on $8.5 Billion Capital Raise

Deutsche Bank AG’s supervisory board will meet Sunday to discuss a plan to raise more than 8 billion euros as Chief Executive Officer John Cryan tackles concerns about capital levels, a person familiar with the matter said. story that said the lender is planning an equity offering and the sale of part of its asset management unit after failing to find a buyer for its Postbank consumer business, which had been a key pillar of Cryan’s strategy.

Daily Dividend Report: GD, TD, CNQ, CVS, HES

The board of directors of General Dynamics today declared a regular quarterly dividend of 84 cents per share on the company’s common stock, payable May 5, 2017, to shareholders of record on April 7. The dividend represents a 10.5 percent increase from the previous quarterly dividend of 76 cents per share, and it is the 20th consecutive annual dividend increase authorized by the General Dynamics board. The Toronto-Dominion Bank today announced that a dividend in an amount of sixty cents per fully paid common share in the capital stock of the Bank has been declared for the quarter ending April 30, 2017, payable on and after May 1, 2017, to shareholders of record at the close of business on April 10, 2017.

This $1 Trillion Manager Is Paring NYC, London Property Bets

David Hunt, chief executive officer of Prudential Financial Inc.’s PGIM, said the $1 trillion asset manager is scaling back commercial real estate bets in some major markets where competition drove up property prices. “Whenever you see that kind of heating-up of demand, you have to scratch your head and say, ‘At what point does this become a little bit overblown?’ ” Hunt said Wednesday at a conference held by Citigroup Inc. “We have been selectively selling some of the big cities, so we’ve been a net seller of New York, of London, and of San Francisco.”

Wells Fargo Suspends Bonuses for 8 Execs, Including CEO, CFO

Wells Fargo is suspending the the cash bonuses of eight senior executives, including the CEO and CFO, as part of the company’s ongoing independent investigation into the fraudulent accounts scandal that rocked the company last year. Additionally, the share equity awards they received in 2014 that vested this year will be reduced by up to 50%.

Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era

Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.

SBI Sees Bad Loans at India Banks Worsening on Slower Growth

India’s weaker economic growth will lead to more soured loans, even after an audit of lenders’ books pushed stressed assets in the South Asian nation to the highest among major economies, according to the head of the country’s largest bank. “There could be a few more accounts that could start showing stress mainly because the kind of growth in demand that we have been talking about still has not really come back,” State Bank of India chairman Arundhati Bhattacharya said in an interview with Bloomberg Television in Hong Kong on Tuesday.

Deutsche Boerse-LSE Deal in Danger as EU Demand Rejected

Deutsche Boerse AG’s $13 billion bid for London Stock Exchange Group Plc headed toward collapse after the U.K. market operator rejected demands by European regulators to sell one of its holdings. LSE said it couldn’t commit to sell its stake in MTS, an electronic trading platform for government bonds, and declined to submit a counter proposal after European Union officials made divesting the unit a condition for approval.

LSE Says Deutsche Boerse Deal Unlikely After Year-Long Try

London Stock Exchange Group Plc said its $13 billion tie-up with Deutsche Boerse AG is unlikely to proceed after a new regulatory hurdle signaled a potential end to the companies’ efforts to create a champion European exchange. European Union officials had requested that LSE divest MTS, an electronic trading platform for European government bonds.

Royal Bank of Canada Reviews Asia Wealth Business After Changes

Royal Bank of Canada has undertaken a strategic review of its Asian wealth operations following management changes in the region, Chief Executive Officer David McKay said. McKay declined to say whether the Toronto-based bank is seeking a buyer for the business, though previous retreats in international wealth management have come after reviews were initiated.