Banks
StanChart profit beats estimates, flags strong outlook on rising rates
Standard Chartered posted a forecast-beating 6% rise in first-quarter profit, sending its shares sharply higher, as the emerging-markets focused lender benefited from rising interest rates aimed at controlling inflation. The London-headquartered lender, which is focused on Asia, Africa and the Middle East, now expects income growth this year to slightly exceed earlier guidance of 5-7%, underlining […]
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Barclays beats expectations but suspends buybacks after U.S. trading blunder
A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Peter Nicholls | Reuters LONDON — Barclays on Thursday said had suspended its planned share buyback program on the back of a costly trading error in the U.S. It comes as it reported expectation-beating profit for the first quarter, as strong investment banking […]
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Standard Chartered reports better-than-expected profit, flags bullish outlook on rising rates
Pedestrians pass the headquarters of Standard Chartered in London on Feb. 14, 2022. Standard Chartered’s first-quarter pre-tax profit rose 6%, beating market expectations, as the emerging markets-focused lender benefited from rising interest rates and flagged a robust outlook. Chris Ratcliffe | Bloomberg | Getty Images Standard Chartered posted a forecast-beating 6% rise in first-quarter profit, […]
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‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds
UBS is more bearish than Wall Street on a number of stocks right now. Source
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Credit Suisse says U.S. authorities will ‘absolutely not’ find any wrongdoing amid probe into Russian oligarch record shredding
“Queen K,” a luxury yacht owned by Oleg Deripaska, one of a number of Russian oligarchs who reportedly had to terminate private jet leases with Credit Suisse amid previous U.S. sanctions. Anadolu Agency | Anadolu Agency | Getty Images Credit Suisse told CNBC Wednesday that U.S. authorities will “absolutely not” find any evidence of wrongdoing […]
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Credit Suisse reports quarterly loss, reshuffles management team as litigation costs bite
One of the biggest challenges for Credit Suisse this quarter was litigation costs. Thi My Lien Nguyen | Bloomberg | Getty Images Credit Suisse on Wednesday reported a net loss for the first quarter of 2022 and announced a management reshuffle, as the Swiss lender struggles with litigation costs and the fallout from the Russia-Ukraine […]
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It’s ‘ridiculous and naive’ to think we can stop fossil fuel production immediately, says Standard Chartered CEO Bill Winters
Fossil fuels are ingrained in the global energy mix and companies continue to discover and develop oil and gas fields at locations around the world. Imaginima | E+ | Getty Images LONDON — The CEO of Standard Chartered believes it’s “ridiculous and naive” to think fossil fuel production can be immediately halted without any consequences, […]
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Deutsche Bank posts seventh straight quarter of profit, warns of increasing cost pressures
Bloomberg | Bloomberg | Getty Images Deutsche Bank reported Wednesday a net profit of 1.06 billion euros ($1.13 billion) for the first quarter of the year. Analysts had forecast a figure of 1.01 billion euros for the three-month period, according to data from Refinitiv. On Mar. 11, Deutsche Bank said it would wind down its Russia […]
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Bank of America names its top global tech stocks — including one it says has upside of 100%
As U.S. tech stocks continue to experience serious volatility, Bank of America looks further afield. Source
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UBS beats expectations for the first quarter; continues to reduce Russia exposure
UBS has beat expectations for the first quarter of 2022 and said it has further reduced its exposure to Russia. The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.136 billion, above forecasts compiled by the bank of $1.79 billion. It marks a 17% rise from the $1.82 reported for the same period […]
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