Banks
UniCredit boosts its stake in Commerzbank, applies to own up to 29.9% of the German bank
Commerzbank headquarters in the financial district of Frankfurt, Germany, on Sept. 12, 2024. Bloomberg | Bloomberg | Getty Images UniCredit announced on Monday it had increased its stake in German lender Commerzbank to around 21% and submitted a request to boost the holding to up to 29.9%. The Italian bank acquired the additional Commerzbank shares […]
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Germany won’t sell more Commerzbank shares for now, finance agency says
A customer enters a Commerzbank AG bank branch in Berlin, Germany, on Tuesday, Aug. 6, 2024. Bloomberg | Bloomberg | Getty Images Germany will not sell any more shares in Commerzbank for the time being and the bank’s strategy is “geared towards independence,” the nation’s finance agency said on Friday. The statement comes days after […]
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American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say
An American Airlines’ Embraer E175LR (front), an American Airlines’ Boeing 737 (C) and an American Airlines’ Boeing 737 are seen parked at LaGuardia Airport in Queens, New York on May 24, 2024. Charly Triballeau | AFP | Getty Images American Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer […]
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Hong Kong central bank cuts interest rate, tracks Fed move
People wearing face masks walk by the Hong Kong Monetary Authority on March 4, 2020 in Hong Kong. The Hong Kong Monetary Authority bought HK$1.586 billion ($202 million) from the market on Thursday to stop the local currency weakening and breaking its peg to the U.S. dollar, the de-facto central bank’s first intervention in 18 […]
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What buying Commerzbank would mean for UniCredit — and the banking sector
Key Points Last week, UniCredit announced it had taken a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the government. UniCredit continues to surprise markets with some stellar quarterly profit beats. It earned 8.6 billion euros last year (up 54% year-on-year), also pleasing investors via share buybacks and dividends. Analysts are hoping […]
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JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns
Key Points JPMorgan Chase created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street firms to examine how they treat their youngest employees. The firm named Ryland McClendon its global investment banking associate and […]
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Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs
Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California. Noah Berger | AFP | Getty Images Apple is in discussions with JPMorgan Chase for the bank to take over the tech giant’s flagship credit card program from Goldman Sachs, a person with […]
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FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle
Tsingha25 | Istock | Getty Images The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep more detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech […]
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CNBC Daily Open: Tech might not be the biggest beneficiary of rate cuts
The sun rises behind the skyline of lower Manhattan and One World Trade Center on September 14, 2024, in Jersey City, New Jersey. Gary Hershorn | Corbis News | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need […]
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India’s central bank chief plays down fears of a deposit crunch
Despite widespread bullishness on India, with its stock market highs and healthy bank balance sheets, a shortage of deposits is causing some uneasiness in the country’s financial sector. Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion […]
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