Banks
Lost in the market’s sharp rotation out of tech stocks is a really bullish call on major banks
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market slides : The S & P 500 gave back earlier gains and fell throughout Tuesday afternoon, led lower by the mega-cap tech stocks. Ahead of the […]
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StanChart unveils $1.5 billion share buyback, boosts income guidance
Standard Chartered Plc bank branch in Hong Kong Bloomberg | Bloomberg | Getty Images Standard Chartered (StanChart) on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs. The bank’s Hong Kong-listed […]
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NatWest to buy Metro Bank mortgage portfolio after 16% profit fall
The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. Simon Dawson | Bloomberg | Getty Images NatWest’s first-half pretax operating profit fell by a less than expected 16% to 3 billion pounds ($3.86 billion), it said on Friday, with margins hit by mortgage […]
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Chinese banks cut deposit rates to relieve squeezed margins
The Agricultural Bank of China Ltd. Guangdong branch, left, stands near high-rise construction projects in the Zhujiang New Town district of Guangzhou, Guangdong Province, China. Brent Lewin | Bloomberg | Getty Images Five of China’s major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week’s surprise lowering of lending […]
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Chinese banks cut deposit rates to relieve squeezed margins
The Agricultural Bank of China Ltd. Guangdong branch, left, stands near high-rise construction projects in the Zhujiang New Town district of Guangzhou, Guangdong Province, China. Brent Lewin | Bloomberg | Getty Images Five of China’s major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week’s surprise lowering of lending […]
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UniCredit tops profit forecast, buys cloud-based bank
Italian bank UniCredit on Wednesday posted better-than-expected second quarter profit and said it was buying a Belgian digital bank with its own cloud-based IT platform for 370 million euros ($401 million). Led since 2021 by former UBS investment banking chief Andrea Orcel, UniCredit is at the center of speculation over potential mergers and acquisitions after […]
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Spain’s Santander posts 20% hike in net profit as retail business shines
Bank of Santander Headquarters Getty Images Banco Santander posted a 20% year-on-year hike in second-quarter net profit underpinned by growth in its retail, wealth and consumer activity, after firm revenues and margin management in Europe and Brazil. The company’s net profit attributable to the parent group came in at 3.207 billion euros ($3.48 million), in […]
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Deutsche Bank snaps 15-quarter profit streak on Postbank lawsuit provision
Deutsche Bank offices in the City of London on July 2, 2024, in London, U.K. Mike Kemp | In Pictures | Getty Images Germany’s largest lender Deutsche Bank on Wednesday snapped a 15-quarter profit streak with a narrower-than-expected loss, as it made a provision for an ongoing lawsuit over its Postbank division. Net loss attributable […]
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A Silicon Valley executive had $400,000 stolen by cybercriminals while buying a home. Here’s her warning
Key Points Rana Robillard, chief people officer at software startup Tekion, was tricked into sending her life savings to a criminal. What happened to Robillard, a 25-year veteran of tech companies, speaks to the increasingly sophisticated nature of cybercrime. Real estate, with its large transaction sizes and frequent use of wire transfers, has proven to […]
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Berkshire sells around $1.48 billion Bank of America shares, filing shows
The exterior of a Bank of America on July 16, 2024 in Austin, Texas. Brandon Bell | Getty Images Berkshire Hathaway sold about 33.9 million shares of Bank of America for around $1.48 billion over multiple transactions this week, a regulatory filing showed. After the sale, Berkshire owned about 999 million BofA shares. Berkshire is […]
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