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Metro Bank shares soar as lender sees return to profit in Q4
Britain’s Metro Bank (MTRO.L), opens new tab forecast a return to profit in the fourth quarter on Wednesday following cost-saving measures during the year and a cash injection from the sale of its residential mortgage book, sending its shares 20% up. Metro, launched in 2010 to challenge the dominance of Britain’s big banks, has been overhauling its […]
Swiss central bank posts record half year profit
The Swiss National Bank (SNBN.S), opens new tab reported the biggest half-year profit in its 117-year history on Wednesday, as big gains in the first three months of the year far outstripped losses recorded in the second quarter. The profit of 56.8 billion Swiss francs ($64.48 billion) was boosted by valuation gains, as well as dividend and […]
BBVA beats Q2 profit on Spain overshadowed by slower growth in Mexico
A slower net profit growth in BBVA’s (BBVA.MC), opens new tab main market in Mexico in the second quarter overshadowed a 38% year-on-year rise in overall profit that topped market expectations thanks to Spain, where it is aiming to buy rival Sabadell. The fifth-biggest bank in the euro zone by market value booked a net profit of […]
Buffett cuts Bank of America stake, sales top $3 bln
Warren Buffett’s Berkshire Hathaway (BRKa.N), opens new tab sold more Bank of America (BAC.N), opens new tab shares, boosting sales to more than $3 billion this month, taking profits after a big run-up in the second-largest U.S. bank’s stock price. Berkshire sold 18.4 million Bank of America shares for $767 million between July 25 and 29, according to a […]
Ackman’s Pershing Square fund sets $2 bln target for US IPO
Hedge fund manager Bill Ackman said on Tuesday that is his new portfolio in the United States will raise roughly $2 billion in capital, a fraction of the $25 billion the billionaire investor had initially expected to bring in. Pershing Square USA, Ackman’s first new investment vehicle in a decade, expects to sell up to […]
Swiss watchdog scrutinises UBS vetting of wealthy Credit Suisse clients
Switzerland’s financial supervisor has been scrutinising how UBS vets risky wealthy clients that it wants to transfer from Credit Suisse, sources said, as the regulator takes a hands-on approach to the bank’s integration of its fallen rival. Earlier this year, watchdog FINMA reviewed the filters UBS, currently worth $105 billion on the market, applies to […]
StanChart unveils record $1.5 billion buyback, boosts income outlook
Standard Chartered (StanChart) (STAN.L), opens new tab announced a $1.5 billion share buyback, its biggest ever, and lifted its income outlook for 2024, betting on strong economic growth in its core Asian markets and on plans to rein in costs. The London-headquartered lender, which earns most of its revenue in Asia, now expects operating income to grow […]
UK’s St James’s Place shares soar on strategy reboot
Analysts at JPMorgan said the cuts would lead to upgrades to the company’s future earnings potential and welcomed a “very strong” set of earnings, including net inflows of 1.9 billion pounds that beat analysts’ forecasts. Its shares jumped as much as 25% in early trade to hit their highest in seven months and were up […]
Austria’s RBI to further shrink business in Russia
Austria’s Raiffeisen Bank International (RBIV.VI), opens new tab said on Tuesday it would further decrease its extensive business in Russia in agreement with the European Central Bank. The bank has been under pressure from authorities on both sides of the Atlantic to reduce its footprint in the country following the war with Ukraine. “RBI will drastically reduce […]
Renasant to buy First Bancshares in latest US regional bank consolidation
Regional lender Renasant Corp (RNST.N), opens new tab has agreed to buy smaller rival The First Bancshares (FBMS.N), opens new tab in an all-stock deal valued at $1.2 billion, the Mississippi-based banks said on Monday. The deal will create a combined six-state Southeastern regional lender with about $25 billion in total assets and underscores the growing consolidation in the […]
