French bank chief ‘more worried about sector now than in 2009’

The chairman of France’s second-biggest retail bank is more worried about Europe’s banking sector now, in some ways, than when he took the reins at BPCE bank during the depths of the global financial crisis in 2009. Francois Perol said on the sidelines of an economic conference in Italy on Saturday that negative interest rates in the euro zone were ... Read More »

‘No end in sight’ for global economic misery, warns World Bank

The global growth slowdown has no end in sight as policymakers drag their heels on reforms and a “robot revolution” threatens living standards, the World Bank’s chief economist has warned. Ahead of the International Monetary Fund and World Bank Spring meetings this week, Kaushik Basu said he expected the global economy to expand by just 2.5pc this year. Annual world ... Read More »

Goldman Sachs pays CEO Blankfein $22.6 million for 2015

Goldman Sachs Group Inc (GS.N) paid Chief Executive Lloyd Blankfein $22.6 million for 2015, according to a regulatory filing on Friday, marking his first pay decline in four years. Blankfein received $24 million for 2014. On top of his salary and other awards, Blankfein is eligible to receive a total of $7 million based on the bank’s performance over the ... Read More »

European Investment Bank to open regional office in Delhi by year-end

The European Investment Bank or EIB that supports long term investments for development projects in India will open a regional office for South Asia here by the end of the year to augment its operations in the sub-continent. Last week Werner Hoyer, the president of the European Investment Bank, announced that the world’s largest multilateral public bank would strengthen engagement ... Read More »

The central bankers’ dilemma

CENTRAL banks have taken the brunt of supporting the global economy, ever since 2009, the last time that governments made any concerted attempt to indulge in a fiscal status. Low interest rates, quantitative easing, forward guidance and now negative rates have all been wheeled out. But life for a central banker is more difficult than it used to be; the ... Read More »

Goldman Sachs: Brexit would hit banks and homebuilders most

Possible slowdown in UK growth would hurt firms exposed to domestic economy while global businesses may go unscathed Construction companies feature prominently on the Goldman Sachs list of companies likely to be worst hit in the event of Britain voting to leave the EU. Photograph: Bloomberg/Getty Images Banks, builders, property firms and home improvement businesses would be the worst-hit UK ... Read More »

Australians paying half a billion dollars a year in ‘unnecessary’ ATM fees

About 40% of transactions done at third-party machines, costing $548m in avoidable charges The total amount spent on ATM fees has fallen as Australians have moved towards electronic payments. Photograph: Bloomberg via Getty Images Australian Associated Press Australians are still forking out half a billion dollars a year in ATM fees they don’t need to be paying. Instead of withdrawing ... Read More »

Royal Bank of Scotland pays back £1.2bn to the Treasury

Edinburgh-based bank makes payment to government under scheme agreed in 2009 George Osborne is hoping to generate £25bn of revenue from the sale of RBS shares in this parliament. Photograph: John Keeble/Getty Images Royal Bank of Scotland is paying £1.2bn to the Treasury to buy out a crucial part of its £45bn bailout in a step towards returning the bank ... Read More »

Major UK banks sign charter pledging to tackle gender gap

HSBC, Barclays, RBS and Lloyds among financial companies vowing to increase efforts to get more women into senior roles The charter contains voluntary proposals to improve companies’ gender balance. Photograph: Ryanstock/Taxi/Getty Several major UK banks including HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group along with the Lloyd’s of London insurance market have signed up to a new ... Read More »

ANZ’s bad loans to miners are just ‘tip of the iceberg’, analysts say

Bank says writedowns have risen $100m to $900m in a month thanks to commodity prices but analysts point to a crisis for coal industry ANZ increased its projected costs associated with lending to the mining and resources industries from $800m to $900m. Photograph: Greg Wood/AFP/Getty Images An announcement today that ANZ is absorbing a bigger than expected loss as a ... Read More »