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New York
February 27, 2021

Banks (TRBC level 4)

Citigroup revises earnings lower after losing Revlon case

Reuters
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren (Reuters) – Citigroup Inc said on Friday it recorded an additional $390 million in operating expenses in the 2020 fourth quarter after a U.S. federal......

China’s factory activity growth likely moderated during Feb holiday lull: Reuters poll

Reuters
BEIJING (Reuters) – China’s factory activity likely grew at a slightly slower rate in February as factories closed for the Lunar New Year holiday, a Reuters poll showed, although growth is expected to remain firm, buoyed by an early resumption of production. FILE PHOTO: A worker wearing a face mask......

Euro zone corporate lending growth slows as monthly flows dry up

Reuters
FILE PHOTO: A woman walks past the European Central Bank (ECB) headquarter as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown and a demand by the German government for more home office possibilities in Frankfurt, Germany, January 28, 2021. REUTERS/Kai Pfaffenbach FRANKFURT (Reuters) – Lending to......

UK will resist EU pressure on banks over clearing: BoE’s Bailey

Reuters
FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O’Connor/Pool via REUTERS/File Photo LONDON (Reuters) – Britain will resist “very firmly” any European Union attempts to arm-twist banks into shifting trillions......

Deutsche Bank upgrades U.S. GDP forecast on stimulus push

Reuters
FILE PHOTO: A shopper is seen wearing a mask while shopping at a Walmart store in Bradford, Pennsylvania, U.S. July 20, 2020. REUTERS/Brendan McDermid/File Photo (Reuters) – Deutsche Bank economists have upgraded their 2021/2022 forecasts for U.S. GDP growth on expectations of a bigger stimulus package in the world’s largest......

FOREX-Dollar pummelled, Aussie soars as reflation trades grip FX markets

Reuters
* Graphic: World FX rates tmsnrt.rs/2RBWI5E LONDON, Feb 24 (Reuters) – The dollar remained at multi-year lows against the Antipodean currencies and held near a one-month low versus the euro as reflation trades gripped the currency markets on Wednesday. Federal Reserve Chair Jerome Powell reiterated on Tuesday that U.S. interest......

Bank of Nova Scotia beats quarterly profit estimates

Reuters
FILE PHOTO: The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie TORONTO (Reuters) – Bank of Nova Scotia beat analyst estimates for first-quarter profit on Tuesday, as it set aside lower-than-expected funds for loan loss provisions and......

HSBC’s annual profit falls 34% as COVID-19 takes toll

Reuters
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday reported 34% drop in annual profit, slightly better than expectations, after a year in which its global business......

HSBC lowers ambitions on dividends, returns after pandemic-induced annual profit fall

Reuters
By Alun John, Lawrence White HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply. FILE PHOTO: HSBC logo is seen on a branch......

Breakingviews – Capital Calls: Bank mergers

Reuters
A man is reflected as he walks past the widow of an M&T Bank branch in New York August 27, 2012. REUTERS/Brendan McDermid NEW YORK (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era. ————————————————- PEOPLE’S POWER. Mergers between U.S. banks are needed but not always lauded......

Canadian banks set for earnings decline but investors optimistic about recovery

Reuters
TORONTO (Reuters) – Canadian banks are set to post their fourth straight year-on-year quarterly profit drop when they report results next week, the longest decline streak since the financial crisis, on margin compression and declining commercial lending, but flattening loan loss provisions signal a turning point, investors said. Banks’ profit......

Sudan devalues currency to meet key condition for debt relief

Reuters
KHARTOUM (Reuters) – Sudan’s central bank sharply devalued the currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. The change is a key reform demanded by foreign donors and the International Monetary......

China regulator finalizes guidelines on banks’ internet loan businesses

Reuters
FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. Picture taken February 14, 2019. REUTERS/Stringer SHANGHAI (Reuters) – China’s bank regulator on Saturday tightened requirements on the internet loan business of commercial banks, amid heightened......

Breakingviews – Capital Calls: Bill Ackman’s SPAC surges

Reuters
U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration New York (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era. ————————————————- SO MUCH CONFIDENCE. SPAC investors are betting on Bill Ackman, then betting on him......

COVID response drives $24 trillion surge in global debt: IIF

Reuters
LONDON (Reuters) – The COVID pandemic has added $24 trillion to the global debt mountain over the last year a new study has shown, leaving it at a record $281 trillion and the worldwide debt-to-GDP ratio at over 355%. FILE PHOTO: Buildings are seen in the Canary Wharf business district,......

Italian PM Draghi vows major reforms, demands unity ahead of Senate vote

Reuters
By Crispian Balmer, Gavin Jones ROME (Reuters) – Prime Minister Mario Draghi on Wednesday promised sweeping reforms to help rebuild Italy following the coronavirus pandemic, as he set out his priorities ahead of a mandatory confidence vote in his government. FILE PHOTO: Newly installed Italian Prime Minister Mario Draghi arrives......

Breakingviews – Capital Calls: Treasury Wine serves reorg aperitif

Reuters
Bottles of Penfolds wine are on sale at a wine shop in central Sydney August 4, 2014. REUTERS/David Gray MELBOURNE (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era. ————————————————- GLASS HALF FULL. Treasury Wine Estates boss Tim Ford could use a drink. The $5.7 billion maker......

Brazil’s overwhelmed healthcare system spawns bonanza for dealmakers

Reuters
By Carolina Mandl, Tatiana Bautzer SAO PAULO (Reuters) – Brazil’s public health system has been pushed to the breaking point by one of the world’s deadliest coronavirus outbreaks, but its private healthcare sector is experiencing an unlikely dealmaking boom. FILE PHOTO: Gloria D’or Hospital, which is part of Rede D’Or......

Breakingviews – Capital Calls: Bubble alert

Reuters
A representation of virtual currency Bitcoin and U.S. One Dollar banknote are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic NEW YORK (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era. ————————————————- FIFTY THOUSAND REASONS. The price of bitcoin......

Breakingviews – Capital Calls: No Brexit dividend for banks

Reuters
Buildings are seen in Canary Wharf business district, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain October 20, 2020. LONDON (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era. ————————————————- SINGAPORE-ON-SEINE. Brexit-supporting City figures hoping for a regulatory bonfire seem likely to be disappointed.......

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