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February 22, 2020
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Financials (TRBC)

Reuters - Business

RBC to launch U.S. consumer bank betting on wealthy clients

Reuters
(Reuters) – Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit that beat expectations. The Royal Bank of Canada......
Reuters - Business

In next downturn, Fed may opt for quick, strong action

Reuters
NEW YORK/SAN FRANCISCO (Reuters) – In the next economic downturn, the Federal Reserve and other central banks may need to roll out their big guns sooner and use them more aggressively, or risk getting mired in growth-sapping deflation or worse. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at......
Reuters - Business

UniCredit may make announcement later on Friday on CEO Mustier’s future: sources

Reuters
FILE PHOTO: Unicredit bank CEO Jean Pierre Mustier poses during the shareholders meeting in Rome, Italy, January 12, 2017. REUTERS/Remo Casilli/File Photo MILAN (Reuters) – Italy’s biggest bank UniCredit (CRDI.MI) may make an announcement as early as Friday night on the future of boss Jean Pierre Mustier, two sources familiar......
Reuters - Business

WeWork names COO in first major appointment under new CEO

Reuters
FILE PHOTO: A sign is seen above the entrance to the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019. REUTERS/Mike Segar/File Photo (Reuters) – Office-sharing startup WeWork on Thursday named Shyam Gidumal, a former Ernst & Young executive, as its new chief operating officer in the first......
Reuters - Business

Shares of HNA affiliates rally after report of China bailout plan

Reuters
BEIJING/SHANGHAI (Reuters) – Shares in affiliates of HNA Group surged on Thursday following a news report that China plans to take over the debt-laden conglomerate as the coronavirus outbreak has further hit its ability to meet financial obligations. FILE PHOTO: The HNA Group logo is seen on the gate of......
Reuters - Business

French judges step up Ghosn probe over palace party, Oman dealings

Reuters
PARIS (Reuters) – French prosecutors have stepped up their investigation into alleged misappropriation of funds at Renault (RENA.PA) by former boss Carlos Ghosn, saying a judge had now been assigned to the case to launch a formal investigation. FILE PHOTO: Former Nissan chairman Carlos Ghosn gestures during a news conference......
Reuters - Business

HSBC to slash investment bank, 35,000 jobs in strategy overhaul

Reuters
HONG KONG/LONDON (Reuters) – HSBC Holdings PLC (HSBA.L) said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years. The bank, which has struggled to keep pace......
Reuters - Business

French finance minister warns Renault against job cuts, factory closures

Reuters
FILE PHOTO: French Finance Minister Bruno Le Maire reacts after his New Year address to France’s economic officials and the media at the Bercy Finance Ministry in Paris, France, January 7, 2020. REUTERS/Charles Platiau/File Photo BRUSSELS (Reuters) – French Finance Minister Bruno Le Maire warned Renault (RENA.PA) on Tuesday against......
Reuters - Business

NMC Health founder Shetty resigns as turmoil deepens

Reuters
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar/File Photo (Reuters) – NMC Health (NMC.L) said on Monday its founder BR Shetty had resigned as the Emirati healthcare group’s joint non-executive chairman, leaving UK businessman H.J. Mark Tompkins as sole......
Reuters - Business

Timeline: NMC Health’s expansion and ailments

Reuters
NMC Health said on Monday its founder BR Shetty had resigned as joint non-executive chairman, months after the UAE healthcare group was thrown into turmoil by doubts over its finances. Source – For more click here...
Reuters - Business

Clock’s ticking for Nissan boss Uchida to show he has a plan: sources

Reuters
TOKYO (Reuters) – Nissan’s new CEO Makoto Uchida doesn’t have time to work his way into the job. He is effectively on probation and has a matter of months to show he can revive the ailing automaker, according to three people familiar with the thinking of some on the company’s......
Reuters - Business

New UK business minister urged to move fast on audit reform

Reuters
LONDON (Reuters) – Britain’s new business minister Alok Sharma was urged on Friday to come forward as soon as possible with a draft law to create a more powerful accounting watchdog. Britain’s Secretary of State for Business, Energy and Industrial Strategy Alok Sharma is seen outside Downing Street in London,......
Reuters - Business

U.S. lawmaker calls for ouster of CalPERS CIO over China ties: letter

Reuters
WASHINGTON (Reuters) – A U.S. Republican lawmaker on Wednesday urged California to fire the chief investment officer of its public pension fund, the nation’s largest, citing what he called the CIO’s “long and cozy” relationship with Beijing, and assailed the fund’s investments in Chinese companies. FILE PHOTO: A sign at......
Reuters - Business

Softbank’s Vision Fund 2 stalls as key backers opt out

Reuters
DUBAI/RIYADH (Reuters) – Big investors who are critical to SoftBank Group’s plans for a second massive technology investment fund are refusing to take part unless the first $100 billion Vision Fund can turn around its performance, sources familiar with the talks told Reuters. SoftBank chairman Masayoshi Son on Wednesday acknowledged......
Reuters - Business

Shareholder activists test JPMorgan’s Dimon on climate proposals

Reuters
BOSTON/NEW YORK (Reuters) – Shareholder activists focused on climate issues vowed to press proxy battles with JPMorgan Chase & Co (JPM.N) after getting a cold reception from the top Wall Street bank, even though Chief Executive Jamie Dimon has vowed to protect the environment. FILE PHOTO: Jamie Dimon, chairman &......
Reuters - Business

Nissan seeks $91 million in damages from Ghosn over alleged financial misconduct

Reuters
TOKYO (Reuters) – Nissan Motor Co (7201.T) on Wednesday said it had filed a civil lawsuit in Japan against former Chairman Carlos Ghosn seeking 10 billion yen ($91.02 million) in damages over his alleged financial misconduct. Ghosn had been facing criminal charges in Japan for understating his annual salary and......
Reuters - Business

Souring energy loans wipe out ABN Amro’s profit growth

Reuters
AMSTERDAM (Reuters) – Souring energy loans eroded ABN Amro’s (ABNd.AS) fourth quarter profit growth, it said on Wednesday, prompting the Dutch bank to launch another review of its trade and commodity finance operations. FILE PHOTO: ABN AMRO logo is seen at the headquarters in Amsterdam, Netherlands May 14, 2019. REUTERS/Piroschka......
Reuters - Business

Wells Fargo CEO Scharf shakes up management at scandal-hit bank

Reuters
(Reuters) – Wells Fargo & Co (WFC.N) Chief Executive Charles Scharf announced his first major reshuffle on Tuesday, promoting several executives to new roles while also tapping a JPMorgan veteran to head consumer lending. A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike......
Reuters - Business

Japan’s MUFG, Mizuho in London rehiring spree despite Brexit

Reuters
LONDON (Reuters) – Japan’s MUFG (8306.T) and Mizuho (8411.T) have hired a total of nearly 100 staff in London in the last 6 months, bolstering their trading and investment banking teams despite industry concerns over Brexit’s impact on financial services in Britain. FILE PHOTO: The full moon is seen rising......
Reuters - Business

Austria’s AMS aims for domination agreement with Osram

Reuters
FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated at the company’s headquarters in Munich, Germany, September 16, 2019. REUTERS/Andreas Gebert/File Photo VIENNA (Reuters) – Austrian sensor specialist AMS (AMS.S) (AMS.VI) made clear on Monday that it aims to secure a so-called domination agreement with Osram (OSRn.DE) to......

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