St James’s Place hires UBS executive as CFO
British wealth manager St James’s Place (SJP.L), said on Thursday it had hired UBS (UBSG.S), executive Caroline Waddington to be its chief financial officer, succeeding Craig Gentle who plans to retire. Waddington was previously chief financial officer of UBS’s Credit Suisse entities in Britain, following the takeover of the stricken Swiss bank by its rival. She will join […]
Singapore’s top bank DBS eyes $370 bln in wealth assets by 2026, top exec says
DBS Group (DBSM.SI), opens new tab plans to boost assets under management for its wealth business to S$500 billion ($369.7 billion) by the end of 2026, said the unit’s head, as the top Singaporean bank bets on robust inflows into the city state. Wealth assets at DBS grew 23% to a record S$365 billion last year, as […]
Morning Bid: Buoyant US eyes French angst, China home woes
Wall Street stocks and bonds remained relatively buoyant after last week’s action-packed macro week with world markets drawn more to French political uncertainty and the deepening Chinese home price bust. With trouble brewing overseas, Wall Street stock futures held the line close to last week’s new records on Monday as Goldman Sachs raised its 2024 year-end S&P500 (.SPX), opens new tab target to […]
BBVA vows to stand by Sabadell’s small business customers
Spain’s BBVA sought on Monday to ease concerns about its 12.28 billion euro ($13.15 billion) bid for smaller rival Sabadell by saying it would continue Sabadell’s lending arrangements with its small and medium-sized business clients for at least a year. The bid, which is opposed by the Spanish government, was rejected by Sabadell’s board, prompting BBVA to […]
ECB’s Lane confident of hitting inflation goal despite noisy data
The European Central Bank is confident that inflation will fall back to its 2% target next year despite some “noisy” inflation along the way, the ECB’s chief economist Philip Lane said on Monday. “There’s a lot, a fair amount of confidence about the destination in the second half of next year,” Lane told Reuters. “So […]
Deutsche Bank buys $1.8 billion aviation loan portfolio from NordLB
Germany’s Deutsche Bank (DBKGn.DE), is buying a 1.67 billion euro ($1.79 billion) aviation loan portfolio from lender NordLB for an undisclosed price, the banks announced on Monday. Germany’s largest lender won a bidding process for the loans, beating out a number of domestic and international parties, NordLB said. Deutsche said the loans are to a range […]
UBS sets aside $900 mln to repay investors in collapsed Greensill funds
UBS (UBSG.S), will set aside around $900 million to repay investors in Credit Suisse funds that were linked to collapsed supply chain financing firm Greensill Capital, accounting for 90% of what they are owed, UBS said on Monday. The bank has been seeking to resolve issues it inherited when it acquired Credit Suisse last year after […]
Goldman Sachs raises S&P 500 year-end target to 5,600
Goldman Sachs has raised its 2024 year-end target for the S&P 500 Index (.SPX), to 5,600 from 5,200, citing strong earnings growth by five mega-cap U.S. tech stocks and a higher fair value price-to-earnings ratio multiple. Microsoft (MSFT.O), Nvidia (NVDA.O), Google (GOOGL.O), Amazon.com (AMZN.O), and Meta Platforms (META.O), have collectively surged by 45% and now comprise 25% of the S&P 500 equity […]
Revolut picks new Canary Wharf HQ as it expands headcount
Britain’s Revolut is to become the first tenant in a newly refurbished building in London’s Canary Wharf financial district, taking on 40% more floorspace for its new headquarters as the fintech firm accelerates hiring. Bankers arriving in Canary Wharf will soon be greeted by giant “Revolut” logos on top of the “YY London” building. Mock-up […]
Germany’s Flix eyes stake sale in IPO rethink, sources say
BERLIN/FRANKFURT, June 13 (Reuters) – German bus and train services company Flix is seeking alternatives to a stock market listing and is in talks with investors including private equity firm EQT (EQTAB.ST),on a potential stake sale, two people close to the matter said. Talks are at an early stage, the sources said. Business newspaper Handelsblatt, which […]