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JP Morgan revs up expansion for 10% plus market share

Business | Banking
2010-9-8

JP Morgan Chase Bank plans to hire 1,000 people globally this year to speed up its global corporate bank as the US bank is shedding its reliance on home market. The hiring spree includes bankers for global corporate...

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Loans for M&As climb on call to lend

Business | Banking
2010-9-8

LOANS for mergers and acquisitions in Shanghai rose to 10 billion yuan (US$1.5 billion) at the end of June because banks were encouraged to lend to help facilitate companies to integrate in order to boost economic...

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Barclays 'unacceptable face' to take over as CEO in 2011

Business | Banking
2010-9-8

ROBERT E. Diamond Jr, who built British bank Barclays PLC into a global powerhouse in investment banking and has been criticized for his lavish pay, will become chief executive next year, the company announced yesterday. ...

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New Appointment

Business | Banking
2010-9-8

HSBC Holdings Chairman Stephen K. Green will leave the bank to become Britain's minister of state for trade and investment, the company said yesterday. Green will retire from the bank later this year and take...

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Macquarie sees profit goal not met

Business | Banking
2010-9-7

AUSTRALIA'S top investment bank Macquarie Group Ltd warned investors it would miss profit forecasts after weak markets took a toll on its trading and advisory business, sending its shares to a 15-month low. Macquarie,...

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Ireland may keep open part of Anglo Irish Bank

Business | Banking
2010-9-7

KEEPING a part of Anglo Irish Bank open for business remains an option, the Ireland's finance ministry said yesterday, denying media reports that it has already decided to ask Brussels to wind it down gradually. ...

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Afghans continue pulling money from troubled bank

Business | Banking
2010-9-5

NERVOUS Afghans pulled more deposits out of the nation's largest bank despite assurances from government leaders that their money was safe. Crowds gathered yesterday at Kabul Bank branches around the capital to...

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Investors urged to think rural

Business | Banking
2010-9-3

CHINA is encouraging domestic and overseas investors to take over its poor-performing rural credit cooperatives. Domestic banks are allowed to buy out or hold 100 percent of such rural financing bodies while foreign...

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Citigroup plans to triple staff

Business | Banking
2010-9-2

CITIGROUP Inc plans to almost triple its work force in China by hiring up to 7,500 people in the next three years, an executive told Bloomberg News in an interview. Citigroup, which has 4,500 employees in China,...

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Banks Post Highest Quarterly Net Profit

Business | Banking
2010-9-1

THE United States banking industry posted its highest quarterly earnings in nearly three years, even as the number of troubled institutions grew by more than 50 in the second quarter. The Federal Deposit Insurance...

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Santander buys auto financing unit in US

Business | Banking
2010-9-1

BRITISH bank HSBC Holdings Plc said yesterday it has sold its last US auto finance businesses to Spain's Santander for about US$3.56 billion in cash, completing its exit from a market that cost it billions during...

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Boom fuels banks' H1 profit

Business | Banking
2010-8-31

FIRST-HALF net profit of 16 Chinese public lenders accounted for 46 percent of the total earned by 1,829 mainland-listed firms, reflecting a booming banking industry that benefited from sustained credit growth. But...

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AgBank to resume property lending

Business | Banking
2010-8-31

THE Agricultural Bank of China, the nation's third-largest lender by assets, will resume loans to property developers from tomorrow after it halted lending to the firms for slightly over a week. The bank suspended...

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Mainland banks benefit from 7.5 trillion lending target

Business | Banking
2010-8-30

FIRST-HALF net profit of 16 Chinese public lenders accounted for 46 percent of the total earned by 1,829 mainland-listed firms, reflecting a booming banking industry that benefited from sustained credit growth. But...

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ICBC sees challenges ahead

Business | Banking
2010-8-27

THE Industrial and Commercial Bank of China, the world's biggest bank by market cap, cited multiple factors as challenges in the second half of this year after posting a record quarterly profit on new lending and...