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Corporate Finance Balance Sheets

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  • July 16- Citigroup Inc, the third biggest U.S. bank by assets, reported its highest quarterly profit since the financial crisis as Chief Executive Michael Corbat's restructuring and cost-cutting efforts paid off and the bank's legal expenses plunged. Under Corbat, who replaced Vikram Pandit as CEO in 2012, Citi has been selling retail operations in several...

  • LONDON, July 8- British finance minister George Osborne said on Wednesday he would reduce a bank levy charged on the assets of financial institutions and replace with it with a surcharge on bank profits. Europe's biggest bank, HSBC, has said the levy will be a factor in whether it decides to keep its headquarters in Britain. Britain's stock market index of banking...

  • ZURICH/ BRUSSELS, July 1- Credit Suisse's new chief executive told staff in a memo on Wednesday the Swiss bank needed a strong balance sheet to help it through rough times and the discipline to decide where it wanted to invest. Tidjane Thiam, 52, started work as CEO of Credit Suisse on Wednesday and investors are optimistic he can bring about a major change of...

  • June 25- Oil and natural gas producer Magnum Hunter Resources Corp said it expected to raise $600- $700 million by selling its 45.53 percent stake in its natural gas gathering subsidiary, Eureka Hunter Holdings. Magnum Hunter had $13.7 million in cash and cash equivalents and total debt of $951 million as of March 31, according to Thomson Reuters data.

  • Magnum Hunter looking to divest stake in pipeline unit Thursday, 25 Jun 2015 | 6:40 AM ET

    June 25- Oil and natural gas producer Magnum Hunter Resources Corp said it expected to raise $600- $700 million by selling its 45.53 percent stake in its natural gas gathering subsidiary, Eureka Hunter Holdings. The potential deal would allow Magnum Hunter to restructure its balance sheet and improve its current liquidity position, the company said.

  • FRANKFURT, June 22- Greek banks have been heavily dependant on "Emergency Liquidity Assistance" since being cut off from standard European Central Bank funding options in early February. Any changes to the limits of ELA require a two-thirds majority in the ECB's 25- member Governing Council. The Governing Council approves maximum ELA amounts for each...

  • LONDON, June 10- HSBC's investment bank could shed more than a fifth of its clients and plans to reduce its credit and interest rates businesses by $100 billion over the next two years in its bid to improve profitability. Under a strategic shift announced on Tuesday, HSBC said it will reduce the assets at its investment bank by a third, or $140 billion, which will...

  • *Half job cuts to come from sale of Brazil, Turkey businesses. HONG KONG/ LONDON, June 9- HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. HSBC will cut its assets by a quarter, or $290 billion on a risk adjusted basis, by...

  • *Half job cuts to come from sale of Brazil, Turkey businesses. HONG KONG/ LONDON, June 9- HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. It will cut its assets by a quarter, or $290 billion on a risk adjusted basis by 2017,...

  • *Half job cuts to come from sale of Brazil, Turkey businesses. HONG KONG/ LONDON, June 9- HSBC will shed almost 50,000 jobs and take an axe to its investment bank, cutting the assets of Europe's biggest lender by a quarter in a bid to simplify and improve its sluggish performance. The cuts will leave HSBC with about 208,000 full-time equivalent staff by 2017, down from...

  • *HSBC to cut risk weighted assets by $290 bln. HONG KONG, June 9- HSBC will cut almost 50,000 jobs from its payroll, take an axe to its investment bank and shrink its risk weighted assets by $290 billion in an effort to improve its sluggish performance, Europe's biggest bank said on Tuesday. However the cuts, to be completed by 2017, will be followed by some hiring in...

  • *HSBC to cut risk weighted assets by $290 bln. *HSBC targets growth in Asia insurance, Guangdong province. HONG KONG, June 9- HSBC will take an axe to its investment bank and seek to cut up to $5 billion in costs in an effort to improve its sluggish performance, Europe's biggest bank said on Tuesday.

  • SHANGHAI, June 9- China's consumer inflation eased while producer prices stayed stubbornly in deflation in May, bolstering the case for fiscal stimulus as the world's second-largest economy shrugs off monetary easing. "We are basically in the midst of a balance sheet recession with Chinese characteristics," said Andrew Polk, economist at the Conference Board...

  • Iceland to ease capital controls imposed since crash Monday, 8 Jun 2015 | 11:59 AM ET
    Reykjavik downtown, Iceland

    Iceland is to introduce a 39 percent exit tax on assets from its failed banks, as part of moves to lift capital controls.

  • LONDON, June 1- Standard Chartered's incoming Chief Executive Bill Winters is expected to raise capital and cut the bank's dividend later this year, potentially forced to act by a tough stress test of its Asian loans, investors and analysts said. Few believe the ex- JPMorgan rainmaker will miss the chance to bolster the balance sheet during his honeymoon at the...

  • WASHINGTON, May 29- Alpha Natural Resources Inc no longer qualifies for a government program that subsidizes a share of mine cleanup insurance, requiring the coal company to find another way to cover roughly $400 million in liabilities, Wyoming officials said on Friday. "At the end of the day, the rules for self bonding are very clear," said Keith Guille, a spokesman...

  • *ECB balance sheet to expand to 3.3 trillion euros by Sept 2016. May 28- The European Central Bank will be able to meet its balance sheet expansion target and shut the asset purchase programme as planned in September 2016, a Reuters poll of economists showed on Thursday. The poll of 75 economists, taken this week, showed the ECB's total balance sheet would increase to...

  • SNB's Danthine says aware of negative rates risks Tuesday, 19 May 2015 | 12:02 PM ET

    GENEVA, May 19- The Swiss National Bank is aware of the risks posed by negative interest rates, which it has used to tame a surge in the Swiss franc, SNB vice-chairman Jean-Pierre Danthine said on Tuesday. According to an advance text of a speech in Geneva, Danthine also said the SNB could expand its balance sheet again if needed. Switzerland's central bank shocked...

  • *Non-core businesses, power stations could be sold. *Eskom has $17 bln funding gap till 2018. JOHANNESBURG, May 13- South Africa is considering either partially privatising state-owned utility Eskom or putting up some of its assets for sale in order to secure funding for the power producer and resolve an energy crisis, the Treasury said on Wednesday.

  • *Officials suggest no rush to trim $4.5 trln balance sheet. *As much as $500 bln in mortgage, Treasury bonds expire in 2016. NEW YORK/ SAN FRANCISCO, May 7- The Federal Reserve is sketching out plans to prevent an abrupt contraction in its massive balance sheet next year, when as much as $500 billion in bonds expire and risk disrupting markets and the U.S. economic...