John Shrewsberry, Wells Fargo CFO, discusses the housing purchase market and how it impacts its mortgages business.» Read More
*Portugal's PSI rises 1.7 pct, boosted by BCP, BES. *Hugo Boss falls after share placement. LONDON, May 28- Portuguese shares outperformed mostly flat European equities on Wednesday, bolstered by reassuring signs from the country's largest listed banks.
*Ethiopia says private sector too weak for competition. ADDIS ABABA, May 28- Ethiopia may delay plans to join the World Trade Organisation in 2015 if the country is required to liberalise its tightly regulated telecoms and banking industries sooner than it would like, the trade minister said.
*RBI to hold repo rate at 8.00 pct at June 3 meeting. BANGALORE, May 28- The Reserve Bank of India is likely to keep monetary policy steady in June despite sluggish economic activity as inflation remains elevated, a Reuters poll showed on Wednesday.
In April, the New York Times reported that State Department lawyers favored supporting Jordan- based Arab Bank in the case in part because Jordan is a U.S. ally, but that the Justice Department and Treasury Department were inclined to avoid taking sides.
Royal Bank of Scotland will scale back business and cut hundreds of jobs in response to Federal Reserve regulations. The FT reports.
In April, The New York Times reported that State Department lawyers favored supporting Jordan- based Arab Bank in the case in part because Jordan is a U.S. ally, but that the Justice Department and Treasury Department were inclined to avoid taking sides.
So far, Citigroup's second-quarter trading revenue has dropped 20 percent to 25 percent, said John Gerspach, the bank's chief financial officer
May 27- China is pressuring its banks to remove high-end servers made by IBM and replace them with a local brand, Bloomberg reported on Tuesday, as tensions rise between Beijing and Washington over allegations of cyber espionage.
FRANKFURT, May 27- The European Central Bank will spend 300 million euros this year and next in building an elite group to monitor top banks, with the lion's share spent on generous pay for many of its staff.
Bank of America is resubmitting its capital plan to the Federal Reserve, a month after it discovered errors in its initial report and was forced to suspend a bigger dividend payout and a stock buyback.
Kevin Holt, Invesco Comstock Fund, explains why he is finding value in big bank stocks and energy.
MOSCOW, May 27- Russia's second-largest bank, VTB, laid bare the economic damage being inflicted by the Ukraine crisis, missing forecasts with a 98- percent plunge in first-quarter net profit as it set aside more money to cover potential bad loans.
LONDON, May 27- Lloyds Banking Group expects to float about 25 percent of its TSB business on the London Stock Exchange next month, it said on Tuesday, kicking off a process regulators hope will create a vibrant challenger to Britain's dominant high-street lenders.
LONDON, May 27- Progress in completing banking reforms to plug gaps highlighted by the 2007-09 financial crisis is too slow and is being hampered by fierce industry lobbying, the International Monetary Fund said on Tuesday.
HONG KONG, May 27- The index for Hong Kong listings of China companies on Tuesday had its biggest loss since May 9, pulled down by weaker Chinese bank stocks. The Hang Seng Index closed down 0.1 percent at 22,944.30 points.
MOSCOW, May 27- Russia's second largest bank VTB reported a 98 percent fall in net profit in the first quarter, far below analysts' forecasts, due to higher loan loss provisions following a deterioration in the Ukrainian and Russian economies.
LONDON, May 27- Lloyds Banking Group expects to float about 25 percent of its TSB business on the London Stock Exchange next month, with the remainder to be sold before the end of 2015, the bank said on Tuesday.
May 27- In an escalation of China's dispute with the U.S. over spying claims, the Chinese government is pushing domestic banks to remove high-end servers made by International Business Machines Corp and replace them with a local brand, Bloomberg reported, citing people familiar with the matter.
The Bank of Japan has begun shifting its focus from supporting growth to ways of phasing out its massive stimulus.
TOKYO, May 27- The Bank of Japan has begun shifting its focus from supporting growth to ways of phasing out its massive stimulus, taking first tentative steps towards a potentially momentous move for the world economy.
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