International banking

Canadian Imperial Bank of Commerce benefited from growth in its domestic retail business even as it set aside more money than analysts expected for potentially sour loans.  

The decision means the six largest Canadian banks will enter 2024 with the requirement to hold Common Equity Tier 1 capital of at least 11.5% of risk-weighted assets.

The Toronto-based company is now forecasting more than $800 million USD in annual cost savings as a result of its Bank of the West acquisition in February. That's up nearly 20% from an earlier projection.

Sumitomo Mitsui Financial Group's Chief Executive Officer Jun Ohta, who pursued an aggressive expansion abroad during his four years at the helm of Japan's second-largest bank, has died. He was 65. 

The Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly loss in almost six years, as costs to absorb Credit Suisse came in at $2 billion. However, client inflows in its wealth management business — which included $3 billion of that was at Credit Suisse's wealth arm — exceeded expectations.

The deal, first announced in September 2022, would have given Taichung Commercial Bancorp a foothold in several U.S. markets.

As part of the changes, the Spanish bank is combining individual countries' retail and commercial banking businesses under a new global unit, which will be headed by Daniel Barriuso, and creating a new digital consumer bank area that will be led by Jose Luis de Mora.

Protesters gathered outside the New York bank's headquarters last week, demanding restitution for what they allege was mismanagement. The bank did not give ground in its response to the demonstration.

JPMorgan Chase and Citigroup are funneling more investment into China, even as relations between the countries sour and Washington bans U.S tech investments that could bolster its rival's military capabilities.

Spring Development Bank aims to use blockchain technology to support funding for the expelled leaders and provide financial services to the civil war-torn population.