International banking

The Canadian bank received approval from the Federal Reserve to increase its ownership stake in KeyCorp to up to 14.9%. The investment is expected to close by the end of this month.

The Canadian bank fell short of analysts' expectations on non-interest income partly because of a higher-than-anticipated tax rate. Scotiabank's results also included a one-time impairment charge related to its investment in Bank of Xi'an Co. in China.

The inquiry by securities regulators came in response to reporting that bank employees pushed products in ways that misled customers as they sought to meet their sales targets.

Canada's banking regulator is beefing up its rules on corporate culture, saying that it expects executives and boards to be accountable.

The license would make it easier for the Swiss bank to make loans and take deposits across the United States.

The sweeping enforcement actions will be a watershed event for TD Bank's U.S. subsidiary, which had previously been a promising growth engine.

Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.

In "Money and Promises," Paolo Zannoni, the historian, banker and executive deputy chairman of Prada, tells the tale of instances in which banks teamed up with governments to create financial instruments. Early bank innovations transformed debt into bank money, allowing cities and nations to thrive.

Canadian Imperial Bank of Commerce and Royal Bank of Canada both set aside much less money than expected last quarter to cover loan losses.

The third-largest Canadian bank's proposed minority stake in KeyCorp is an unconventional way to generate more U.S. revenue. Analysts say it's a less risky approach than buying an American bank outright.

The Toronto-based bank also expects a "global resolution" of investigations by U.S. authorities to be finalized by the end of the year.

The Spanish bank recorded its best efficiency ratio in 15 years, Chairwoman Ana Botin said in its quarterly earnings statement.

Banco Bilbao Vizcaya Argentaria SA took its offer for Banco de Sabadell SA directly to shareholders, a rare hostile move that the Spanish government said it opposed on concerns over job cuts and reduced competition. 

Noel Quinn is leaving after four years in the role. It's the third time in six years that HSBC has had to look for a new chief executive.

The company has long been criticized for its lagging financial performance and its complexity. CEO Jane Fraser is pushing through Citigroup's most recent transformation plan, but will she succeed where her predecessors have failed?

U.S. financial markets are stronger and more resilient because of the contributions of international banks. But many aspects of the U.S. Basel III endgame proposal threaten to tilt the playing field against them.

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.