International banking

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. 

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.

Banks are bracing for tougher requirements on operating subsidiaries in the U.K. as regulators debate how to best protect against financial contagion from failures abroad.

Aite-Novarica, RBR rebrand as 'Datos Insights'; Singapore fines DBS, Citi for breaches in Wirecard scandal; the top-ranked employers for working fathers on Wall Street and more in this week's banking news roundup.

The oil-rich emirate has explored a string of ambitious acquisitions in the international banking sector. None have panned out so far. 

Hafize Gaye Erkan becomes Turkey's first female central bank governor and faces the unique challenge of working for a president who believes that cheaper money leads to slower inflation.

JPMorgan Chase CEO Jamie Dimon says his company remains committed to doing business in the Communist Party-ruled nation as political tensions grow.

The Chinese government has forced banks to deny Chinese emigrants access to their retirement savings. What Beijing will demand next is anybody's guess.

First Horizon commits part of TD breakup fee to local communities, Southern Security poised for huge membership growth, Marqeta faces layoffs and more in this week's banking news roundup.