Aaron P | Bauer-Griffin | GC Images | Getty Images LONDON — Europe’s largest lender HSBC on Wednesday declared a share buyback program of up to $3 billion, as pretax profit for the first half of the year beat expectations on the back of a high-interest rate environment. The bank posted pretax profit in the...
Tag: Central Banking
German central bank losses soar, wiping out risk provisions
Joachim Nagel, president of Deutsche Bundesbank, during the central bank’s “Annual Report 2023” news conference in Frankfurt, Germany, on Friday, Feb. 23, 2024. Bloomberg | Bloomberg | Getty Images Losses incurred by the German central bank rocketed into the tens of billions in 2023 due to higher interest rates, requiring it to draw on the...
Next global financial crisis is not ahead: UBS U.S. chief economist
Despite indicators like U.S. credit card debt pointing toward financial and economic pressures, another global financial crash is not imminent, UBS chief U.S. economist Jonathan Pingle believes. U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. This...
Carlyle’s Harvey Schwartz: ‘Incredible alpha opportunities’ ahead
Several of Wall Street’s biggest names convened in Riyadh, Saudi Arabia, for the kingdom’s annual Future Investment Initiative, during which they weighed in on risks and opportunities for investors and the global economy. Bankers speaking on panel discussions notably stressed headwinds — particularly in the short term — from multiple wars, an economic slowdown and...