Andrea Orcel, chief executive officer of Unicredit, in London, UK, on Thursday, Nov. 23, 2023. Bloomberg | Bloomberg | Getty Images Divided between two takeover courtships, UniCredit’s Andrea Orcel still has room to sweeten his bid for Italy’s Banco BPM, analysts say, while political turmoil stalls a deal with Germany’s Commerzbank. Once a key architect … Read more
American Airlines planes sit parked at LaGuardia Airport in New York City, Nov. 27, 2024. Shannon Stapleton | Reuters American Airlines has inked a long-awaited credit card deal with Citigroup, dropping its other partner, Barclays. The airline said Thursday that it expects payments it receives from its co-branded credit card and other partners to grow 10% a year. In the … Read more
A pedestrian walks by the entrance to Lombard Odier in Geneva, Switzerland. Bloomberg | Bloomberg | Getty Images Lombard Odier — one of Switzerland’s oldest private banks — was indicted by Swiss prosecutors for “aggravated money laundering.” In a release on Friday, the Office of the Attorney General of Switzerland (OAG) said it filed an … Read more
A Banco BPM SpA bank branch in Milan, Italy, on Friday, Nov. 15, 2024. Bloomberg | Bloomberg | Getty Images Italian lender Banco BPM on Tuesday said the unexpected takeover offer by domestic rival UniCredit does not reflect its profitability. The 10 billion-euro ($10.52 billion) bid presented by UniCredit on Monday was not previously agreed … Read more
He appeared to get support on Thursday from the influential Bank of France Governor François Villeroy de Galhau, who argued that “the balance of risks on growth and inflation is … shifting to the downside,” and that possible U.S. tariffs are unlikely to change the eurozone inflation outlook in particular. The ECB cut its benchmark … Read more
James Watt, the co-founder of BrewDog, shared a shocking story about how a small banking error nearly cost him £51.2 million (approximately $64.9 million USD). In a detailed LinkedIn post, Watt revealed the nerve-wracking events following a misstep during a significant financial transaction in 2017. His candid account serves as a stark reminder of the … Read more
View looking towards the Royal Exchange and in the City of London where the glass architecture of the tower 22 Bishopsgate disappears into mist on 6th November 2024 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images Britain’s motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in … Read more
The Trump administration “will continue to protect [its interests] at the risk of dismantling value chains between Europeans and Americans,” Macron warned, while urging Brussels to take action with a more aggressive trade policy of its own, building on the example of recent EU tariffs on Chinese electric vehicles. “Trump’s election is a moment of … Read more
By Sridhar Natarajan | Bloomberg Donald Trump’s return to the White House is already starting to tee up a deluge of bonuses in Wall Street’s corridors of power. At Goldman Sachs Group, the prospect that investment banks and buyout shops will again be among the top beneficiaries of Trump’s regulatory and tax agenda has sent … Read more
Jörg Kukies, state secretary in the chancellery, will replace Christian Lindner as German finance minister after the collapse of the ruling coalition on Wednesday night, public broadcaster ARD and several other German outlets reported Thursday morning. Kukies is seen as one of Chancellor Olaf Scholz’s closest advisors and is well known in Brussels after he served … Read more
