TOP NEWS IN GLOBAL FINANCIALS
* In line with its commitment to net-zero greenhouse gas emissions by 2050, including at its own operations by 2030, U.S.-based Citigroup Inc. is aiming to, among other things, reduce emissions from companies across its energy loan portfolio to 29% by 2030 from the 2020 baseline, the bank said in a report. "We will continue to assess our client relationships — a regular part of how we manage our business — and prioritize partnering on transition strategies before turning to client exits as a last resort," Citi CEO Jane Fraser said in the report.
* UniCredit SpA is in advanced discussions with an unnamed German financial institution to sell WealthCap Real Estate Management GmbH, which mainly invests in real estate, insiders told Bloomberg News. The potential deal could value the Italian lender's German subsidiary at as much as €150 million. The planned divestment is part of UniCredit's strategy to boost its capital efficiency.
* Australia's Fair Work Ombudsman is conducting an investigation relating to Westpac Banking Corp. after the lender disclosed it is reviewing pay-and-entitlements issues, The Australian reported, citing a spokesperson from the government agency. The probe is said to focus on issues including time sheets, incorrect loading and meal allowances.
➤ Plummeting CDs, borrowings unlikely to rise soon as banks remain flush with cash
Banks have reduced their reliance on certificates of deposits and borrowings to minuscule levels, and balances seem unlikely to rebound soon, despite the prospect of higher interest rates on the horizon.
➤ With rate hikes near, the Fed has a $9 trillion balance sheet problem
Federal Reserve officials are putting together plans to start reducing the central bank's record-breaking balance sheet years ahead of expectations, partly to offset Main Street impacts of pending rate hikes.
US & CANADA
* For the second time in seven months, U.S. banking group JPMorgan Chase & Co. is raising pay for junior bankers, increasing the salary for first-year investment banking analysts to $110,000 from $100,000, Bloomberg News reported, citing a person familiar with the matter. The bank is also reportedly lifting pay for second-year analysts to $125,000 and for third-year analysts to $135,000.
* BlackRock Inc. is looking to raise up to $3 billion in additional capital for its long-term private equity fund, which acquires stakes in private companies, Bloomberg News reported, citing a person familiar with the matter. The asset manager initially sought to raise as much as $12 billion for its Long Term Private Capital strategy.
Click here for more of the day's essential bank and financial services news in the U.S. and Canada.
LATIN AMERICA
* Brazilian financial technology firm Creditas Soluções Financeiras Ltda. is hoping to reach a valuation of between $7 billion and $10 billion for its IPO, Valor Econômico reported, citing unnamed sources. The IPO could reportedly be held sometime in the second quarter or in the second half of 2022.
* Brazil's antitrust regulator CADE approved a joint venture between XP Investimentos SA and Blue3 that will create a new securities brokerage firm, Valor Econômico reported. CADE also approved Banco Master SA's purchase of Banco Vipal SA from Vipar Participações Ltda., according to a separate report.
EUROPE
* Nordea Bank Abp is promoting Mark Kandborg to chief risk officer from deputy head of the large corporates and institutions business, effective April 1. The Finland-based lender said its current risk chief, Matthew Elderfield, will return to the U.K. after more than five years in office.
* Bankinter SA's fourth-quarter 2021 total group net income fell 15% year over year to €82.5 million from €97.1 million. The Spanish bank's full-year 2021 group net income, meanwhile, rose to €1.33 billion from €317.1 million, bolstered by gains from the spin-off of insurance unit Línea Directa Aseguradora SA in April last year.
Click here for more of the day's essential financial news in Europe.
MIDDLE EAST & AFRICA
* The Commercial Bank (P.S.Q.C.) posted a full-year 2021 net profit of 2.30 billion Qatari riyals, 77.1% higher than the previous year's 1.30 billion riyals. EPS for 2021 was 50 dirhams, compared to 27 dirhams in 2020. The board of directors proposed a dividend of 16 dirhams per share.
* Al Ahli Bank of Kuwait KSCP said group COO Somnath Menon has resigned from his position.
ASIA-PACIFIC
* The Monetary Authority of Singapore and the Association of Banks in Singapore announced a set of measures to boost the security of digital banks after a spate of short-messaging service and phishing scams targeted lenders. These measures include removing clickable links in emails or text messages sent to retail customers and setting a S$100 threshold for fund transfer transaction notifications.
* Taiwan's Financial Supervisory Commission said the threshold for banks to notify their clients of any online transaction via text message, smartphone app or email was lowered to NT$3,000 from NT$5,000 to prevent credit card fraud, the Taipei Times reported.
Click here for more of the day's essential financial news in Asia-Pacific.
Abdelghani Henni, Rhema Peñaflor and Ryan Jeffrey Sy contributed to this report.
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