Deutsche Bank not financing controversial African oil pipeline, source says

FRANKFURT – Deutsche Bank is not financing a pipeline in Africa that environmental campaigners have said will displace thousands of families and disrupt nature reserves, a person with knowledge of the matter said on Sunday. Germany’s largest lender has come under pressure to clarify its stance on the financing of the planned $3.5 billion East African Crude Oil Pipeline (EACOP), which would stretch more than 1,400 kilometres from Uganda to Tanzania. Deutsche has so far…

"Deutsche Bank not financing controversial African oil pipeline, source says"

UniCredit, Citi consider swapping assets with Russian institutions – FT

– UniCredit SpA and Citigroup are exploring asset swaps with Russian financial institutions as western banks trying to avoid heavy writedowns as they exit Russia, the Financial Times said on Sunday. UniCredit has received several offers from Russian financial institutions to buy its local subsidiary since its chief executive, Andrea Orcel, said in March it was considering pulling out of the country, the newspaper reported, citing unnamed people familiar with matter. Citigroup is the most…

"UniCredit, Citi consider swapping assets with Russian institutions – FT"

Goldman Sachs boosts recruiting team in push to meet diversity goals

NEW YORK – Goldman Sachs Group Inc has doubled its diversity recruiting team and increased its budget by $10 million to help meet its goals to add more women, Blacks and Latinos to its workforce, Chief Diversity Officer Megan Hogan told on Friday. The bank has added roughly 25 new recruiters focused on hiring diverse employees since the beginning of the year, bringing the team up to 50 people. Hogan said Goldman Sachs has hired…

"Goldman Sachs boosts recruiting team in push to meet diversity goals"

JPMorgan’s Dimon faces shareholder advisory vote on $52.6 million retention award

NEW YORK – Long-time JPMorgan Chase & Co Chief Executive Jamie Dimon will find out on Tuesday how shareholders feel about a special $52.6 million stock option award he received to stay on for five more years, which is opposed by two key investor advisory firms. The extra award dished out in July was the most significant change in Dimon’s annual pay, which faces a non-binding vote at the bank’s online annual meeting. While say-on-pay…

"JPMorgan’s Dimon faces shareholder advisory vote on $52.6 million retention award"

Mediobanca says no wealth management deal in sight as profit beats consensus

MILAN -Mediobanca on Wednesday ruled out the prospect of a wealth management acquisition in the immediate future, after reporting higher than expected quarterly results thanks to contributions from all its business segments. Under Chief Executive Albert Nagel, the Italian financial services group has moved away from its traditional role as an investor in major Italian companies in favour of boosting its wealth management and consumer finance businesses. To grow Mediobanca’s wealth management operations, Nagel in…

"Mediobanca says no wealth management deal in sight as profit beats consensus"

Wells Fargo wins dismissal of shareholder lawsuit over commercial lending

– A federal judge on Friday dismissed class-action claims that Wells Fargo & Co, the fourth-largest U.S. bank, misled or defrauded shareholders about its commercial loans. U.S. District Judge William Alsup in San Francisco said shareholders failed to adequately allege that Wells Fargo unjustifiably inflated the quality of its loans, understated loss reserves or misstated its lending practices. Shareholders claimed to have lost billions of dollars in Wells Fargo stock as the San Francisco-based bank…

"Wells Fargo wins dismissal of shareholder lawsuit over commercial lending"

Yelp, other companies take stance on abortion rights with travel benefit

– Yelp Inc, Amazon.com, and Citigroup are among a small but growing number of companies rolling out policies to cover costs for American employees who need to travel out of state for an abortion. Yelp Inc was one of the first to offer support for its employees who might need to travel out of state for access to abortion, a decision the company says was made to ensure its workers have equal access to healthcare.…

"Yelp, other companies take stance on abortion rights with travel benefit"

Decline and near fall of Italy’s Monte dei Paschi, the world’s oldest bank

MILAN – An appeals court on Friday acquitted all 13 defendants, as well as Deutsche Bank and Nomura, over derivative deals that prosecutors alleged helped Monte dei Paschi di Siena hide losses in one of Italy’s biggest financial scandals. Here is a timeline of key events in the recent history of Monte dei Paschi (MPS), whose origins can be traced back to the 15th century. NOVEMBER 2007 – MPS buys Antonveneta from Santander for 9…

"Decline and near fall of Italy’s Monte dei Paschi, the world’s oldest bank"

Wells Fargo set emissions reduction targets for oil, gas, power clients

NEW YORK/BOSTON – Wells Fargo & Co unveiled new targets to reduce greenhouse gas emissions, including goals to reduce the “absolute emissions” related to its financing of companies in the oil and gas sector, an executive said Thursday. Wells is the latest big U.S. bank to set targets to reduce the emissions it finances through lending, in line with the United Nations-convened Net Zero Banking Alliance. The bank’s interim targets aim to reduce absolute emissions…

"Wells Fargo set emissions reduction targets for oil, gas, power clients"

Banco BPM lower loan writedown, revenue rise land profit beat

MILAN -Italy’s Banco BPM posted a higher-than-expected first-quarter net profit on Thursday, helped by a combination of higher revenues and lower loan writedowns. Banco BPM, which is Italy’s third-largest bank, said its net profit for the three months to March was up 77.6% from a year earlier to 177.8 million euros ($187 million), higher than a 131 million-euro forecast in a poll of analysts. First-quarter revenues were 1.186 billion euros, slightly above expectations and up…

"Banco BPM lower loan writedown, revenue rise land profit beat"