30% of bank jobs may disappear in next 5years, Pandit says
Businessam Staff
September 13, 2017
Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in […]
Bank of Canada raises benchmark rate to 1%
Businessam StaffSeptember 6, 2017
The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Policy makers raised their benchmark rate 25 basis points to 1 percent, the second increase since July. At the same […]
The budget bank rattling South Africa’s financial sector
Businessam StaffAugust 31, 2017
A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account. Capitec Bank has doubled its customer numbers over the past five years and quadrupled in […]
South Africa’s Standard Bank lifts first-half profit by 11%
Businessam StaffAugust 17, 2017
Standard Bank, Africa’s No.2 lender by market value, reported an 11 percent rise in half-year profit on Thursday, as a rebound in commodity prices boosted demand for loans from clients in the oil and mining industry. Headline earnings per share (EPS) totaled 746.4 cents in the six months to June compared with 671.2 cents a […]
Nordic bank says won’t take corporate cash in deposit accounts
Businessam StaffAugust 15, 2017
Danske Bank A/S is telling corporate clients to think hard about what to do with their excess cash before December 31, because Denmark’s biggest lender doesn’t want it in deposit accounts. After a world-record-setting half decade of negative interest rates, Denmark still has a few surprises up its sleeve that show how such a monetary […]
FCMB Group: Mild earnings recovery expected in H2’17
Businessam StaffAugust 4, 2017
CardinalStone Research Earnings to improve in H2’17 FCMB’s H1’17 financial performance came in weaker as top and bottom line declined by 12.2% and 80.2% respectively following prior year’s high base. In particular, non-interest income moderated by 45.4% due to the high base from last year (following significant FX revaluation gains reported post-currency devaluation – H1’16: […]
Ghana banks seek to boost deposit with mobile money
Businessam StaffJuly 24, 2017
A record number of Ghanaians are saving money using mobile phones as lenders push products to lure deposits using technology that is cheaper than building branches, according to a Bloomberg report. Deposits with mobile-money providers jumped 25 percent to 1.57 billion cedis ($360 million) this year through April, the Accra-based central bank said in a […]
Access Bank wins Karlsruhe Sustainability Award, second year in a row
Businessam StaffJuly 18, 2017
Access Bank Plc has won the Karlsruhe Sustainable Finance Awards for the second year running. The award tagged “Outstanding Business Sustainability Achievement Award 2017” was received by the bank in Germany recently. The award was presented to Herbert Wigwe, managing director of Access Bank in Karlsruhe, Germany’s most sustainable city a year after Access Bank […]
Nigeria banks raise dollar-spending limits on improving forex liquidity
Businessam StaffJuly 17, 2017
In an apparent show of a return to foreign exchange liquidity, most Nigerian lenders have increased spending limits on their payment cards abroad. E-mail statements and messages from the banks to their customers relish their current liquidity profile, asking customers to take up the opportunity and enroll in their card programmes. The moves by the […]
Banks begin London exodus as hopes of transitional deal fade
Businessam StaffJuly 12, 2017
While that is the premise of Snap Inc’s popular messaging platform, investors also saw any gains from its red-hot IPO disappear when shares plunged far below their initial sale price on Tuesday. Morgan Stanley, a lead underwriter on the company’s initial public offering, slapped a price target of $16 on the stock – a buck […]