Banking News
The latest developments, earnings reports, and strategic shifts across global banking.
HSBC Eyes 20,000 Job Cuts in AI Overhaul
HSBC Holdings, the UK's largest bank by assets, is contemplating slashing up to 20,000 jobs—roughly 10% of its 210,000-strong global workforce—as Chief Executive Georges Elhedery accelerates an AI-fueled overhaul of its operations.
Fidelity Bank Deepens Ties With Ghana's Electrical Dealers
Fidelity Bank Ghana has reinforced its commitment to customer-centric banking and business growth by hosting a strategic market engagement session with the leadership and members of the Ghana Electrical Dealers Association (GEDA) at Opera Square in Accra Central.
Estonia's Iute Group Opens IuteBank for Business in War-Torn Ukraine
Iute Group, the Estonian personal finance company whose bonds are listed on Nasdaq Tallinn, has formally launched banking operations in Ukraine under the IuteBank brand, becoming the first foreign bank to enter the country's competitive financial market since 2021.
Bank of Tanzania Takes Equity Stake in Africa Finance Corp
AFC described the investment as a reflection of "growing sovereign confidence" in its mandate to channel capital toward critical infrastructure and industrial development.
UK's BII and Deutsche Bank Team Up on $150M Africa Trade Push
British International Investment and Deutsche Bank have launched a $150 million risk-sharing programme designed to expand trade finance into some of Africa's most capital-starved frontier markets.
South Africa's Major Banks Lift Combined Earnings 9.4%
The combined return on equity for the six lenders reached 20%, up from 19.7% in the prior year.
S&P Warns of $307 Billion Deposit Flight from Gulf Banks
Gulf banks could face domestic deposit outflows of $307 billion if the Middle East conflict deepens further, S&P Global Ratings warned this week in an assessment of banks across the six-nation Gulf Cooperation Council.
South Africa's major banks lift 2025 headline earnings 9.4% to R152.5bn, PwC finds
PwC's analysis of Absa, Capitec, FirstRand, Investec, Nedbank and Standard Bank shows return on equity reaching 20%, with cost growth held below income growth as the lenders step up investment in cloud and AI.
Vietcombank Seeks Shareholder Approval for 100%-Owned Subsidiary at Vietnam's International Financial Centre
Vietcombank is seeking shareholder approval to establish a wholly owned bank subsidiary at Vietnam's new International Financial Centre.
Canada's big six banks lift fiscal Q1 adjusted net income 10%, Fitch says
Aggregate revenue at Canada's six domestic systemically important banks rose 11% in the quarter to 31 January, with provisions for credit losses up 4% and median CET1 ratios edging higher, according to Fitch Ratings.
Bank of Ireland profit falls in 2025 as it sets 2028 targets
Profit before tax fell to €1.39 billion as lower interest rates cut net interest income, while the lender set out a strategy aimed at a statutory return on tangible equity above 16% by 2028, and announced €1.2 billion of distributions for 2025.
Citi Forms AI Infrastructure Banking Team
Citigroup has formed an AI Infrastructure Banking team, drawing on leaders from its investment banking and corporate banking businesses to target the build-out of data centres, computing and AI infrastructure. The bank estimates $3 trillion of capital will be needed by 2030 for AI infrastructure.