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...UBS has said it aims to reduce costs by $13bn by the end of 2026, with a further $1.5bn of savings over the course of 2024....
...The bank plans to launch a current account for existing customers by the end of the year before broadening the offer to new customers next year....
...Are you getting the best deal on your savings? Check the latest interest rates on National Savings & Investments accounts. See our coverage of the latest savings and investment issues....
...Are you getting the best deal on your building society and bank savings? Check the latest interest rates on accounts from no-notice withdrawal accounts, to offshore and long-term savings....
...The New Economic Foundation, a think-tank, has suggested the central bank limits the level of interest it pays to commercial banks to save taxpayers’ money....
...The group set aside £49mn to account for future losses in its commercial banking portfolio after non-performing commercial loans rose to 2.5 per cent of the total as of the end of the quarter, up from 2.3...
...They are the ones who the banks didn’t lend to or don’t want to refinance,” said Lisa Attenborough, head of debt advisory at Knight Frank....
...However, they are also among the largest commercial real estate lenders in Germany, where Deutsche Bank leads, followed by state-owned Landesbanks LBBW and BayernLB....
...Moreover, banks are much better positioned than they were in the runups to the Global Financial Crisis and Savings & Loan Crisis....
...The group has targeted £100mn in annual cost savings by the end of next year....
...Corporate lending was up, even in commercial real estate, which has been an area of concern. The volume of mortgages outstanding at US banks was flat from the end of the year....
...This would push the costs on to commercial banks and eventually borrowers and savers, interfering with the capital allocation process....
...Indeed, having just read the latest investment outlooks from the major banks and asset managers, the only major stock market offering anything close to a 9 per cent expected return is China’s....
...In 2021, Nguyen Thi Thanh Thuy jumped at an offer by Vietnam’s Saigon Joint Stock Commercial Bank (SCB) to invest in a new savings product offering high interest rates....
...From a report the investment bank sent out yesterday, with Alphaville’s emphasis below: — The wide adoption of hybrid work caused a structural decline in office demand....
...The sharp deterioration took place in the last year after delinquent commercial property debt for the six big banks nearly tripled to $9.3bn....
...This is an audio transcript of the Unhedged podcast episode: ‘Will commercial real estate hurt regional banks?’...
...Office blocks and shopping malls lie at the centre of the IMF’s worries over the health of lenders’ real estate portfolios, a senior fund official has said....
...Yet investors should take heart from the more than $800mn in cost savings now expected from the Bank of the West acquisition, up by 20 per cent from initial forecasts....
...Britain established the world’s first postal savings system in the 1860s, today known as National Savings and Investments....
...Signs of stress in the commercial real estate sector are now coming thick and fast....
...The flipside to higher interest rates is people also want more for their savings....
...Banks will have to cut their exposure to commercial real estate because of a $2tn “wall” of property debt coming due in the next three years, according to a leading US brokerage....
...However, this has been read by some in the market as a signal that sellers are hopeful that they can wait for better prices after the Bank of England lowers borrowing costs....
...This episode mirrors the broader challenges facing the offshore operations of Chinese banks....
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