Consumer Banking News
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Updated 2 hours, 16 minutes ago
FirstRand Ltd., South Africa’s second-largest bank, said Jacques Celliers will replace Michael Jordaan as chief executive officer of its consumer-banking unit at the end of this year.
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Societe Generale SA’s Russian consumer-banking unit, OAO Rosbank, is cutting hundreds of back office jobs as it continues cost-reduction efforts, two people with knowledge of the matter said.
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Stocks in Europe were little changed before European Union leaders meet and U.S. data that may show sales of existing homes climbed to a three-year high in April. U.S. futures and Asian stocks were also little changed.
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The U.S. Supreme Court bolstered the authority of federal administrative agencies, upholding Federal Communications Commission deadlines for local zoning authorities considering applications for new wireless facilities.
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Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 head-office jobs in the next two years as part of an overhaul of its consumer unit in the U.K.
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Michael Corbat, hunting for revenue seven months into his tenure as chief executive officer of Citigroup Inc., said the improving U.S. housing market and declining unemployment won’t ignite the nation’s economy unless companies start spending.
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Standard Chartered Plc, the U.K. lender that makes most of its profit in emerging markets, has applied for a banking license in Angola and may do the same in Mozambique as it seeks to increase revenue from Africa.
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Lloyds Banking Group Plc agreed to sell a portfolio of U.K. real estate loans to Cerberus Capital Management LP for 325 million pounds ($501 million) as the U.K. lender shrinks its balance sheet after its government bailout.
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Standard Chartered Plc, the British lender fined $667 million for breaking sanctions on Iran, said first-quarter operating profit declined “slightly” as income at its wholesale unit shrank.
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Credit Agricole SA, France’s third- largest bank, said first-quarter profit climbed 51 percent, helped by the disposal of its unprofitable Greek division.
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