RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Categorized | Financial

Banco do Brasil unveils major cost cutting drive

Posted on November 21, 2016

Banco do Brasil, Latin America’s largest bank by assets, is offerng early retirement to thousands of employees and shutting hundreds of branches in a bid to cut costs.

The state-run bank said it would offer redundancy packages to up to 18,000 employees and close 402 branches while downsizing a further 379, reports Joe Leahy in São Paulo.

The bank said the closures would save R$750m a year in administrative expenses. It did not disclose the posssible savings from the redundancies.

The move is part of a push into internet banking by the bank and follows years of expansion under the former leftist Workers’ Party government.

Like the rest of the sector, Banco do Brasil is suffering from a deep recession in Brazil that is depressing lending and has led to higher defaults.

It was not yet clear what opposition the initiative could face from Brazil’s highly organised bank unions, which recently shut down the nation’s banks for more than a month.