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Lloyds Banking Group has enhanced its multi-cloud strategy by migrating its Oracle databases to Oracle Database@Azure, allowing for improved customer experiences and faster service delivery. This collaboration enables the bank to leverage Oracle Cloud Infrastructure within Microsoft Azure data centers, facilitating a flexible deployment model that supports both on-premises and cloud operations. The move aims to accelerate digital innovation and enhance the performance, security, and resilience of Lloyds' banking services.
Kosli has secured $10 million in Series A funding led by Deutsche Bank’s Corporate Venture Capital and Heavybit, aimed at enhancing automated governance solutions for software delivery in regulated industries. The funding will accelerate Kosli's growth, particularly in serving large banking clients, while introducing new features for change management and audit processes. CEO Mike Long emphasizes the need for transformation in governance workflows to improve software delivery performance and reduce risks associated with manual processes.
DWS and Deutsche Bank have initiated a strategic partnership to enhance private credit origination and investment opportunities for DWS clients. This collaboration allows DWS to utilize Deutsche Bank’s extensive sourcing capabilities, with Patrick Connors appointed as global head of private credit at DWS. The move aims to meet strong investor demand for private credit assets, leveraging both firms' expertise in the market.
BNP Paribas plans to close 500 branches in France by 2030, reducing its network from 1,500 to 1,000 locations, in response to the growing preference for digital banking. This strategic shift aims to align with customer habits while maintaining a physical presence for those who prefer in-person services. The bank assures that employee transitions will be managed internally, with no widespread layoffs expected.
UBS Bank reported a profit of 5.1 billion euros for the previous year, with CEO Sergio Ermotti earning 14.9 million Swiss francs (approximately 15.4 million euros), making him one of Europe's highest-paid executives. His salary is 53% above the median for the top ten listed companies and 139% above the median for the largest financial firms in the MSCI Europe Index.
UBS CEO Sergio Ermotti is set to chair the shareholders' meeting on April 10 in Lucerne, where he will likely receive praise for the successful integration of Credit Suisse and better-than-expected results last year. However, his salary of 14.9 million Swiss francs for 2024 may draw criticism from some shareholders, especially compared to Deutsche Bank's Christian Sewing, who earned 9.75 million euros last year.
HSBC is negotiating to sell its German fund administration unit to BlackFin Capital Partners for approximately €400 billion ($435.16 billion). This move is part of a broader restructuring led by CEO Georges Elhedery, aimed at reducing costs and streamlining operations, including significant job cuts and business simplifications. The bank has also recently sold its private client trust business and is focusing on growth in Asia.
The Swiss National Bank (SNB) has cut its guide rate from 0.50% to 0.25%, potentially marking the end of its rate-cutting cycle amid heightened economic uncertainty. Analysts suggest that while further cuts could occur, the current move reflects a cautious approach to stabilizing inflation and responding to international pressures. Many expect the SNB to maintain this rate for the foreseeable future, with negative rates remaining a distant possibility.
Germany's upper house of parliament has approved a significant fiscal spending package, expected to boost GDP growth to 1.5% in 2026 and 2% in 2027, according to Deutsche Bank analysts. However, the near-term outlook remains uncertain due to potential U.S. tariffs and geopolitical tensions, leading to a revised growth forecast of 0.3% for this year. The measures, aimed at increasing defense and infrastructure spending, mark a departure from decades of fiscal conservatism.
Inflation is expected to remain at 3%, driven by rising food and drink prices, despite a decrease in services inflation. Goldman Sachs forecasts a slight increase to 2.97%, while Deutsche Bank anticipates elevated food and energy prices will keep the cost of living around 4% for much of the year. The Bank of England's Monetary Policy Committee is expected to cut rates multiple times this year, although rising prices may delay these reductions.
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