UBS has appointed Sarah Youngwood as its new CFO (Photo courtesy of Allie Caulfield).

Weekly Global News Wrap: US bank profits dip in Q3; UBS' new CEO is a former JP Morgan exec

And Goldman Sachs to set new profit targets.

From Reuters:
US bank profits fell 1.2% in the third quarter of 2021 to $69.5b as firms were slower to shrink their credit loss provisions and grappled with low-interest rates, according to a report by the Federal Deposit Insurance Corporation.

Bank profits are still up nearly 36% from the same time a year ago when banks were still rushing to set aside funds to guard against pandemic-driven loan losses.

Banks have been shrinking those loan loss provisions for three straight quarters, but slowed the rate of decline in the third quarter, dropping it by $5.2b compared to $10.8b in the second quarter.

From Reuters:
UBS has recruited former JP Morgan Chase executive Sarah Youngwood as its group chief financial officer, the Swiss bank announced. 

Youngwood will take over from the current CFO Kirt Gardner when he steps down in May 2022.

This marks a rare female in the upper echelons of European banking and comes months after the European Central Bank said that it wanted to see more diversity on the boards of banks and amongst executives.

ECB had noted that only 8% of chief executives of European credit and investment institutions were held by women.

From Reuters:
Goldman Sachs Group plans to issue new profitability targets for the next three years, consistent with longer-term goals it set in 2020, thanks in part to the investment banking and trading boom during the pandemic, three sources at the bank told Reuters.

At its last investor day in January 2020, Goldman set three- and five-year targets for return-on-equity and return-on-tangible-equity, two measures of profitability that analysts at the time said were ambitious.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Mizuho most recently saw disruptions to its corporate online bank services on 11 January. 
He replaces current COO David Whiteing, who is moving back to Australia.
The bank assured customers that it employs a multi-layered defence system against fraud.
Banks are asked to remove links in emails and SMS sent to customers.
Two operators, Daenerys and Deodi, have shut down their ATM machines in the city.
Users can now link accounts from Bank of China, DBS, Maybank, OCBC, StanChart, and UOB.
The potential is there, but tech roadblocks prevent wider adoption in the industry.
And the search for a new head of corporate banking for Australia and New Zealand is on.
The new guidelines instruct against marketing DPT services in public areas.
Loyalty programs are also rated as important by consumers in the city.
Banks and financial institutions are invited to submit their entries for the Wholesale Banking Awards, Retail Banking Awards, and Corporate and Investment Banking Awards 2022.
Decisions on green finance now will lock in emissions trajectories for decades.
A possible rate hike in March will also positively affect the bank.
The region recorded its highest-ever equity capital market fees collected in a year.