Dutch banking and insurance group ING said it may need to cut more costs to cope with new regulations and high provisions for bad loans, highlighting the pressures on banks to shrink their businesses.
Reuters reports that ING, which is dismantling its banking and insurance model after needing $13bn) of state aid in 2008, said on Monday the weak economy would continue to have an impact on operations.
The news agency also reports that Citigroup's Michael Corbat has been meeting with bank regulators in his first months as CEO, as he looks to bolster relationships and finalize the bank's plan to return capital to shareholders, sources familiar with the matter said.
Finally, The New York Post reports that UBS has not only renewed its lease at 1285 Ave. of the Americas but has expanded from around 700,000 square feet to 890,000 square feet, the newspaper has learned.
The deal, which was signed at the end of the year, also extends the lease from 2015 to the end of 2020.
While the five-year extension is relatively short by commercial real-estate standards, it is good news for the city from a firm that has been shedding employees around the globe.