4:00 PM Frankfurt Credit Suisse plans to reduce total expenses by additional 1 billion francs. European completion authority filed a total of 486 million to HSBC, JP Morgan and Credit Agricole for participating in interest rate rigging scheme. Linde resume talks on merger with Praxair.
In London trading, FTSE 100 index jumped 106.94 or 1.6% to 6,885.46 and in Frankfurt the DAX index soared 187.56 or 1.8% to 10,965.50.
In Paris, CAC 40 index advanced 45.50 or 0.9% to 4,679.66.
Credit Suisse Group AG
soared 5.7% to 15.12 Swiss francs after Switzerland-based investment bank lowered pre-tax profit estimate in fiscal 2018 for its international wealth management business and Asian division to 1.8 billion francs and 1.6 billion francs respectively.
The chief executive officer Tidjane Thiam promises to trim more than 6,000 jobs this year as part of his year-old turnaround plan and reduced expenses by additional one billion francs.
The investment bank estimated total cost by 2018 to be less than 17 billion francs from the previous estimate of 18 billion francs.
Credit Suisse increased total net cost savings target by the end of 2018 to more than 4.2 billion francs from the previous target of 3.2 billion francs.
HSBC Holdings Plc
advanced 3% to 673.70 pence after the European Union antitrust regulators fined the banking and financial services provider for 33 million for participating in investment rigging scheme.
However, today EU competition authorities also fined JP Morgan and Credit Agricole for rigging interest rates for 337 million and 114 million respectively.
The competition authority levied a total fine of about 485.5 million or $521 million for rigging the Euribor benchmark.
Banks have to respect EU competition rules just like any other company operating in the single market, the EU competition commissioner, Margrethe Vestager said.
Italian government said it plans to invest 2 billion in Banca Monte dei Paschi di Siena SpA
through acquiring bonds and lift its stake to 40% in the banking services provider,
The Italian government was forced to pump more money in struggling banking sector after Prime Minister Matteo Renzi lost the referendum on Sunday.
jumped 2.6% to 160.30 after Germany-based gas and engineering group said the executive board decided to resume talks about the essential conditions of a potential merger of equals between the two companies.
As the negotiations with Praxair Inc. on a merger may value the combined company at more than $60 billion.
gained 1.6% to 111.10 after Germany-based industrial conglomerate increased its research and development budget by 300 million to 5 billion and forecasted double-digit growth in software, digital services and cloud platforms every year through 2020.