Bloomberg Job cuts announced by banks this year are approaching 60,000, almost all of them in Europe, where negative interest rates and a slowing economy prompt lenders including Germany’s Commerzbank AG to step up cost reductions. Commerzbank said it plans to eliminate 4,300 positions, deepening a restructuring that started three years ago. That brings the total disclosed this year to ...

Bloomberg Goldman Sachs Group Inc’s most senior female banker is getting a promotion as Chief Executive Officer David Solomon continues reshaping leadership teams across the firm ahead of his first anniversary in the top job. Alison Mass, who has been responsible for cultivating the bank’s relationships with top buyout shops and multinational firms, was named chairman of the investment-banking division, ...

Bloomberg HSBC Holdings Plc won its court fight against a 33.6 million-euro ($37 million) European Union antitrust fine for conspiring with other banks to rig the Euribor benchmark, raising questions about whether the fines slapped on other institutions will hold on appeal. While the judges at the EU’s General Court agreed that HSBC infringed competition, they annulled the fine for ...

Bloomberg Last week’s turmoil in money markets raises questions about the appropriate level of bank reserves in the financial system, Federal Reserve Bank of New York President John Williams said. It is “important that we examine these recent market dynamics and their implications for the liquidity needs in relation to the overall amount of reserves held at the Federal Reserve,” ...

Bloomberg Australia’s central bank chief Philip Lowe reiterated that his economy is at a “gentle turning point” and gave little indication that an interest-rate cut was in the immediate offing, potentially disappointing economists expecting one within days. “At our board meeting next week, we will again take stock of the evidence,” the Reserve Bank governor said in the text of ...

Bloomberg Alibaba Group Holding Ltd has bought a third of Ant Financial, the online financial services behemoth controlled by billionaire Jack Ma, augmenting a global array of investments now worth $83 billion. The Chinese e-commerce leader has closed the acquisition of 33 percent of newly issued equity in Ant, a long-gestating deal that cements ties between two of the country’s ...

Bloomberg NIO Inc reported a worse-than-expected quarterly loss, prompting the struggling Chinese electric-vehicle maker to pursue thousands of job cuts by the end of this month and the spinoff of some businesses by year-end. Second-quarter net losses widened 83 percent from a year earlier to about 3.3 billion yuan ($463 million), according to a statement on Tuesday. The figures were ...

Bloomberg Activity in Japan’s manufacturing sector contracted at the fastest clip in seven months in September, according to the latest PMI data, as US-China trade tensions continued to cloud the global outlook. The Jibun Bank Purchasing Managers Index fell to 48.9 from 49.3 in August, matching the lowest reading since 2016. The latest release comes with the Bank of Japan ...

Bloomberg Xiaomi Corp introduced its first phones compatible with the latest, fifth-generation cellular technology in China, as the country’s once-biggest smartphone maker prepares for an uphill battle against domestic rival Huawei Technologies Co. At an event in Beijing, billionaire co-founder Lei Jun introduced the 5G-capable Mi 9 Pro, the latest of Xiaomi’s classic product line, and gave the world a ...

Bloomberg Indonesia’s economy is projected to expand at its fastest pace in seven years in 2020, despite the deteriorating global outlook and rising risks of recession abroad. The economy is forecast to grow 5.3 percent next year, according to the Indonesian parliament. Coming after the government twice revised down its growth forecast for this year, it would mark Indonesia’s fastest ...