Banking

Societe Generale staff trust in leadership slips

BLOOMBERG Societe Generale SA’s employees have indicated in a poll that their faith in decisions taken by Chief Executive Officer Slawomir Krupa and his lieutenants is shrinking, potentially making it harder for him to implement a strategy that so far has failed to convince investors. The share of staffers who say they trust the choices made by SocGen’s top management ...

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Deutsche Bank analyses deals with Commerzbank, ABN Amro

BLOOMBERG Deutsche Bank AG has recently stepped up internal deliberations about the possibility of takeovers involving European lenders including Commerzbank AG and ABN Amro Bank NV, as CEO Christian Sewing explores ways to boost his lender’s valuation. Scenarios that Sewing has discussed over the past months have revolved around a handful of European banks with its German rival and the ...

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Vietnam’s VinFast plans to invest $2b in India

BLOOMBERG Vietnamese electric-vehicle (EV) maker VinFast Auto Ltd signed an agreement with an Indian state to invest as much as $2 billion as it seeks to break into the world’s third-largest automobile market. The agreement will pave the way for VinFast to set up an integrated electric-vehicle facility in the southern state of Tamil Nadu, the company said in a ...

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China’s central bank adds liquidity via reverse repos

BEIJING/ WAM China’s central bank conducted 14 billion yuan ($1.97 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Wednesday, reported Xinhua. The move aims to keep liquidity in the banking system reasonable and ample, the People’s Bank of China said in a statement. A reverse repo is a process in which the central bank purchases ...

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JPMorgan shares climb to record high

BLOOMBERG JPMorgan Chase & Co hit a fresh record high for the first time in more than two years. Shares of the largest US bank gained 1.2% to $172.08, surpassing the prior high watermark set in October 2021. The New York-based lender has been a top performer in the sector as it posted record results last year, prompting its Chief ...

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Nigeria slaps strict rules on banks after lifting crypto ban

BLOOMBERG Nigeria’s central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf. The rules, published on the central bank’s website, flesh out the regulator’s decision last month to lift its prohibition on banks operating accounts for crypto service providers. “Current trends globally have ...

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It was a tough year for almost every bank not named JPMorgan

BLOOMBERG More than a decade after regulators vowed to tame the risks of too-big-to-fail banks, White House officials were on a call. Why, one attendee asked, was JPMorgan Chase & Co allowed to buy First Republic Bank that morning in a government-led auction? The answer came, flatly, from Treasury Secretary Janet Yellen: They had the highest bid. After a year ...

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Asset managers turn bullish on yen over Fed, BOJ path

BLOOMBERG Asset managers turned bullish on the yen from bearish for the first time since May on the growing view that the Bank of Japan (BOJ) will probably end its ultra-easy policy in 2024 while its major peers cut interest rates. The latest Commodity Futures Trading Commission data for the week through December 19 also showed a slight reduction in ...

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Shorting dollar is gaining favour after Fed’s pivot

BLOOMBERG Betting against the dollar is growing in popularity after the Federal Reserve upended markets by signalling the end of its monetary tightening campaign. Non-commercial traders — a group that includes hedge funds, asset managers and other speculative market players — boosted their bearish bets on the greenback, according to CFTC data compiled by Bloomberg. More than 39,000 contracts are ...

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