Banking

  Bloomberg The onshore yuan falls to the weakest level against the dollar since the global financial crisis in 2008, amid an incessant advance in the greenback and speculation China is toning down its support for the local currency. The onshore yuan weakened to 7.2409 per dollar, a level unseen in 14 years, while the offshore unit slid to an ...

Bloomberg JPMorgan Chase & Co.’s UK digital lender has attracted 1 million customers in its first year of operation, making it one of the UK’s most popular neobanks. Chase UK clients hold an average of £27,000 ($29,084) in their Chase Saver account, according to a statement on Wednesday. The lender said it has processed about 92 million card and payment ...

  Bloomberg Goldman Sachs Group Inc. signed a lease for a new office in Birmingham, England, that could eventually accommodate as many as 1,000 staff. The Wall Street bank has signed a long-term lease for about 110,000 square feet of space in One Centenary Way, an office being built at the Paradise Birmingham development, according to a statement Wednesday. Goldman ...

  Bloomberg Bank Indonesia stepped in to prop up the rupiah for a second day, joining a host of other policy makers which are pushing back against a surging dollar. Indonesian authorities are intervening in the spot and domestic non-deliverable forwards markets to prevent the rupiah from weakening excessively, Edi Susianto, executive director of monetary management, said in a text ...

  Bloomberg Credit Suisse Group AG said it’s working on possible asset and business sales as it seeks ways to drive down costs and restore profitability under a strategic plan to be announced next month. While Credit Suisse didn’t give details on divestments, Bloomberg reported that executives are weighing the sale of its Latin American wealth management operations excluding Brazil. ...

  Bloomberg New Zealand’s central bank (RBNZ) still has some work to do to tame inflation but the bulk of the heavy lifting is behind it, Governor Adrian Orr said. “We believe we still have some work to do, but the good news is because we’ve done so much already, the tightening cycle is very mature, it’s well advanced,” Orr ...

  Bloomberg Hungary will raise its key interest rate to a new European Union high as a standoff with the bloc over the rule of law complicates the central bank’s efforts to end its monetary-tightening cycle. Policy makers will raise the benchmark interest rate by a full percentage point to 12.75%, according to 8 out of 12 analysts in a ...

  Bloomberg The Bank of England’s (BOE) stress tests are meant to provide an unlikely ‘tail risk’ scenario designed to test the resilience of British lenders. The current UK market turmoil means this year’s scenario is looking increasingly plausible. The scenario released amid a UK sell off includes the UK base rate rising rapidly to 6% in early 2023 before ...

  Bloomberg Nigeria’s naira declined further to record lows in both official and unauthorised markets ahead of the central bank of Nigeria rate decision. The local currency unit weakened 1.18% in early morning trading to 436.42 against the dollar in the spot market as of 9 a.m. in the commercial capital of Lagos. It slipped to 720 a dollar in ...

  Bloomberg Global financial firms, still smarting from multi-billion dollar losses in Russia, are now reassessing the risks of doing business in Greater China after an escalation of tensions over Taiwan. Lenders including Societe Generale SA, JPMorgan Chase & Co, UBS Group have asked their staff to review contingency plans in the past few months to manage exposures, according to ...