Banking

BLOOMBERG Bank of New York Mellon (BNY) wants to do money managers’ trading for them with a new outsourcing service aimed at helping buy-side firms cut costs. The move builds on the trading that BNY Mellon already handles for $1.8 trillion of assets it manages, the firm said in a statement. The bank will target current and prospective clients, primarily ...

BLOOMBERG Morgan Stanley added to the recent wave of bank bond sales in the US investment-grade market, a sign that issuance is still going strong as lenders emerge from earnings blackout periods. The bank sold $6.75 billion of debt in a four-part deal, according to a person familiar with the matter, who asked not to be identified as the details ...

BLOOMBERG  Deutsche Bank AG has drawn fresh criticism from the European Central Bank (ECB) over foreign-exchange (FX) sales even after the lender completed an internal probe into past practices that led to initial changes. An ECB supervisory team has told Deutsche Bank that it needs to improve oversight and checks at its business that pitches FX derivatives such as swaps ...

BLOOMBERG  Mitsubishi UFJ Financial Group Inc and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganisation since the two entities were formed more than a decade ago. The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said ...

BLOOMBERG  Swedbank AB delivered better-than-expected income from lending activities in the second quarter, joining peer Nordea Bank Abp in enjoying the benefits of rising interest rates. Net interest income at Sweden’s second biggest bank rose 7% to 12.77 billion kronor ($1.2 billion) in the three months through June, compared to the first quarter, according to a statement on Tuesday. Analysts ...

BLOOMBERG  New Philippine central bank Governor Eli Remolona signalled that further monetary policy tightening is still on the table for the Southeast Asian country, and said it’s “premature” to talk about cutting the key rate. The Bangko Sentral ng Pilipinas remains on the “tightening side” as it monitors upside risks to inflation, including El Nino and wage hikes, Remolona said ...

BLOOMBERG  Federal Reserve policymakers are primed to resume raising interest rates this month and remain open to a further increase later in the year. While officials were encouraged by a step-down in price pressures last month, they’re not inclined to pronounce an end to their battle to rein in inflation that has repeatedly surprised them with its persistence. Contributing to ...

BLOOMBERG  Traders who drove the pound to its best week of the year have a lot riding on the next inflation report, where even a faster-than-expected rate could work against them. Pricing in the options market suggests investors are already revving up to sell, concerned that something in the economy will eventually break under the weight of ever-higher rates. Positioning ...

The Bank of Korea (BOK) held its policy rate steady for a fourth-straight meeting and pledged to retain a restrictive policy stance for a considerable time as it seeks to put a lid on consumer inflation. The central bank kept its seven-day repurchase rate at 3.5% as predicted by all 15 economists surveyed by Bloomberg News. The BOK pledged in ...

BLOOMBERG  Wells Fargo & Co has hired a couple of mergers and acquisitions bankers from Barclays Plc and Citigroup Inc as it builds up its Wall Street advisory business, according to a person familiar with the matter. Tom Drake is joining the San Francisco-based bank from Barclays as a managing director in its M&A group focussing on healthcare services and ...