Banking

  Bloomberg UBS Group AG reported weaker-than-expected profit in the second quarter, as the global market sell-off kept wealthy clients on the sidelines and institutional investors pulled funds. The Zurich-based bank reported net income of $2.1 billion, compared with analyst estimates of $2.4 billion. The quarter was impacted by lower revenues at the key wealth management business, outflows in asset ...

  Bloomberg Barclays Plc will start to buy back as much as $17.6 billion of securities, a process that should determine its losses from a paperwork blunder that saw it accidentally sell more structured and exchange-traded notes than it had registered. The bank said the repurchase period will start on August 1 and will expire on September 12, according to ...

  Bloomberg Coinbase Global Inc is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. The US Securities and Exchange Commission’s (SEC) scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said ...

  Bloomberg China’s dominance of global trade provides a path to increase its currency’s share in global central bank reserves even if it retains tight capital controls, but Beijing will need to maintain large dollar reserves for that to happen, according to new research. While the yuan isn’t on course to displace the dollar as the world’s dominant currency, it ...

Bloomberg David Russell, a senior Morgan Stanley trading executive, who helped lead the firm’s equities business to the top of the pack on Wall Street, is leaving the firm. Russell, who joined the bank in 1990 and has been co-head of the unit since 2018, will retire at the end of the year, according to an internal memo. His fellow ...

Bloomberg The surge in the dollar this month to its strongest levels in decades has won a tacit endorsement from Washington, offering little official restraint to the currency in a notable shift from past occasions. Congressional hearings with key policy makers including Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell have seen barely a mention of the greenback’s ...

Bloomberg India’s central bank may be pivoting to the spot market from forwards in its attempts to shield the rupee from fresh record lows — in order to minimise the knock-on effects of its intervention strategy. Reserve Bank of India’s (RBI) foreign-exchange reserves have fallen by about $30 billion since the end of May to $573 billion, according to its ...

  Bloomberg Julius Baer Group Ltd said the worst of the market selloff may be over for the Swiss wealth manager after a first half that was one of the most difficult in decades. Clients have started to come back and will probably look for ways to make money again in the second half, CEO Philipp Rickenbacher said. First-half profit ...

  Bloomberg The National Crime Agency (NCA) has seen a surge in so-called suspicious activity reports filed by banks and other regulated institutions in the UK since February. The NCA, Britain’s equivalent of the FBI, gave an update on the figures for the first time. The notices, which detail concerns around sanctions breaches as well as money laundering and terrorist ...

  Bloomberg The head of BNP Paribas SA’s business catering to hedge-fund clients has left for UBS Group AG, a blow for the French bank as it attempts to build out the division. Ashley Wilson, head of prime finance at BNP Paribas, will become head of financing at Zurich-based UBS’ global markets division, according to people familiar with the matter. ...