Banking

  Bloomberg Goldman Sachs Group Inc plans to slow hiring and reinstate annual performance reviews as the Wall Street bank looks to rein in expenses. “Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans to ensure the best use of our resources,” Chief Financial Officer Denis Coleman said on a conference call ...

Bloomberg Europe’s banks waited more than a decade for higher interest rates to make lending more profitable again. Now some governments are threatening to spoil the party. As the European Central Bank (ECB) prepares to raise rates on Thursday, politicians from Madrid to Warsaw are calling for mortgage holidays and bank taxes to shield consumers from higher borrowing costs and ...

  Bloomberg Santander UK became the latest bank to help staff with the cost of living squeeze, saying it would give more than 11,000 employees a 4% pay rise. All staff earning less than £35,000 ($42,039), representing 60% of the workforce, will be eligible for the raise from August, the company said in a statement. Santander UK will also increase ...

  Bloomberg Nigerian lenders are impeding the use of the nation’s digital currency because they are concerned about losing revenue from traditional banking services, according to central bank Governor Godwin Emefiele. Only about 700,000 customers have created an e-naira wallets since its introduction in October last year, the central bank said early this year. There are about 55 million bank ...

  Bloomberg The International Monetary Fund (IMF) approved the disbursement of a $235.6 million loan to Kenya as the East African nation met the lender’s targets and made progress in addressing debt vulnerabilities. The approval brings the IMF’s total disbursements to Kenya to $1.21 billion, out of a total of about $2.34 billion available under a 38-month program approved in ...

Bloomberg The UK’s accounting watchdog blasted Mazars and BDO for the “unacceptable” quality of their audits after carrying out an annual review of the industry’s seven largest firms. The Financial Reporting Council (FRC) said that four of the eight audits reviewed at Mazars and five of the 12 audits reviewed at BDO required more than limited improvements. The regulator added ...

  Bloomberg A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the US Senate, according to one of the lawmakers driving the effort. Wyoming Senator Cynthia Lummis said that the full bill she released last month with Democrat Kirsten Gillibrand would probably not be ...

  Bloomberg Barclays Plc aims for a bigger slice of the business with German companies after adding employees and hiring a new country head. The London-based lender, which gets the majority of its revenue in Germany from retail clients, wants to double its market share in investment and corporate banking to around 6%, Ingrid Hengster, who took over as country ...

  Bloomberg China’s central bank injected additional liquidity into the financial system for the first time since June as a growing mortgage-payment boycott and a virus flareup leads to a sense of crisis. The People’s Bank of China (PBOC) boosted the size of its daily short-term cash operation to 12 billion yuan ($1.8 billion) from 3 billion yuan, resulting in ...

  Bloomberg The European Central Bank’s (ECB) battle to restore its credibility with the financial markets just got a whole lot harder. After a week marked by a fresh crisis in Rome, MLIV readers warn Italian debt risks hitting the danger zone once more — just as a near-imminent recession intensifies the epic plunge in the euro to levels not ...