Banking

  Bloomberg Canadian Imperial Bank of Commerce (CIBC) is boosting its minimum wage and pledging to push it even higher in the next few years as tight labour markets force banks into fierce competition for workers. The lender’s minimum wage will rise to C$20 per hour in Canada and $20 in the US in July, and the bank is committing ...

Bloomberg China’s central bank abstained from cutting a key policy interest rate, avoiding further policy divergence from the US that could add pressure on the yuan. The People’s Bank of China (PBOC) kept the rate on its one-year medium-term lending facility at 2.85% on Wednesday, in line with most forecasts in a Bloomberg survey of economists. The PBOC also rolled ...

  Bloomberg Credit Suisse Group AG is tapping the brakes on its China expansion, postponing its biggest mainland project, in a sign that weakness in Asia’s largest economy is prompting global banks to temper ambitious growth plans. The Zurich-based lender has delayed the targeted launch of its locally incorporated bank by a year to 2024, the second postponement since the ...

  Bloomberg Wells Fargo & Co shares declined after a report that the bank is the target of a criminal investigation into whether it violated federal law by conducting fake job interviews of minority candidates to satisfy in-house diversity guidelines. The San Francisco-based firm is being investigated by the civil-rights unit of the Manhattan US attorney’s office, the New York ...

  Bloomberg The Bank of England (BOE) has concluded that emergency planning at the UK’s biggest banks means none should require a public bailout in event of a crisis. The central bank’s long-awaited response to the self-assessments of eight lenders, including HSBC Holdings Plc and Barclays Plc, found that their internal systems should avert the kind of state intervention needed ...

Bloomberg The Bank of Japan (BOJ) is expected to hold firm next week with expectations of policy adjustments this year weakening among economists unless the yen breaches the 140 mark against the dollar. All but one of 45 analysts said the bank will leave its yield curve control program and asset purchases untouched at the conclusion of a two-day meeting ...

  Bloomberg Peru raised borrowing costs for an 11th straight month with a half percentage point interest rate hike to curb the fastest inflation in a quarter century, which triggered rioting in the recent months. The central bank increased its policy rate to 5.5% from 5%, in line with forecasts. The new rate is the highest since 2009. Central banks ...

  Bloomberg Even the prospect of an historic rate hike isn’t enough to bolster the euro, which is feeling the weight of risks from the region’s uneven economic recovery and the war in Ukraine. The common currency shrugged off the European Central Bank’s (ECB) most hawkish messaging in more than a decade and its planned reversal from an era of ...

  Bloomberg India’s central bank raised the key interest rate for a second straight month and pledged to withdraw the pandemic-era accommodation as it steps up its fight to tame prices that have been running above its target band since beginning of year. The Reserve Bank of India’s rate setting panel unanimously raised the repurchase rate by 50 basis points ...

  Bloomberg Australia’s central bank surprised investors by raising interest rates by twice as much as forecast and committing itself to “doing what is necessary” to rein in broadening inflationary pressures. Bond yields soared and stocks falls as the Reserve Bank of Australia (RBA) raised its cash rate by 50 basis points — the biggest increase in 22 years — ...