Banking

  Bloomberg Novan Amirudin, head of Southeast Asia equity capital markets at JPMorgan Chase & Co., is leaving after serving more than 15 years at the US bank, according to people familiar with the matter. Novan, who is also head of Malaysia investment banking at JPMorgan, tendered his resignation this week, said the people. He has started his gardening leave, ...

  Bloomberg Deutsche Bank AG raised the outlook for its investment bank after fixed-income traders outperformed Wall Street peers for a seventh straight quarter, boosting Chief Executive Officer Christian Sewing in the final year of his turnaround plan. Revenue from buying and selling fixed-income securities rise 15% from a year earlier, beating the biggest US investment banks, where the business ...

Bloomberg Credit Suisse Group reported a bigger-than-expected loss, parted ways with three senior executives and warned that the full damage from one of the most turbulent periods in its history is yet to be accounted for. The Zurich-based bank posted a net loss of 273 million Swiss francs ($284 million), in the first quarter driven by 703 million francs in ...

  Bloomberg Standard Chartered (StanChart) Plc shares surged after it beat estimates in the first quarter and the lender said revenue would climb more this year than the previously predicted. Underlying pretax profit posted a surprise 4% rise to $1.5 billion in the period on a jump from its trading business, the London-based bank said in a statement on Thursday. Revenue ...

  Bloomberg China’s central bank pledged to support the economy through targeted financing for small businesses and a quick resolution of the ongoing crackdown on technology firms in Beijing’s latest bid to reassure investors nervous about growth and Covid lockdowns. The People’s Bank of China (PBOC) “will step up the prudent monetary policy’s support to the real economy, especially for ...

  Bloomberg Massive outflows from US equity funds are just getting started as the Federal Reserve ramps up its hawkish rhetoric, according to Bank of America Corp (BofA) strategists. In the week through April 20, investors pulled $19.6 billion from US large caps, the largest exit since February 2018, the strategists wrote in a note, citing EPFR Global data. The ...

  Bloomberg Zimbabwe’s central bank said it has “no reason or appetite to raid” foreign-exchange accounts and denied allegations from the country’s largest industry lobby group of US dollars being raided and a bank run. The Confederation of Zimbabwe Industries in a position paper had asked the central bank to dump its weekly foreign currency auction and also highlighted the ...

  Bloomberg China’s central bank governor stressed the importance of keeping inflation under control in two separate speeches and pledged more targeted support for small businesses, reinforcing policy makers’ cautious approach to monetary stimulus. The People’s Bank of China’s “policy is to maintain price stability,” Governor Yi Gang said on a panel at the Boao Forum for Asia. In separate ...

  Bloomberg Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd for an undisclosed amount as early as the fourth quarter, according to CEO Luu Trung Thai. The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said. MB, which targets profit growth ...

  Bloomberg JPMorgan Chase & Co was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half. The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing. JPMorgan is still a sponsor of the ...