Banking

  Bloomberg UK regulators have warned banks against carrying out complex pension plan deals that are structured to delay any hit to capital reserves, a broadside that analysts say could affect Barclays Plc. The Prudential Regulation Authority (PRA) said in a statement that lenders should avoid entering into agreements that defer the impact of pension scheme contributions as they could ...

  Bloomberg Wells Fargo & Co. announced a $210 million effort to expand racial equity in residential lending after a Bloomberg News investigation found the bank approved Black homeowners seeking to refinance mortgages in the pandemic at a far lower rate than White ones. The firm, the biggest mortgage lender among US banks, is committing $150 million beyond its usual ...

  Bloomberg Morgan Stanley and Citigroup Inc. shares outperformed their peers on stronger-than-expected results after five of the six largest US banks reported first-quarter earnings this week. Both banks’ shares posted initial advances of at least 3.5% before paring their gains amid a broader market pullback. The move higher was bolstered by big gains from their fixed income and equities ...

  Bloomberg ABN Amro Bank NV has apologized for its historic involvement in slavery, after a report revealed the rise of some of the bank’s predecessors were closely linked to the slave trade. The Dutch lender said its predecessor, Hope & Co., played a “pivotal role” in the international slave trade of the 18th century and was actively involved in ...

  Bloomberg Argentina’s central bank raised interest rates for the fourth time this year after inflation data published earlier in the day showed prices increasing at the fastest monthly pace in 20 years. The monetary authority increased its benchmark Leliq rate by 250 basis points to 47%, according to a statement. The rate hike also boosts the effective annual rate, ...

  Bloomberg Wall Street’s dealmaking boom came to an abrupt halt amid the war in Ukraine and a global shift towards rising interest rates, leaving big banks set to post a quarterly slump in investment banking revenue. The record merger-and-acquisition pipelines bank executives touted at the start of 2022 are still on the horizon, but have been put on the ...

  Bloomberg New Zealand’s central bank delivered its biggest interest-rate increase in 22 years, signaling that policy makers around world may need to step up efforts to get inflation under control. The Reserve Bank’s Monetary Policy Committee lifted the official cash rate by half a percentage point to 1.5% in Wellington, the first time it has delivered an increase of ...

  Bloomberg China’s central bank pledged financial support for logistics firms and truck drivers to ensure the country can maintain supply chain stability amid the worst Covid outbreak in two years. The People’s Bank of China will ask lenders to “reasonably” extend and renew loans for the industry, it said in a statement, following a central bank meeting on coordinating ...

  Bloomberg Standard Chartered Plc plans to cut half of its existing office space in Singapore’s financial district, according to people familiar with the matter, in what is set to be the biggest floor reduction by a bank in the city-state in recent years. The London-based bank is giving up nine of the floors it leases at Marina Bay Financial ...

  Bloomberg The Bank of Japan (BOJ) is likely to consider notable changes in its inflation and growth forecasts later this month mainly due to soaring oil and commodity prices, gains that aren’t viewed as sustainable, according to people familiar with the matter. The central bank will probably raise its projection for growth in key consumer prices to between around ...