Banking

  Bloomberg The yen extended its longest-losing streak in at least half a century as traders ignored government warnings about the speed of the currency’s decline, focusing instead on the widening gap between Japanese and US interest rates. Japan’s currency slid for a 13th day against the dollar, the longest run of losses in Bloomberg data starting in 1971, after ...

  Bloomberg The Bank of Japan (BOJ) will explore the design issues of a central bank digital currency (CBDC) in measured steps like Sweden rather than pressing ahead with large-scale pilot tests like China, according to the BOJ’s point-man on digital yen research. “Sweden’s staged and planned expansion of experiments is a better fit for us than China’s big-scale tests ...

  Bloomberg Nigerian banks have been hit by an exodus of tech talent, chief executives of the nation’s lenders say. “So many of our very experienced talents especially in the area of software engineering are either leaving the industry or leaving the country,” Abubakar Suleiman, chief executive officer of Sterling Bank Plc, told reporters at the end of a meeting ...

Bloomberg The European Central Bank (ECB) renewed its pledge to end bond-buying in the coming months, as record inflation raises the odds it will also lift interest rates for the first time in more than a decade before the year is out. The Governing Council reiterated that it will halt net asset purchases in the third quarter — an accelerated ...

  Bloomberg Bank of America Corp (BofA) joined Wall Street rivals in capitalising on market volatility while also benefiting from an increase in lending. The company’s trading operation posted $4.72 billion in revenue, down just 7.1% from a year earlier after analysts expected a 16% decline. The best results were in the equities business, which posted a 9.5% gain, the ...

  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, ...