Banking

  Bloomberg JPMorgan Chase & Co.’s top executive at its securities business in China, Houston Huang, is stepping aside and is being replaced by his deputy as the Wall Street bank ramps up to tackle slowing growth in world’s second-biggest economy. Huang will hand over the role of chief executive officer of JPMorgan Securities (China) Co. to Lu Fang, a ...

  Bloomberg Credit Suisse Group AG has formed a new committee to assess its involvement in blank check-firm mergers as underwriters face the prospect of heightened liability under proposed financial regulations, according to a person with knowledge of the matter. The Swiss lender told staff in a memo that the “tactical deSPAC committee” will focus on pending mergers involving US ...

  Bloomberg Bank of America Corp (BofA) saw its busiest year on record for the sustainable finance deals as demand for environmental, social and governance investments accelerates. The lender backed $250 billion of projects aimed at combating climate change and promoting social inclusion in 2021, more than double the $105 billion it arranged a year earlier, according to company executives. ...

  Bloomberg UBS Group AG increased pay for junior bankers in the US for a second time in less than a year, bringing the Swiss lender in line with Wall Street rivals trying to stem defections amid a race for talent. UBS increased base salaries for first-year analysts to $110,000, according to a person familiar with the matter who asked ...

  Bloomberg The UK announced a plan for government oversight of stablecoins and said it would consult on regulating a wider set of cryptoasset activities, signalling engagement with an industry it has clashed with at times as digital assets gain mainstream appeal. The government will amend existing legislation for electronic payments to bring stablecoins — a form of cryptoasset that ...

  Bloomberg Pakistan’s top central banker pledged policy actions “on a timely basis” to ensure stability amid a political shakeup and deteriorating economy. The comments from State Bank of Pakistan Governor Reza Baqir come as lawmakers choose Shehbaz Sharif as prime minister after Imran Khan was ousted in a no-confidence vote. Khan’s downfall was accelerated by inflation running faster than ...

  Bloomberg Peru raised interest rates to a 13-year high to tame soaring inflation that has triggered mass unrest in recent days. The central bank lifted its key rate half a percentage point to 4.5%, its ninth straight hike, in line with analyst forecasts. “The significant rise in international prices of energy and food since the second half of last ...

  Bloomberg Societe Generale agreed to sell its Rosbank PJSC unit to the investment firm of Russia’s richest man, taking a hit of about $3.3 billion to exit the heavily sanctioned nation. The bank signed an accord to sell its entire stake in Rosbank and its Russian insurance subsidiaries to Vladimir Potanin’s Interros Capital. Despite the financial hit, SocGen said ...

  Bloomberg India’s central bank signalled a shift in policy focus as it ramped up efforts to mop up excess liquidity in the banking system and raised its inflation forecasts, sending bond yields higher. While the Reserve Bank of India’s (RBI) rate-setting panel decided to hold rates and keep its accommodative stance, it also voted unanimously to focus on “withdrawal ...

  Bloomberg BNP Paribas SA reached one of the most comprehensive work-from-home deals among major banks, with more than 132,000 employees given the option of doing their jobs from home for up to half the week. Staff in 22 countries across Europe can decide to work from home every week for as much as 2.5 days or to adopt a ...