Banking

  Bloomberg German bonds surged on Tuesday, sending the benchmark yield below zero for the first time in a month as rates traders bet the European Central Bank will put off raising interest rates until next year. The repricing comes as investors come to terms with the fallout from Russia’s invasion of Ukraine and the risks it poses to the ...

  Bloomberg Commerzbank AG raised the prospect of higher shareholder payouts and lifted a key profit target as the turnaround under Chief Executive Officer Manfred Knof gathers pace. The German lender on Tuesday said it may pay out as much as 5 billion euros ($5.6 billion) to shareholders until 2024, compared with up to 3 billion euros promised last year. ...

  Bloomberg Barclays Plc named JPMorgan Chase & Co veteran Urvashi Batra as its head of equities electronic trading for the Americas. Batra’s page on the Financial Industry Regulatory Authority BrokerCheck website and her LinkedIn page both show the move, and Barclays formally announced the hire in a statement Tuesday. In her new role, she’ll oversee electronic equities client offerings ...

Bloomberg Hong Kong’s banking regulator told finance executives in recent weeks that it’s lobbying the government to shorten the strict hotel quarantine placed on incoming travelers as it seeks to prop up confidence in the city’s status as a financial hub. Hong Kong Monetary Authority told a group of banks that it will start engaging with the government to reduce ...

  Bloomberg The euro zone could be vulnerable to stagflation in the wake of the Russian attack on Ukraine, according to European Central Bank Governing Council member Mario Centeno. The Portuguese governor, speaking in an interview in Lisbon on Monday, said he favours continuing the monetary policy “normalization” flagged by officials in recent weeks, though he acknowledged that the conflict ...

  Bloomberg Toronto-Dominion Bank agreed to buy First Horizon Corp for $13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the US Southeast. The Canadian bank will pay $25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37% higher ...

Bloomberg At least two of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, underscoring the limits of Beijing’s pledge to maintain economic ties with one of its most important strategic partners in the face of sanctions by the US and its allies. Industrial & Commercial Bank of China Ltd.’s offshore units stopped issuing US dollar-denominated letters ...

  Bloomberg Goldman Sachs Group Inc. became the latest bank to be investigated over employee communications over unapproved messaging services. The New York-based company is cooperating with the Securities and Exchange Commission and producing documents related to a probe into “compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by ...

  Bloomberg The European Central Bank will do everything in its power to safeguard the stability of prices and the financial system in the euro area, according to President Christine Lagarde. While it’s too early to judge the overall economic impact of Russia’s invasion of Ukraine, persistent uncertainty will likely drag on investment and consumption and impede growth, Lagarde told ...

Bloomberg Nigerian lenders have started exposing names of customers allegedly obtaining dollars by false pretense, to later trade them at a profit in the parallel market. Some customers have been found to be taking advantage of a lucrative 37% differential between the official and black market exchange rates by obtaining the greenback at the official rate of about 416 naira ...