Banking

  Bloomberg Crypto platform Nexo appears to be changing the terms for US customers to a product that offers the ability to earn high interest rates on crypto deposits. The decision follows the US Securities and Exchange Commission’s recent settlement with BlockFi Inc. over a similar product. In a statement posted to its official subreddit by a moderator who isn’t ...

  Bloomberg JPMorgan Chase & Co economists said the Federal Reserve is likely to raise interest rates by 25 basis points at nine consecutive meetings in a bid to tamp down inflation. The bank is joining others on Wall Street in ramping up bets for faster policy tightening, after US consumer prices posted the biggest jump since 1982 in January. ...

  Bloomberg Credit Suisse will pay $81 million to resolve a lawsuit by some US pension funds over control of the more than $1 trillion market for stock lending and agreed to help with similar cases pending against other banks. It’s the first settlement of a class-action lawsuit filed in 2017 alleging a group of major banks blocked development of ...

  Bloomberg Nigeria’s central bank has a new plan to lure $200 billion of inflows to Africa’s biggest economy: make it attractive for exporters to bring home foreign currency. The central bank of Nigeria will stop selling the greenback to local banks and instead ask lenders to source foreign currency on their own. The regulator will offer long-term cheap credit ...

  Bloomberg HSBC Holding Plc shut some branches in Hong Kong, including the one in its main office, after several staff tested positive for Covid. HSBC is closing the BL1, L3, L5 and L6 floors which offer branch services at its main building in the Central district, the London-based bank said in a statement. Five branches in Tuen Mun and ...

  Bloomberg After their worst start to a year in decades, Treasuries are reasserting their haven status and eclipsing the appeal of riskier assets — a troubling combination for Bank of America Corp (BofA) strategists. US sovereign debt attracted $7.4 billion in inflows, the most since the coronavirus pandemic first struck, according to a BofA note citing EPFR Global data ...

  Bloomberg Standard Chartered Plc (StanChart) will hand back $750 million through a share buyback despite missing estimates, as the bank looks to cost cuts and higher interest rates to boost returns. Adjusted pretax profits for 2021 rose 55% to $3.9 billion, missing a company-compiled estimate of $4.3 billion, dragged down by a $300 million writedown on its investment in ...

  Bloomberg Royal Bank of Canada (RBC) shareholders will vote on whether the bank should tighten its standards for sustainable finance, action inspired by a 2021 pipeline financing deal that was criticised for green-washing and general concern over lax standards for so-called sustainability-linked debt. Investors for Paris Compliance, a shareholder advocacy group set up last year to hold Canadian companies ...

  Bloomberg Banca Monte dei Paschi di Siena SpA may seek a capital injection of about $4 billion, in a reassessment of the cost to stabilise the state-owned lender. The amount, which could be a billion euros more than estimated in December, is now seen by the treasury as necessary to comply with the bank-specific capital regulations set by the ...

  Bloomberg US authorities conducting a criminal probe into how Morgan Stanley executives handle block trades are examining recordings of phone calls between the bank and outside fund managers, according to people with knowledge of the inquiry. The recordings involve conversations between Pawan Passi, one of Morgan Stanley’s top equities executives in block trades, and investing clients, the people said, ...