Banking

  Bloomberg Toronto-Dominion Bank (TD) plans to hire more than 2,000 technology workers this year, more than six times the number added last year, pitting the lender against fintech firms in the war for talent. The hires come as the bank works to become more digitally focused, according to a statement, and follow the 300-plus technology roles added in 2021. ...

  Bloomberg European banks have been told to assume that real-estate assets most exposed to flood risk could lose almost half their value, as the sector’s resilience to climate change is stress-tested over the coming months. The European Central Bank (ECB) is factoring in a 45% slump over a single year for property values in areas that are likely to ...

  Bloomberg Wells Fargo & Co said it expects a key measure of lending to pick up this year, a sign that clients are starting to take on debt again as government stimulus wanes. The bank said net interest income may rise about 8% this year. The firm also reported net income of $5.8 billion, beating analysts’ expectations and the ...

  Bloomberg Hungary will probably raise its base interest rate for an eighth consecutive month after inflation failed to slow in line with the central bank’s forecasts. The National Bank of Hungary will boost the required reserve rate to 2.7% from 2.4%. It may also raise the ceiling on its interest-rate corridor, which is currently at 4.4%. That would make ...

  Bloomberg NatWest Group Plc is bringing together its commercial, securities and international units into a single franchise, hoping to improve relations with customers. NatWest Markets and RBS International, whose assets are kept separate from the bank’s retail operations under British ring-fencing rules, will become a single unit along with the ring-fenced Commercial arm by July, the London-listed lender said ...

  Bloomberg Europe is imposing new requirements on how banks report environmental risks and carbon targets, to give investors a better picture of the threats that climate change poses to the industry. The European Banking Authority (EDBA) has unveiled a new set of mandatory templates, tables and instructions that banks will have to follow, after a review of environmental, social ...

  Bloomberg UK consumers spent significantly more on debit cards in the first two weeks of January but a mounting cost-of-living crisis is expected to take a heavy toll in 2022. That’s according to Lloyds Bank, which found that spending rises 27% from the same period of 2020, before the pandemic hit, with 42% more splashed out at restaurants. The ...

  Bloomberg Credit Suisse Group AG will take a large legal charge in the fourth quarter and warned of outflows at its key wealth business, capping a tough year for the bank after a series of scandals and management turmoil. The lender will set aside 500 million francs ($546 million) for litigation stemming primarily from its investment banking business, according ...

  Bloomberg Pakistan held its benchmark interest rate steady for the first time in four meetings, opting to watch the effects of previous increases on the Asia’s fastest inflation. The State Bank of Pakistan (SBP) kept the target rate unchanged at 9.75%, Governor Reza Baqir told reporters in Karachi. Thirty-nine of the 43 economists surveyed by Bloomberg predicted the decision, ...

  Bloomberg The Reserve Bank of Australia (RBA) will probably scrap its bond-buying program at the first meeting of 2022, as a strengthening economic recovery suggests the additional stimulus measure is no longer needed. All but one of 17 analysts polled by Bloomberg expects the RBA will end quantitative easing at its February 1 meeting. The outlier, HSBC Holdings Plc’s ...