Banking

  Bloomberg HSBC Holdings Plc’s private bank raised a record of about $3.2 billion for alternative investments from its clients globally in 2021, a jump of nearly 40% from the previous year, as the wealthy look to escape volatility and diversify their portfolios. Clients in Asia, where HSBC is targeting wealth management as a growth engine, added $1.9 billion for ...

  Bloomberg The Canadian dollar is closing out 2021 as the only major developed-market currency to advance against the dollar, and a hawkish central bank in Ottawa should support the loonie further in 2022. Markets expect the Bank of Canada (BOC) to be one of the G-10’s most aggressive monetary authorities in tightening policy next year. Traders are currently pricing ...

  Bloomberg Credit Suisse Group AG won a court order permitting it to seek documents from SoftBank Group Corp as part of a lawsuit the Zurich-based bank has said it plans to file in England stemming from the collapse of Greensill Capital. A US Magistrate judge in San Francisco granted Credit Suisse’s request to serve a subpoena on SB Investment ...

  Bloomberg Peru raised interest rates for a sixth straight month as inflationary pressure mounts amid the economy’s strong rebound from the pandemic. The central bank increased its policy rate by half a percentage point to 3% in line with the forecasts of five of seven analysts surveyed by Bloomberg. Two economists had expected a bigger increase, to 3.25%. “With ...

  Bloomberg Bank of Korea (BOK) Governor Lee Ju-yeol said omicron is the biggest threat to the economy’s recovery, sounding a cautious note ahead of a policy meeting later this month. The threat posed by the virus variant comes on top of other external risks including rising global inflationary pressure, policy normalisation by major economies and a possible economic slowdown ...

  Bloomberg Bitcoin will continue to take market share from gold as part of broader adoption of digital assets, making the often touted price prediction of a $100,000 by advocates a possibility, according to Goldman Sachs Group. Goldman estimates that Bitcoin’s float-adjusted market capitalisation is just under $700 billion. That accounts for 20% share of the “store of value” market ...

  Bloomberg Standard Chartered Plc will start working in split teams again in Hong Kong as the spread of the omicron variant threatens a fifth wave of infections in the Asian financial hub. In a memo to staff, the bank said it will resume a “hard-split A/B team arrangement” for “critical functions” to ensure business continuity. It urged employees to ...

  Bloomberg The Bank of Japan (BOJ) is taking a stealthier approach than its peers to winding back pandemic stimulus without rattling the markets. As the BOJ, Federal Reserve and others convene meetings this week, the Japanese are, on some fronts, already ahead of the pack after sharply cutting back purchases of exchange traded funds and trimming buying of corporate ...

  Bloomberg Danske Bank lowered forecasts for next year’s economic growth across the Nordics, as supply chain constraints and labour shortages could impede the region’s rebound. “The lack of supply of materials and equipment is a limitation for many Nordic businesses,” Danske said in its Nordic Outlook report. “We expect these constraints to ease as global demand swings back towards ...

  Bloomberg JPMorgan Chase & Co, one of Wall Street’s staunchest advocates of returning to Manhattan skyscrapers, is offering employees the option of working from home in the opening weeks of 2022, and Citigroup Inc (Citi) and Bank of America Corp (BofA) are encouraging staff to log on remotely, as more financial firms grapple with the latest surge in Covid-19 ...