Banking

  Bloomberg The Indian rupee is likely to weaken after foreign inflows that have helped it appreciate at the start of the year begin to ebb in coming months, a senior official at the nation’s second-largest private sector lender said. “INR will appreciate short term but have no choice but to depreciate long term,” B. Prasanna, group head for global ...

  Bloomberg Romania raised interest rates less than expected, surprising some investors who have expected the central bank to lift borrowing costs faster to tackle decade-high inflation and catch up with more aggressive rate hikes by its regional peers. The central bank raised borrowing costs by 25 basis points to 2%, a move predicted by five out of 11 economists ...

  Bloomberg Bank of America Corp (BofA) said it will eliminate charges for non-sufficient funds in its customers’ accounts and reduce overdraft fees, joining a growing number of US lenders scaling back the costs. The non-sufficient funds fees will be eliminated starting next month, and overdraft fees will be reduced to $10 from $35 beginning in May, the Charlotte, North ...

  Bloomberg Bank of America Corp, (BofA) tallying its haul from a second banner year for Wall Street securities firms, is shifting its philosophy on bonuses and dramatically sweetening rewards after a bout of restraint a year ago. Senior executives are planning to increase the bonus pool for investment bankers by more than 40%. And for sales and trading operations, ...

  Bloomberg Morgan Stanley agreed to pay $60 million to settle a class action suit by consumers claiming the firm failed to safeguard their personal information. The agreement, if approved by a federal judge in Manhattan, would resolve claims over two security breaches that compromised personal information of 15 million current and former clients, according to a group of them ...

  Bloomberg Bond buyers face a “new conundrum” where Treasury yields will stay low even as the Federal Reserve hikes rates, despite the surge in the first week of the year, according to Goldman Sachs. The investment bank expects the bond market to be reluctant to lift the terminal rate during the coming tightening cycle. So while raising its year-end ...

  Bloomberg Citigroup joined other investors in helping mPharma, a Ghanaian health startup, to raise $35 million for further expansion in Africa. Jam Fund Management II, Social Capital and Lux Capital Management provided equity of $30 million, while Citigroup approved a loan of $5 million for the venture, mPharma CEO Gregory Rockson said. Founded in 2013, mPharma is building a drug ...

  Bloomberg Wells Fargo & Co Chief Risk Officer Amanda Norton, who joined in 2018 to help turn around the scandal-ravaged lender, is leaving as the cleanup continues. Norton, 55, will retire from the bank at the end of June, and a replacement will be named in coming weeks, Wells Fargo told staff in a memo. “Strengthening our risk and ...

  Bloomberg South Korea’s won dropped to the weakest level in more than 17 months as traders geared up for a quicker pace of US interest-rate hikes and North Korea test-launched another ballistic missile. “The won’s weakness is expected to ease soon,” as China’s yuan — which Korea’s currency closely follows — will attract bullish bets in the first quarter, ...

  Bloomberg Credit Suisse Group AG Chairman Antonio Horta-Osorio is likely to receive a warning, rather than a dismissal, from the bank’s board of directors after a probe into his repeated violations of quarantine rules last year, Tages Anzeiger reported. The bank’s board of directors is expected to publicly issue a reproach of Horta-Osorio’s conduct in the coming weeks, the ...