Banking

Bloomberg A reduction in China’s reserve requirement ratio looks increasingly unlikely after the authorities rolled over all policy loans coming due and data surprised on the upside, suggesting that bonds will have little room to gain. The People’s Bank of China (PBOC) injected 1 trillion yuan ($157 billion) through its medium-term lending facility on Monday, matching the record amount maturing ...

Bloomberg An offshore unit of Credit Suisse Group AG goes to court in a case that could lift the lid on how a rogue Geneva employee got away with defrauding some of the firm’s richest clients for nearly a decade. Georgian billionaire and former prime minister Bidzina Ivanishvili accuses Credit Suisse Life (Bermuda) Ltd of failing to stop the late ...

Bloomberg Two UBS Group AG portfolio managers are leaving after a $3 billion fund got caught up in China’s high-yield bond meltdown. Singapore-based Jiayi Yew and China-based Brian Lou will depart the bank in January, a UBS spokesperson confirmed. Both report to Ross Dilkes, the lead manager of the Asian High Yield fund who is also leaving the firm after ...

Bloomberg The European Central Bank (ECB) would risk exacerbating inequality if it were to raise interest rates before ceasing asset purchases, according to Executive Board member Isabel Schnabel. Such a scenario is one example of how considerations of the broader impact of monetary policy should feature in decision-making, Schnabel told a conference organised by the US Federal Reserve. She highlighted ...

Bloomberg Traders are betting the Bank of England (BOE) will rapidly raise borrowing costs before reversing course almost as quickly. Again. With inflation looking increasingly sticky, the BOE is expected to raise its key interest rate by 115 basis points over the next 18 months, according to money market pricing. Policy makers are likely to then be forced to unwind ...

Bloomberg Commerzbank Chief Executive Officer (CEO) Manfred Knof is cutting management positions at Germany’s second-biggest listed bank by about 30% as part of his turnaround plans. The target is linked to an agreement with the company’s works council on how to implement deep job cuts which were first announced in February, the lender said in a statement. It didn’t say ...

Bloomberg The European Central Bank (ECB) could stop buying bonds as early as next September if inflation looks to have sustainably returned to the official target, Governing Council member Robert Holzmann said. Introduced in 2015, the bank’s asset purchase program, or APP, was designed to get consumer-price growth back to 2%, according to Holzmann, who heads Austria’s central bank and ...

Bloomberg ABN Amro Bank NV reported third-quarter profit that beat estimates as the Dutch lender released money it had stashed for doubtful loans and said it’s in talks with its regulator about buying back stock. The bank, based in Amsterdam, saw net income jump 14% from a year earlier to 343 million euros ($397 million). That was higher than the ...

Bloomberg Mexico’s central bank upcoming monetary policy decisions will be data driven and depend on any additional price shocks, Governor Alejandro Diaz de Leon said, signalling that policy makers aren’t committed to an established path for interest rates. “We’re not pointing in any direction nor ruling out any direction,” Diaz de Leon said in a telephone interview. “We’re signalling that ...

Bloomberg Nigeria’s currency rebounded in the illegal market as the central bank boosted sales of dollars to commercial banks, according to traders. The currency strengthened to an average 540 to a dollar from about 570 a week ago in unauthorised markets in Lagos and other cities where foreign currency is freely traded, according to Abubakar Mohammed, chief executive officer for ...