Bloomberg UniCredit SpA’s German operations are set to take about half group’s planned job cuts as the firm seeks to boost profitability at the underperforming unit. Chief Executive Officer Andrea Orcel plans to eliminate about 1,500 positions at subsidiary HVB as part of his new strategy that’s slated to be unveiled next week, people familiar with the matter said. Those ...
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UBS’s London headquarters woos buyer with $1.7bn deal
Bloomberg UBS Group AG’s London headquarters will be bought by Korea’s National Pension Service (NPS) and LaSalle Investment Management for about 1.25 billion pounds ($1.7 billion). The silver building’s current owners Hong Kong-based CK Asset Holdings Ltd started initial discussions with a handful of potential buyers earlier this year, Bloomberg reported at the time. NPS, working with LaSalle, was the ...
Read More »ECB mulls firm limits on riskiest leveraged loans
Bloomberg The European Central Bank (EBC) is weighing curbs on the riskiest part of banks’ lending to indebted companies amid fears of a potential blow-up in the market. Officials on the ECB’s supervisory board have discussed capping newly originated highly-leveraged transactions at a certain share of individual banks’ balance sheets, the people said, asking not to be identified as the ...
Read More »Credit Suisse planning to restructure banker pay
Bloomberg Credit Suisse Group AG is reviewing banker pay to better align compensation with shareholder interests, after a tumultuous year in which the firm was buffeted by the Archegos Capital Management and Greensill Capital crises. The Swiss lender should give senior-ranking employees more of their remuneration in shares, with long deferral periods and the ability to take back compensation that’s ...
Read More »India may hike rates next year, says Goldman
Bloomberg India’s central bank could start tightening monetary policy from next fiscal year as consumer prices rise, according to Goldman Sachs Group Inc. “Inflation is going to determine what the RBI does over the course of next year,†Santanu Sengupta, senior India economist at Goldman said in an interview with Juliette Saly and Rishaad Salamat on Bloomberg TV. “Input cost ...
Read More »Canada’s biggest banks see 18% rise in bonuses
Bloomberg Canada’s biggest banks shelled out 18% more for bonuses, unleashing the biggest increase in data going back nine years as the firms battled for talent to take advantage of a boom time in capital markets. The country’s six largest lenders set aside $14.9 billion for performance-based compensation in their 2021 fiscal year. The increase trounced the 6.3% average for ...
Read More »Renminbi surge shows traders’ faith in hands-off central bank
Bloomberg An unstoppable ascent in the renminbi is signalling Beijing’s growing ease with gradually freeing up one of the world’s most tightly-managed currencies. Since the renminbi hit a six-year high on a trade-weighted basis on November 17, the People’s Bank of China (PBOC) has set the currency’s daily reference rate at only mildly weaker-than-expected levels. The central bank also has ...
Read More »Euro funding costs hit record low as banks hunt for collateral
Bloomberg A gauge of short-term funding costs in the euro area tumbled to a record low amid a cash glut that has exacerbated the hunt for collateral before the year-end. Three-month Euribor — a benchmark based on the average rate that large banks in the region can theoretically borrow from one another — falls by 1.1 basis points, the most ...
Read More »Argentina’s central bank to curb dollar outflow
Bloomberg Argentina’s central bank tightened access to hard currency further, the latest attempt by the crisis-prone country to contain dwindling reserves amid the growing devaluation expectations. The central bank published one rule change affecting banks and another affecting consumers, as it tries to preserve its store of dollars to help defend the value of the peso. The measures follow midterm ...
Read More »Nordea tells staff to carry Covid-19 passport at office
Bloomberg Nordea Bank Abp is urging its employees in Denmark to bring a Covid-19 certificate when working at the office. The biggest Nordic bank isn’t currently checking whether employees have a Covid-19 passport, but said staff are “expected to act responsibly†and follow hygiene protocols. The purpose is to limit the spread of the virus, a Nordea spokesman said in ...
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