Banking

Bloomberg Da Afghanistan Bank, the country’s central bank, is selling $10 million dollars to support the currency which has been tumbling to record lows, the first such auction under the new Taliban regime. The central bank, in a statement, said qualified banks and currency exchangers can participate in the bidding, without providing any details on when the results of the ...

Bloomberg A Black loan underwriter who said he was fired due to racism alleges that US Bancorp engaged in redlining — discriminating against people of colour when lending. John Span also claims in a lawsuit that he endured a “toxic and racially hostile work environment” during his time in the firm’s indirect auto-lending group. In the complaint, filed in Illinois ...

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 ...