Banking

Bloomberg The Reserve Bank of Australia (RBA) pushed ahead with a cautious winding back of its bond-buying program, underlining its confidence in the economy’s recovery prospects once a longer-than-expected virus wave abates. Governor Philip Lowe and his board said they will purchase government securities at a pace of A$4 billion ($3 billion) a week, down from A$5 billion previously, until ...

Bloomberg The private-banking units of Citigroup Inc and Credit Suisse Group AG have stopped accepting the bonds of Fantasia Holdings Group Co as collateral amid rising concerns about the Chinese developer’s financial health, according to people familiar with the matter. The banks have assigned a zero lending value to the notes, meaning their private-wealth clients can no longer use them ...

Bloomberg The head of Poland’s central bank pushed back against rising expectations for interest-rate increases, saying lifting borrowing costs now would be “very risky” despite inflation hitting a two-decade high. In an interview with the PAP news service just three days before the next monetary-policy meeting, Governor Adam Glapinski said the bank isn’t ignoring elevated price growth and won’t allow ...

Bloomberg China’s various industry crackdowns from technology to education mean monetary and fiscal policies will likely remain loose on the margin to offset the drag on economic growth, economists at Goldman Sachs Group Inc said. The economy is in a “micro takes and macro gives” environment, where regulatory tightening in specific sectors will likely be accompanied by supportive policy from ...

Bloomberg Morgan Stanley is bringing its program to hire more Black and female traders and salespeople to London, hoping to replicate the success it’s had on Wall Street. The Morgan Stanley Experienced Professionals Program is aimed at recruiting Black or female candidates already working in other industries that might not have considered a career at a bank. The program has ...

Bloomberg India’s rupee looks set to weaken after its rally in August pushed it to the top of the emerging Asian currency charts, according to technical indicators. The dollar-rupee’s relative strength index dropped to 22.8 last week, the lowest level in 11 months, well below the level of 30 that typically indicates an asset is set to change direction. It ...

Bloomberg The Bank of England (BOE) has reversed a policy encouraging staff to return to the office at least one day a week, a person familiar with the matter said. In July, the central bank’s Chief Operating Officer Joanna Place announced the BOE would be rolling-out a return-to-office pilot program that would encourage regular “team days” in the office. The ...

Bloomberg HSBC Holdings Plc isn’t about to throw away its pandemic-era ways of working. The bank, which is in the midst of a historic pivot and cost cutting program, predicts it will be operating in a profoundly different way after the virus outbreak ebbs, with as many as 70% of its staff backing a hybrid working model and with its ...

Bloomberg Goldman Sachs Group Inc is hiring bankers from rival firms Citigroup Inc and HSBC Holdings Plc as the US lender seeks to expand its business in the Middle East amid a surge in deals from the region. Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment ...

Bloomberg Indonesia’s central bank will require lenders to disburse at least 30% of their loans to small companies, part of a broader effort to revive slow credit growth that’s stalled the economic recovery. Banks must allocate at least 20% of their total loans to micro, small and medium enterprises next year, with the proportion gradually increasing to 25% in 2023 ...