Banking

Bloomberg China’s central bank is increasingly making use of one of its lesser known monetary policy tools to support the economy, a move that analysts say suggests less need for broad policy action like interest rate cuts. The People’s Bank of China (PBOC) is turning to its relending program, providing loans to commercial banks for lending to customers. The funds ...

Bloomberg The Swiss National Bank’s (SNB) negative interest rates remain essential to prevent a rise in the franc that thwart economic growth, Vice President Fritz Zurbruegg told Sonntagszeitung in an interview. Although the SNB will raise borrowing costs when necessary, “at the moment we need the negative interest rates due to the situation globally,” he said. “If we were to ...

Bloomberg Nigeria’s central bank says it’s investigating the foreign-exchange transactions of lenders operating in the country. Following “recent occurrences in the market,” the central bank of Nigeria “would like to remind banks to desist from all and any forms of FX malpractices,” the regulator said in a statement. Any lenders “found culpable with ongoing investigations” could have their foreign-exchange operating ...

Bloomberg Evercore Inc has hired Adi Jayaraman from Citigroup Inc for its financial technology investment banking business. Jayaraman will be a senior managing director leading fintech based in New York. Evercore has boosted its technology investment banking business in the past few years. The boutique investment bank was named exclusive financial adviser to Nuance Communication Inc on its pending sale ...

Bloomberg The Bank of Canada released guidance for the first time on how it plans to eventually reduce monetary stimulus, saying it will first raise interest rates before curbing its holdings of government bonds. Governor Tiff Macklem provided details on what he called central bank’s “monetary policy for the recovery.” Macklem reiterated the bank intends to bring its bond purchases ...

Bloomberg UniCredit SpA is seeking to renegotiate a five-year-old deal with Amundi SA to distribute asset management products, in a further sign of Chief Executive Officer Andrea Orcel’s drive to reshape Italy’s second-largest lender. Orcel aims to improve the terms of an accord stemming from the purchase by the French asset manager of UniCredit’s Pioneer Global Asset Management unit that’s ...

Bloomberg Central Bank of Sri Lanka Governor Weligamage Don Lakshman will step down on September 14 as the nation faces a deepening forex crisis that threatens its ability to import goods and service debt. His announcement comes as the South Asian island nation faces dwindling reserves and revenues, looming debt repayments and struggles with an extended lockdown to stem record ...

Bloomberg Wells Fargo & Co was handed a fresh regulatory action and a $250 million fine over its lack of progress addressing long-standing problems, the first such sanction under Chief Executive Officer (CEO) Charlie Scharf. The penalty adds to the more than $5 billion in fines and legal settlements that the firm has paid over the last five years tied ...

Bloomberg Standard Chartered Plc (StanChart) opened a desk to trade natural gas and carbon following a record-breaking run for both commodities. The so-called energy transition desk began operating last month, Standard Chartered said. Prices for gas have soared on a lack of supply, with carbon permits following suit as utilities switch to cheaper — but dirtier — coal-fed power plants. ...

Bloomberg Deutsche Bank AG has just completed its first green repurchase agreement, marking another foray into a world of increasingly complex ESG instruments. It’s the latest example of product proliferation in a market that’s moving much faster than regulators. JPMorgan Chase & Co. has already said it plans to attach environmental, social and governance labels to all forms of finance, ...