Banking

Bloomberg Thailand’s central bank governor called for an additional 1 trillion baht ($30 billion) in government spending to counter coronavirus, saying the blow to the economy from the pandemic is greater than from the Asian financial crisis in 1997. The government can fund additional spending by borrowing more, Bank of Thailand Governor Sethaput Suthiwartnarueput said on Monday at a briefing ...

Bloomberg China’s central bank rolled over most of its medium-term policy loans coming due, a move to support economic growth amid a resurgence of Covid cases. Government bonds reversed earlier losses. The People’s Bank of China (PBOC) injected 600 billion yuan ($92.6 billion) into the financial system through its medium-term lending facility, close to the 700 billion yuan maturing Tuesday. ...

Bloomberg New Zealand is set to raise interest rates this week, the first advanced economy in the Asia-Pacific to begin normalizing policy, as a powerful recovery unhindered by delta outbreaks shows signs of overheating. The Reserve Bank of New Zealand (RBNZ) will lift the official cash rate by a quarter percentage point to 0.5% at its review Wednesday in Wellington, ...

Bloomberg Bank of America Corp (BofA) is boosting base salaries for junior bankers, joining firms including Perella Weinberg Partners and Evercore Inc in lifting pay to lure young talent on Wall Street. At Bank of America, first-year analysts across the global corporate and investment banking, markets, and research divisions will receive $100,000, up from $95,000, according to a person with ...

Bloomberg Bank of England (BOE) policy makers are being overly-alarmist on their outlook for inflation, economists’ forecasts suggest, casting doubt on the need for a significant tightening in policy in the years ahead. While the central bank expects inflation to hit 4% this year and slightly exceed that level in early 2022, economists surveyed by Bloomberg only see it rising ...

Bloomberg HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid rising tension in China. The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 ...

Bloomberg Climate activists are starting to map out a coordinated campaign to oppose the potential re-nomination of Federal Reserve Chair Jerome Powell, because they view his record on fighting climate change through the banking system as scant and not aggressive enough. The campaign will kick off on August 26 at the start of the Jackson Hole Economic Symposium, a gathering ...

Bloomberg Argentine digital bank Brubank, founded by a former Citigroup Inc executive, is looking to expand to Colombia and Peru in 2022 after raising more financing at the end of this year. The Buenos Aires-based company is planning a Series B funding round during the last quarter of 2021 to invest more in Argentina and to finance an expansion into ...

Bloomberg Credit Suisse Group AG nominated former UBS AG executive Axel Lehmann to head the board of directors’ risk committee and the ex-chief risk officer at Lloyd’s Banking Group Juan Colombas for a seat on the board, in the latest effort to reinforce the bank’s management team. The proposals will be put before an extraordinary shareholders meeting set for October ...

Bloomberg National Bank of Canada Chief Executive Officer Louis Vachon is stepping down after 14 years and will be succeeded by Laurent Ferreira atop the country’s sixth-largest bank. Ferreira, 50, who was promoted to chief operating officer in February, will take over as CEO on November 1, the Montreal-based lender said. Since taking the reins in 2007, Vachon, 59, helped ...