Banking

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 ...

Bloomberg Bank of America Corp is boosting base salaries again, lifting pay for junior bankers across the firm to $100,000 from $95,000 in a bid to remain competitive in the war for young talent on Wall Street. The company will pay that amount to first-year analysts in the global corporate and investment-banking, global-markets and global-research divisions, according to a person ...

Bloomberg China’s central bank fanned expectations of further monetary policy easing, saying in its latest quarterly report that inflation pressures are “controllable,” while highlighting risks to the economic growth outlook. The People’s Bank of China (PBOC) largely reiterated its stance of stable policy, pledging to make it more forward-looking and effective, while maintaining ample liquidity. The surge in producer inflation ...

Bloomberg Circle Internet Financial, the second-biggest stablecoin issuer, is looking to give US regulators even more oversight of its cryptocurrency business as executives at Tether, its larger rival, are said to be facing a criminal probe by US prosecutors. Circle has set a goal of becoming the first full-service US federally-chartered crypto bank as the skyrocketing value of cryptocurrencies has ...

Bloomberg HSBC Holdings Plc attracted $9.3 billion in net new money for its private banking business in Asia during the first half, with client assets rising 25% from a year ago. Its Asia wealth balances — which include its Premier & Jade deposits and global private banking client assets — reached a record of about $810 billion, accounting for nearly ...

Bloomberg JPMorgan Chase & Co raised the stakes in Wall Street’s intensifying battle for talent, expanding a previously announced pay increase to a broader range of staff as rivals across the industry pay up to hold on to their lowest-level analysts. Junior sales, trading and research analysts across JPMorgan’s corporate and investment-banking unit are now in line for raises, a ...

Bloomberg Jefferies Financial Group Inc is boosting the salaries of its first-year analysts in the US by more than a quarter, the latest bank to bump pay as they seek to stem defections amid intense workloads. The Wall Street firm will now pay its junior bankers $110,000, up from $85,000 previously, according to a person familiar with the matter. Second-year ...

Bloomberg Cryptocurrency lobbyists were caught ill-equipped in one of the first legislative battles for their nascent industry, despite a Herculean push that impressed Washington insiders with its intensity. The industry failed to win a change to crypto tax reporting rules in the infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that’s poised to pass ...

Bloomberg Wells Fargo & Co said Charles Noski stepped down as chairman and is being replaced by board member and former JPMorgan Chase & Co Vice Chairman Steven Black. Noski, 68, a director for more than two years and chairman since March 2020, will remain on the board until his retirement on September 30 to help with the transition, the ...

Bloomberg The pound is about to enter a new era of strength against the euro, thanks to the Bank of England’s (BOE) hawkish turn. Traders have raised the odds of a rate hike in February to 60% after the BOE made clear last week that it’s beginning a countdown to end the era of rock-bottom borrowing costs. And it’s given ...