Banking

Danske CEO points to risks still facing bank

Bloomberg The chief executive of Danske Bank said the lender still faces a number of hurdles, including a sluggish retail business, raising questions about management’s ability to live up to long-term profitability targets. Carsten Egeriis, who became CEO in April after his predecessor stepped down due to a money laundering probe, said Danske is still suffering from “reputational issues,” which ...

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Tanzania’s central bank says inflation remains low

Bloomberg Tanzania’s central bank said inflation remains low, within its target range of 3% to 5%, despite a recent increase in oil prices, and that the risk to the outlook is moderate. The improving global economy will provide “great impetus” to a recovery in Tanzania, the central bank’s Monetary Policy Committee said in a statement Saturday following its latest meeting. ...

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India eyes phased roll out of central bank digital currency

Bloomberg The Reserve Bank of India (RBI) is considering a “phased introduction” of a central bank digital currency as it will need legal changes to be made in the nation’s foreign-exchange rules and information-technology laws, Deputy Governor T. Rabi Sankar said. Delivering a speech to outline the RBI’s plans, Sankar said that policymakers were considering running pilot programs for the ...

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China’s digital yuan trial hits $5.3 billion in transactions

Bloomberg China’s digital yuan trial has reached 34.5 billion yuan ($5.3 billion) in transaction value as the central bank continues to outpace global peers in developing a virtual currency. Across China, more than 20.8 million individuals have opened a virtual wallet that stores the digital currency and have made more than 70.7 million transactions in total, the People’s Bank of ...

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Nomura hikes junior banker pay, joining Wall Street rivals

Bloomberg Nomura Holdings Inc is raising the salaries of its entry-level bankers to $100,000, the latest lender to boost pay as the industry struggles to retain junior talent that has been inundated by deal flow amid the work-from-home grind. The Japanese brokerage will introduce the pay bump in July, according to a person with knowledge of the matter. The move ...

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Santander to buy Amherst in US fixed-income push

Bloomberg Banco Santander SA’s US unit agreed to buy Amherst Pierpont Securities in a deal that gives Spain’s biggest bank a greater presence in the fixed-income trading business that’s been a boon to Wall Street rivals over the past year. Santander Holdings USA is acquiring the independent broker-dealer through a $600 million takeover of its parent company, Pierpont Capital Holdings ...

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Morgan Stanley bankers lag behind rivals in M&A fees

Bloomberg Wall Street dealmakers basked in the spotlight this week as the biggest US banks touted their windfalls from a surge in corporate hookups. But as Morgan Stanley finished the parade of earnings reports, some competitors smirked. The firm — one of three that dominate the world of mergers and acquisitions — had lost ground to arch rivals Goldman Sachs ...

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BOJ joins global climate-change battle with green loan support

Bloomberg The Bank of Japan (BOJ) joined the battle against global warming by offering a series of incentives for lenders to help businesses move toward a greener economy, with Governor Haruhiko Kuroda insisting there was no longer any time to waste. The BOJ said it would offer banks interest-free funds for climate-linked loans or investments and exempt more of their ...

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RBC says hybrid work ‘here to stay’

Bloomberg Royal Bank of Canada (RBC) is formulating hybrid, flexible work arrangements for its employees and doesn’t plan any “one-size-fits-all mandates” on how much time its staff will need to be in the offices when they reopen. “We believe that flexible and hybrid work models are here to stay, and that the role of the office has forever changed,” Chief ...

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Wells Fargo’s lending stalls as customers avoid borrowing

Bloomberg Wells Fargo & Co.’s average loans tumbled in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing. The average balance of the bank’s lending book dropped 12% to $854.7 billion, according to a statement. The result mirrored a similar decline at Bank of America Corp, which said earlier that loans and leases ...

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