Banking

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

Bloomberg The European Central Bank (ECB) is about to take the next step in reinventing the region’s money as it marches towards the creation of a digital euro. Policy makers will decide whether to move to an exploratory phase, which President Christine Lagarde reckons could take about two years. Ultimately, euro-zone citizens could be holding a virtual central-bank currency by ...

Bloomberg New Zealand’s central bank (RBNZ) said it will reduce monetary stimulus by ceasing quantitative easing, a surprise move that sent the currency higher as traders priced in an interest-rate increase as early as August. The Reserve Bank’s Monetary Policy Committee, led by Governor Adrian Orr, on Wednesday held the official cash rate at 0.25%, but said it will halt ...

Bloomberg Bank of America Corp (BofA) is struggling to build back its lending income as consumers, flush with cash from government stimulus programs, avoid taking on new borrowings. Loans and leases in the consumer banking unit fall 12% from a year earlier. Net interest income, on a fully taxable equivalent basis, was $10.3 billion last quarter, the bank said. That ...

Bloomberg Apple Inc is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc and PayPal Holdings Inc. The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group Inc as the lender for ...