Banking

Bloomberg HSBC Holdings’s streamlining drive has reached its top executives, with the bank promising to shake up a “hierarchical culture.” Several hundred managers will have their “leadership bands” altered over the coming months, according to an internal memo from human resources chief, Elaine Arden. Europe’s largest bank found it had a more complicated management system than peers and a lack ...

Bloomberg Bank of America Corp (BofA) created a new team dedicated to researching cryptocurrencies, marking Wall Street’s latest push to capitalise on investors’ frenzy for digital assets. Alkesh Shah will lead the effort, which will also cover technologies tied to digital currencies, and report to Michael Maras, who leads fixed-income, currencies and commodities research globally, according to an internal memo ...

Bloomberg Credit Suisse Group AG and JPMorgan Chase & Co.’s asset and wealth management business are working together to develop a new investment strategy focused on sustainable nutrition. The fund will invest in public companies that “address the ties between nutrition, health, biodiversity and climate, with a particular focus on nutrition’s societal and environmental aspects,” Credit Suisse said in a ...

Bloomberg Kenya’s biggest banks are the key to further gains for the benchmark Nairobi stock index this year as investors bet on the nation’s recovery from the pandemic, according to EFG Hermes Kenya. The Nairobi All Share Index has gained 16% in 2021 to the highest in more than three years. Expectations that the central bank will approve risk-based lending, ...

Bloomberg China’s central bank cut the amount of cash most banks must hold in reserve, a move that went further than many economists had expected and suggested growing concerns about the economy’s faltering recovery. The People’s Bank of China (PBOC) will reduce the reserve requirement ratio by 0.5 percentage point for most banks, according to a statement. That will unleash ...

Bloomberg India’s central bank set a coupon of 6.10% for the new 10-year bond sale, higher than that of the current benchmark, signaling a slight tolerance for higher yields after months of trying to cap them at 6%. The government sold 140 billion rupees ($1.9 billion) of the new bond as part of a 260-billion rupee sale, the Reserve Bank ...

Bloomberg The Bank of England (BOE) will ask staff to come into the office at least one day a week from September as UK companies plot the return of workers following plans to relax guidance to stay at home. Employees at the central bank will be expected to organise regular “team days” in the office, Chief Operating Officer Joanna Place ...

Bloomberg Citigroup could add close to 100 new employees to its businesses across the African continent as it surges past rivals to reclaim the top spot in arranging debt sales in the region. The New York-based bank has already started filling roles to add muscle to its local operations in anticipation that the headcount in sub-Saharan Africa will swell by ...

Bloomberg Banco Santander SA is planning to allow some of its staff in the US to work from home on a more permanent basis. While roughly 50% of the firm’s 17,000 US employees are classified as site-dependent, about 45% will be able to split their time between home and the office, Tim Wennes, who oversees the company’s US arm as ...

Bloomberg Deutsche Bank AG is moving more than half of all positions out of Ireland as the German bank seeks to cut costs. The lender is shifting almost 250 roles in Dublin “to other centers around the world,” it said in a statement. However, it will add 35 front office jobs to expand the corporate banking team in Ireland’s capital, ...