Banking

Bloomberg Canada’s biggest banks are signaling that financial issues from the Covid-19 crisis are largely in the rear-view mirror in North America — and earlier than analysts had expected. After a year of stockpiling record amounts of capital to protect against a wave of loan defaults, Royal Bank of Canada and Toronto-Dominion Bank — the country’s two largest banks — ...

Bloomberg The Swedish central bank will by law have to identify threats against sustainable development and consider issues such as employment when it conducts policy, according to a government proposal. Climate change could become a long term threat “to economic development broadly, as well as stability in the financial system,” according to the proposal for a new Riksbank Act, which ...

Bloomberg Morgan Stanley moved closer to take full control of its securities and fund management ventures in China as it ramped up investments in the world’s second-largest economy. The US bank is buying an additional 39% of the securities joint venture for 569.6 million yuan ($89.5 million), according to an exchange filing from Shanghai Chinafortune Co, the parent company of ...

Bloomberg Bank of America Corp (BofA) plans to bring top New York managers back to the office starting June 1, as the proliferation of vaccines across the US clears the way for employees to return. “Our goal is by after Labour Day to effectively be back to where we were in January of 2020,” CEO Brian Moynihan said while testifying ...

Bloomberg Poland’s central bank has repeatedly vowed to keep government borrowing costs low during the pandemic. Its quantitative-easing auction this week had the opposite effect. The National Bank of Poland unexpectedly refused to buy $1.2 billion of government bonds that investors offered to sell, sending the local debt market into a tailspin. The decision blindsided investors, sparking speculation that policy ...

Bloomberg Goldman Sachs Group Inc received approval from Chinese regulators to set up a wealth management joint venture (JV) in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade. Goldman Sachs Asset Management will hold 51% in the venture, while wealth arm of Industrial & Commercial Bank of ...

Bloomberg China’s yuan advanced to a three-year high in onshore markets as the central bank signaled that it’s comfortable with a recent rally by setting a strong daily reference rate. The currency gained as much as 0.3% to 6.3913 per dollar in onshore markets, the highest since June 2018, while rising 0.4% offshore. The People’s Bank of China set its ...

Bloomberg Indonesia’s central bank left its key interest rate unchanged for a third straight month, pledging to rely primarily on liquidity tools amid signs of a tentative recovery in Southeast Asia’s largest economy. Bank Indonesia held the seven-day reverse repurchase rate at 3.5%, as all 29 economists in a Bloomberg survey predicted. The central bank has cut the policy rate ...

Bloomberg Investors will scrutinise forecast upgrades expected from the Bank of Korea (BOK) for hints about when the bank is likely to end its run of record-low interest rates. South Korea’s central bank is seen raising its growth and inflation projections significantly at its Thursday meeting after recent economic data beat expectations. Still, analysts see the bank holding its key ...

Bloomberg Deutsche Bank AG is moving about a quarter of its corporate bank’s UK staff to offices in the European Union and Asia as it looks to reduce costs at the division. The changes will see about 100 jobs move to cities like Berlin, Dublin, Frankfurt and various cities across Asia, according to people familiar with the matter, who asked ...