Banking

Bloomberg Bank of America Corp (BofA) will boost its minimum hourly wage to $25 an hour by 2025 from a current $20, according to its Chief Executive Officer Brian Moynihan. The move follows four years of pay increases that brought the company’s minimum wage to an hourly $20 in 2020 from $15. The Charlotte, North Carolina-based lender will also require ...

Bloomberg JPMorgan Chase & Co, the biggest funder of fossil-fuel companies globally, is pledging a 35% reduction in “operational carbon intensity” for its oil and gas portfolio by the end of this decade. The commitment is among steps announced by the largest US bank, which agreed last year to align its financing activities with the United Nations’ Paris climate agreement. ...

Bloomberg Deutsche Bank AG is rearranging how it sells fixed-income trading products as it seeks to lower costs without sacrificing revenue from the company’s biggest source of income. The new model will divide the coverage team into two groups, one focusing on flow and liquidity and another on client solutions. That’s in an effort to provide purely electronic or voice ...

Bloomberg China’s central bank injected medium-term cash into the financial system, in an effort to keep borrowing costs stable as China’s economy continues its recovery from the coronavirus pandemic. The People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was ...

Bloomberg National Australia Bank (NAB) is opening a new headquarters in Sydney, even as it aims to consolidate its workspace longer term to match more flexible work arrangements for its 31,000 staff around the country. The move by Australia’s third-biggest bank comes amid a push from Wall Street firms to get more of their workers back into the office, and ...

Bloomberg Societe Generale plans to rely less on trading as Chief Executive Officer Frederic Oudea attempts to turn the firm’s investment bank around following steep trading losses on complex derivatives last year. The Paris-based lender said the business will focus more on corporate banking, allocating more capital to financing, advisory and transaction banking. The firm expects revenue growth from those ...

Bloomberg Polish lenders with foreign-currency mortgages have to wait at least a month longer for a Supreme Court ruling that’s set to determine their exit strategy from the decade-long Swiss franc loan saga. The tribunal’s Civil Chamber adjourned its hearing, asking for opinions from a number of state institutions, including the central bank and the financial regulator. It was supposed ...

Bloomberg Goldman Sachs Group Inc has been on an unprecedented hiring spree in mainland China and Hong Kong in the first four months of the year as the Wall Street titan pushes further into the world’s second-largest economy. The bank is in the process of hiring 320 staff, including 70 to focus on investment banking coverage, said a person familiar ...

Bloomberg Nomura Holdings Inc raised its pretax income target for the financial year ending March 2023 by 14%, with the bulk of growth expected to come from its wholesale division as it moves on from the implosion of Archegos Capital Management. Japan’s biggest brokerage expects pretax income at its retail, investment management and wholesale divisions to rise to 320 billion ...

Bloomberg Barclays Plc has been hit by a string of departures among senior credit traders in New York and London unhappy that their bonuses failed to reflect the pandemic profit surge. The bank has offered promotions to some employees and given assurances over future pay in an attempt to address their concerns, according to people familiar with the matter, who ...