Banking

Bloomberg Credit Suisse Group AG’s prime-brokerage co-heads are leaving the bank in the wake of its $4.7 billion loss from the implosion of Archegos Capital Management, according to a company memo. John Dabbs and Ryan Nelson will step down immediately while assisting Credit Suisse through mid-May on an orderly transition, the bank said in the memo. Roger Anerella was appointed ...

Bloomberg India’s second largest private lender ICICI Bank Ltd. is making its biggest hiring push in investment banking and institutional equities in four years, as it anticipates a rise in companies going public. The Mumbai-based firm plans to add five mid-to-senior level hires in each of the two units, which currently have 130 bankers in total, according to Ajay Saraf, ...

Bloomberg China’s yuan is overvalued, and that could end up stoking global inflation. The yuan ranks as the most overvalued among 32 major currencies in real effective exchange rate terms, an analysis of JPMorgan Chase & Co. indexes show. As Chinese exports are ubiquitous across a range of goods, the strength could translate into quicker inflation globally, adding to investor ...

Bloomberg Indonesia’s central bank left its benchmark interest rate unchanged, and cut its outlook for economic growth, as it seeks to support an uneven recovery as foreign outflows pressure country’s currency. Bank Indonesia kept the seven-day reverse repurchase rate at a record low of 3.5% on Tuesday, as expected by all 35 economists surveyed by Bloomberg. The central bank said ...

Bloomberg Deutsche Bank AG is replacing its global pricing engine for emerging-market currencies in London with one in Singapore, drawn by surging trading in Asia and the increasing importance of the Chinese yuan. Locating new and more powerful computer hardware in the city-state will help the bank shave vital fractions of seconds from the time it takes to execute orders ...

Bloomberg ABN Amro Bank NV agreed to pay 480 million euros ($574 million) to end a Dutch investigation that found “serious shortcomings” in the lender’s processes to combat money laundering. The amount will be booked in the first quarter and the lender expects a “modest” loss as a result, according to a statement on Monday. As part of the settlement, ...

Bloomberg Rising defaults have prompted India to tighten oversight of corporate bond sales, causing issuance to slump in a blow to a long-sought goal of expanding the market. Offerings of rupee notes have fallen to 43.8 billion rupees ($584 million) this month, the slowest start to a financial year since 2008. That’s due in part to rules that took effect ...

Bloomberg Britain’s Treasury and the Bank of England are weighing the potential creation of a central bank digital currency, joining authorities from China to Sweden exploring the next big step in the future of money. The government and central bank on Monday announced the creation of a task force to coordinate on the possibility of BOE-issued digital money for use ...

Bloomberg Investors managing $11 trillion have called on the world’s biggest banks to phase out financing of fossil-fuel companies and throw their weight behind the goals of the Paris climate agreement. Asset managers, including Federated Hermes Inc.’s EOS division and Pacific Investment Management Co., have asked 27 banks to commit to eliminating emissions across their operations by 2050, including those ...

Bloomberg Angola began selling state-run lender Banco de Comercio e Industria to test investor appetite for some of the country’s biggest companies including oil giant Sonangol, said Economic Coordination Minister Manuel Nunes Junior. The sale of the nation’s 13th-largest bank by assets is part of a push by Africa’s second-biggest oil producer to raise cash and jump-start a moribund economy. ...