BLOOMBERG Credit Suisse Group AG saw clients pull $4.4 billion from US and European funds since the lender agreed to be acquired by rival UBS Group AG in March, with recent inflows suggesting the worst of the bleeding may be over. Credit Suisse’s European funds suffered $3.8 billion in net redemptions between March 20 and April 6, while US funds ...
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ECB to lift deposit rate to 3.75% peak in July
BLOOMBERGÂ The European Central Bank (ECB) is set to deliver three quarter-point increases in interest rates in May, June and July before ending the most aggressive bout of monetary tightening in its history, economists polled by Bloomberg say. That would take the deposit rate to 3.75%, where it would stay through the rest of the year, according to the April ...
Read More »SocGen’s pool of $1.1m-plus earners rises 30%
BLOOMBERG Societe Generale SA bankers who earned more than €1 million ($1.1 million) increased by almost a third in 2022, reflecting higher variable pay after volatility boosted performance. The number of SocGen staffers in the category jumped 30% to 144, according to a filing. At BNP Paribas SA, 369 bankers earned that much last year. Both banks are based in ...
Read More »China pumps $25bn in funds to banks, keeps key rate on hold
BLOOMBERG China injected the least amount of medium-term cash into the banking system since November, a sign that policymakers are watching the effects of past easing steps as the nation’s economic recovery appears to be on track. The People’s Bank of China (PBOC) offered 170 billion yuan ($25 billion) of funds to banks through the medium-term lending facility (MLF). That ...
Read More »BlackRock assets to top $15 trillion in five years
BLOOMBERG BlackRock Inc’s assets under management are set to exceed $15 trillion in five years’ time, analysts at Morgan Stanley said, with the broker predicting that fixed income and cash management will help propel the investment manager’s growth. The world’s top asset manager has already seen a boost amid the recent turmoil in the US banking sector, following the collapse ...
Read More »Regional US banks weigh costly bond sales as depositors exit
BLOOMBERG Beleaguered US regional banks are assessing whether bond sales to replace lost deposits are worth the cost, as credit investors weigh whether they’re worth the risk. The arrival of quarterly bank earnings reports has spurred speculation on which financial institutions will brave an unpredictable bond market. Average corporate note yields jumped above 6% in the past 12 months and ...
Read More »Swiss National Bank can’t exclude further tightening, says Jordan
BLOOMBERG The Swiss National Bank (SNB) may need to raise borrowing costs more, according to President Thomas Jordan. “We can’t exclude that we might have to tighten monetary policy again,†Jordan told reporters in Washington, where he’s attending meetings of the International Monetary Fund (IMF) and World Bank. The SNB has increased interest rates by 225 basis points in the ...
Read More »â€˜ECB should slow and pause interest rate hikes in May’
BLOOMBERG A quarter-point increase in interest rates is the most the European Central Bank (ECB) has to deliver at its next meeting, Governing Council member Mario Centeno said, playing down concerns over the strength of underlying inflation. Either a pause, or a slowdown in the pace of hikes is possible as headline price gains in the euro zone retreat and ...
Read More »HSBC’s French retail unit sale ‘less certain’ on interest rate rises
BLOOMBERG HSBC Holdings Plc said rising interest rates have put a deal to sell its French retail banking business into question, a potential blow to its plans to streamline its global operations. The UK lender said in a statement that “significant, unexpected interest rate rises in France†since it signed a memorandum of understanding with Cerberus’s My Money Bank in ...
Read More »RBC becomes world’s biggest fossil-fuel bank
BLOOMBERG Royal Bank of Canada (RBC) topped JPMorgan Chase & Co last year to become the world’s largest backer of fossil-fuel companies, providing more fodder to critics who say the lender isn’t living up to its climate commitments. Royal Bank provided $42.1 billion of funding to the industry, up 4.2% from a year earlier, surpassing the $39.2 billion provided by ...
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