Banking

Bloomberg New Zealand’s central bank is requiring Westpac Banking Corp.’s local unit to hold more liquid assets while it sorts out problems with risk governance processes. Westpac NZ was found to be in breach of the requirements of the Reserve Bank’s liquidity policy over a period from 2012 to 2020, the RBNZ said in a statement in Wellington. It has ...

Bloomberg Commerzbank AG nominated Helmut Gottschalk, formerly at DZ Bank AG, to head its supervisory board in an attempt to put a quick end to a leadership crisis that threatens to derail bank’s reorganisation. Gottschalk was proposed as a new member of the board, which intends to elect him chairman immediately after his appointment by the annual general meeting, the ...

Bloomberg Deutsche Bank AG plans to rebuild its equity capital markets business in Asia, seeking to stage a comeback amid strong demand for share sales, according to people with knowledge of the matter. The Frankfurt-based lender, which shuttered the majority of its equities business in Asia Pacific in 2019, plans to hire 10 to 12 bankers, said the people. The ...

Bloomberg African banks need to improve operating efficiencies and mitigate other risks quickly to avoid a revenue slump of as much as $48 billion over the next three years. If risks go unchecked, multiple years of low profitability will likely follow, according to a report by McKinsey. “Lessons from the 2008 economic crisis suggest that, in times of crisis, speed ...

Bloomberg JPMorgan Chase & Co. said it plans to hire 300 additional Black and Latinx wealth advisers by 2025 to serve more clients from those communities and allow employees from diverse backgrounds to advance in their careers. “We want to drive a step change in the representation of financial advisers” at JPMorgan, Kristin Lemkau, chief executive officer of the bank’s ...

Bloomberg China’s central bank estimated the maximum the economy can expand without fueling inflation, known as the potential growth rate, is under 6% in the next five years. In a working paper, the statistics department of the People’s Bank of China (PBOC) said potential growth was projected at 5%-5.7% in the period covering the government’s latest five-year plan through 2025. ...

Bloomberg Colombia’s central bank voted unanimously to reject arguments for more stimulus, ending the split between board members seen at the previous two monetary policy meetings. The bank held its key interest rate at a record low of 1.75% for a sixth straight month, in line with expectations. At the December and January meetings, a minority of two policy makers ...

Bloomberg Bank of Korea (BOK) governor Lee Ju-yeol said he expects faster inflation and economic growth this year, but dismissed the view that the central bank needs to tighten policy early to tackle rising financial risks. In comments, Lee pointed to improving exports and investment, along with an extra budget pending parliamentary approval, as factors likely to drive economic growth ...

Bloomberg With confidence growing that a recovery is just around the corner in the UK, divisions are hardening at the Bank of England (BOE) over how the economy will unfold. Those splits were on display in a series of appearances by members of the Monetary Policy Committee. They pit BOE Chief Economist Andy Haldane, who believes Britain is set for ...

Bloomberg DBS Group Holdings Ltd is set to join UBS Group AG and other global banks giving up office space in pricey Hong Kong with so many staff still working from home. DBS is surrendering some floors in Swire Properties Ltd.’s One Island East tower in Quarry Bay. The lender will release two of the eight floors it currently occupies. ...