Banking

Bloomberg The Bank of Canada (BOC) provided the greatest guidance yet into how it plans to slow purchases of government bonds as the economic recovery accelerates, fuelling expectations it could begin doing so as soon as April. In a speech, Deputy Governor Toni Gravelle said the central bank is winding down emergency liquidity programs it deployed to grease markets when ...

Bloomberg The Bank of England (BOE) flagged instances of illiquidity as a broader risk to the financial system after a rout in some government bond markets pushed yields higher. The comments in a routine assessment of threats to the financial system indicate concerns at the central bank that Governor Andrew Bailey has sought to play down. The bank’s Financial Policy ...

Bloomberg Philippine central bank Deputy Governor Mamerto Tangonan has long wanted to make electronic money so ubiquitous that one could pay at a street stall via mobile phone. Now he’s leading the bank’s digital drive. “This is my life’s purpose,” Tangonan said in a March 24 interview, his first since he took office in February. Tangonan, 58, is point man ...

Bloomberg Mexico’s central bank will continue taking a data-dependent approach to monetary policy going forward, central bank Governor Alejandro Diaz de Leon said in an interview, after the board decided to keep borrowing costs at their lowest in almost five years. The bank’s decision to hold its benchmark interest rate at 4% amid an inflation spike prompted some analysts, including ...

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. ...