Banking

Bloomberg Central banks helped save the world economy from depression as the pandemic struck. Now they are dealing with the hard part: managing the recovery amid a difference of opinion with investors. Optimism that Covid-19 vaccines and continued government stimulus offer an escape from the worst health crisis in a century has sent bond yields soaring and pushed bets on ...

Bloomberg Barclays Plc is planning job cuts at its corporate and investment bank as part of its cost-saving measures, according to people with knowledge of the matter. The reductions will affect around 60 jobs, including some senior roles in the US and other countries, said one of the people, who asked not to be named discussing private information. A spokeswoman ...

Bloomberg China’s central bank will take measures to prevent systemic financial risks from building in the economy as the recovery takes hold, Deputy Governor Chen Yulu said. Laying out priorities for the next five years, Chen said the People’s Bank of China will improve its macro-prudential assessment framework and strengthen supervision of “systemically important” institutions, businesses and infrastructure. “The priority ...

Bloomberg Nine Polish banks are coalescing around a proposal for out-of-court settlements with holders of Swiss franc mortgages, according to PKO Bank Polski SA, the nation’s biggest lender. State-controlled PKO has spearheaded efforts to work out a joint solution to around $31 billion in mostly Swiss franc loans, based on a proposal by the country’s financial regulator and backed by ...

Bloomberg DBS Group Holdings Ltd.’s Chief Executive Officer Piyush Gupta said employees need to sometimes work from the office to develop a firm’s identity. “You need to build the soul of the company, and it’s very hard to do that if everybody is always working from somewhere else,” Gupta, who runs Southeast Asia’s largest bank, said in an interview with ...

Bloomberg Wells Fargo & Co. joined rivals in pledging to achieve net-zero greenhouse gas emissions in the coming decades. The fourth-largest US lender said it aims to reach that goal, which includes its financed emissions, by 2050. It will also deploy $500 billion in financing to sustainable businesses and projects by 2030. “Climate change is one of the most urgent ...

Bloomberg India’s record foreign-exchange reserves and a rare current-account surplus look set to cushion the nation’s currency and bonds from a global surge in interest rates. While the central bank does have its hands full managing the government’s large debt issuance, strategists see the country in a much stronger financial position now than it was during previous bouts of turmoil ...

Bloomberg Societe Generale SA is planning to cut about 80 positions in London as the lender scales back a business that provides securities services to asset managers, banks and brokers. About half the positions are being cut at SocGen securities services unit, known as SGSS, in the UK capital, according to people with knowledge of the matter. The remainder mostly ...

Bloomberg DBS Holdings Group Ltd. cut Chief Executive Officer (CEO) Piyush Gupta’s total 2020 compensation by 24% after Singapore’s largest lender posted its first annual drop in profit for four years. The bank slashed Gupta’s bonus by 27%, resulting in a 24% decline in his overall compensation to S$9.2 million ($6.8 million) for the 2020 performance year, down from S$12.1 ...

Bloomberg UBS Group AG expects the coronavirus pandemic to further boost consolidation in the banking sector amid increasing threats from low interest rates and intensified competition. “There are likely to be more mergers and acquisitions in the US and especially the European Union, with growing regulatory appetite,” UBS said in its annual report. Switzerland’s biggest bank also said it sees ...