Banking

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 ...

Bloomberg Poland’s central bank governor questioned the determination of commercial lenders to resolve their foreign-currency loans, saying there’s almost a zero percent chance of the industry working together to finalise out-of-court settlements. The central bank withdrew its observer from negotiations to iron out the deal, proposed by the financial regulator, and doesn’t have any ownership over the process, Governor Adam ...

Bloomberg European Central Bank (ECB) supervisors have asked banks for details about outstanding loans to Greensill Capital and its client GFG Alliance, the Financial Times reported. Regulators are asking for the details as they try to determine whether the crisis is contained, report said. One person told the FT that the move was standard and did not reflect heightened concern. ...

Bloomberg New Zealand’s central bank (RBNZ) signalled it is in no rush to remove monetary stimulus, saying inflation will slow next year and the economic outlook remains highly uncertain amid the Covid-19 pandemic. “Prolonged monetary stimulus” remains necessary and “considerable time and patience” will be required to meet its inflation and employment targets, the Reserve Bank said in a statement ...

Bloomberg The central bank of Myanmar is limiting cash withdrawals from banks and automated teller machines a month after the country’s military coup. Individuals will not be allowed to withdraw more than 2 million kyat ($1,406) from their bank accounts while businesses will be allowed to withdraw up to 20 million kyat a week, according to a directive signed by ...

Bloomberg Christopher Laskowski, head of Hong Kong corporate and investment banking at Citigroup Inc., is leaving after 23 years at the US bank, according to people familiar with the matter. Laskowski, who also heads Citigroup’s Asia global asset managers with a focus on private equity and sovereign wealth funds, recently resigned. He joined Citigroup in New York in 1997 and ...

Bloomberg Goldman Sachs Group Inc. is restarting a trading desk for cryptocurrencies amid a surge in the value of Bitcoin, a person familiar with the effort said. The Wall Street bank will begin offering Bitcoin futures among other products by mid-March after halting a similar effort started in 2018, Crypto was once shunned at elite firms like Goldman Sachs, but ...

Bloomberg Less easy financial conditions will likely lead to lower overall returns in global markets while favouring growth stocks over value, according to UBS Group AG. Growth and earnings will become bigger drivers of returns next quarter, strategists including Bhanu Baweja wrote in a note. A bottoming in real rates and credit spreads will signal the end of a liquidity ...

Bloomberg India’s largest private lender, HDFC Bank Ltd., said issues related to internet banking were resolved after some customers faced second outage in three months. “There were intermittent issues in accessing Net Banking and Mobile Banking, faced by some of our customers. The issue stands resolved,” the bank’s spokesman said. The nation’s most valuable lender has been facing repeated technical ...