Banking

Bloomberg Goldman Sachs Group Inc. said it would commit $25 million to a five-year program aiding historically black colleges and universities. In its first year, the initiative will include 125 students who will get training in fundamental finance skills, the New York-based company said in an emailed statement. “Diversity is an imperative for our organisation,” Chief Executive Officer David Solomon ...

Bloomberg Ex-UniCredit SpA Chief Executive Officer Jean Pierre Mustier plans to raise funds for a special purpose acquisition company (SPAC), the latest former top banker to take advantage of the trend for blank check vehicles. Mustier, who left UniCredit last week after a boardroom power struggle, plans to work on the SPAC with former Bank of America Corp. executive Diego ...

Bloomberg A three-decade high for Japan’s soaring stocks is adding to pressure on the Bank of Japan (BOJ) to tweak its buying of exchange-traded funds (ETFs), according to the former head of its financial markets department. “Shares could be rising on a bubble and the BOJ could be helping inflate that bubble,” Hiromi Yamaoka said in an interview, the same ...

Bloomberg Goldman Sachs Group Inc. is just getting started in the fast-expanding world of sustainable finance. The New York-based lender plans to issue more environmental, social, and governance (ESG) bonds on a regular basis as part of its plans to deploy $750 billion in sustainable financing, investing and advisory activity by 2030, according to Carey Halio, chief executive officer of ...

Bloomberg Credit Suisse group agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in 2008 financial crisis, an accord that locks in an expected hit to its profit. The plaintiff, MBIA Insurance Corp., said late that it had reached an agreement, after a post-trial court decision that ordered the Swiss bank to pay about $604 ...

Bloomberg Mexico could have space for at least two more interest rate cuts in 2021 if inflation stays in line with expectations, central bank Deputy Governor Gerardo Esquivel told Bloomberg News. The bank, known as Banxico, cut for the 12th time since August 2019 this week, bringing the benchmark rate to 4%. The unanimous decision led economists to expect more ...

Bloomberg ING Groep NV posted fourth-quarter profit that topped analysts’ estimates and joined peers across Europe in signaling more payouts to shareholders once the European Central Bank removes restrictions. The Dutch lender reported net income for the final three months of last year of 727 million euros ($881 million), compared with estimates of 499 million euros. The bank set aside ...

Bloomberg The Reserve Bank of India’s (RBI) strategy to shift some of its currency intervention to the forwards market is adding to its problems. Its balancing act to keep the rupee stable amid heavy foreign inflows while also keeping excess liquidity in check is flooding the market with more foreign funds, prompting a vicious cycle of interventions. The RBI’s outstanding ...

Bloomberg Citigroup Inc. reduced the compensation of outgoing Chief Executive Officer (CEO) Michael Corbat by 21% to $19 million for 2020, a year in which regulators sanctioned the lender over its internal controls. Corbat, who is ceding CEO job to Jane Fraser, was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, ...

Bloomberg The Reserve Bank of India (RBI) will seek to buy more than 3 trillion rupees ($41 billion) of sovereign bonds in the next fiscal year to support the government’s borrowing plans, according to a person with knowledge of the matter. That will exceed the 3 trillion rupees the RBI is expected to spend for the current year ending March. ...