Banking

Bloomberg Deutsche Bank AG saw revenue from fixed-income trading rise by about a fifth in the final quarter of last year, a bigger jump than most of its Wall Street rivals as Chief Executive Officer (CEO) Christian Sewing increasingly leans on the unit to drive growth. The bank’s traders generated approximately 1.4 billion euros ($1.7 billion) in the period, a ...

Bloomberg Australia’s central bank will extend its quantitative easing program by a further $76.2 billion and doesn’t expect to increase interest rates until 2024, following in the footsteps of global peers in moving to stamp out premature tapering speculation. Governor Philip Lowe left the key rate and three-year yield target at 0.10%, the Reserve Bank said in a statement on ...

Bloomberg For the first time since 2017, Bank of America Corp. (BofA) clients with $561 billion combined say Bitcoin is the world’s most crowded trade as speculative euphoria hits Wall Street. Investors surveyed by the investment bank see signs that long positions in the largest digital currency are reaching unprecedented levels, while retail traders and institutional names join the crypto ...

Bloomberg India’s banking regulator has appointed an external firm to audit the technology infrastructure of the country’s biggest private-sector bank, a rare move that follows a penalty for repeated outages. HDFC Bank Ltd. will “extend its cooperation” to the auditor, the Mumbai-based lender said in an exchange filing on Tuesday. The bank will pay for the audit, it said. The ...

Bloomberg HSBC Holdings Plc will establish an office to spearhead its strategy in China’s fast-growing Greater Bay Area, stepping up its bet on the world’s second-largest economy. Daniel Chan, currently head of business banking at HSBC in Hong Kong, was named head of the unit, which will oversee the strategy to “capture opportunities” in Guangdong, Hong Kong and Macau, the ...

Bloomberg Tanzania’s central bank ordered the nation’s lenders to deal with souring loans and slash costs, threatening jobs in the latest industry reforms announced by President John Magufuli’s government. Bank of Tanzania gave lenders until the end of 2022 to reduce their cost-to-income ratios to below 55% and to cut non-performing loans to below 5% of their books, according to ...

Bloomberg HSBC Holdings Plc Chief Executive Officer Noel Quinn said the bank had no option but to close an exiled Hong Kong lawmaker’s account as he defended the lender against accusations it had become a tool of Chinese authorities. Facing questions from UK lawmakers, Quinn said HSBC’s decision was driven purely by the need to comply with local laws. “I’m ...

Bloomberg ICICI Bank Ltd.’s third-quarter profit rise 19% from a year earlier, boosted by robust loan growth. Net income at India’s second-largest private lender rose to 49.39 billion rupees ($677 million) in the quarter ended December 31 from 41.5 billion rupees a year earlier, it said in a statement. That beat the average estimate of 42.4 billion rupees from 17 ...

Bloomberg MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition Corp., a blank-check company. Fusion, the special purpose acquisition company, has begun discussions to raise new equity from potential investors for a transaction that’s set to value the combined entity at more than $2 billion, said the people, who ...

Bloomberg Andrea Orcel is set to step away from tens of million of dollars in deferred pay once he realises his ambition of becoming the chief executive officer of a top European bank. UniCredit SpA will not compensate the former UBS Group AG star executive for deferred payments he will lose for joining a peer within seven years of leaving ...