Banking

Bloomberg The People’s Bank of China (PBOC) will seek to balance supporting economic growth and curbing emerging risks, Governor Yi Gang said, signalling a continuation of the central bank’s existing policy stance. “Going forward, China’s monetary policy will, on one hand, adjust to new economic developments in a timely manner, and on the other hand maintain policy stability to avoid ...

Bloomberg The race to succeed UniCredit SpA Chief Executive Officer (CEO) Jean Pierre Mustier is accelerating, with the Italian bank trimming its list of preferred candidates to just three or four after high-profile names such as Tidjane Thiam dropped out of contention. The bank is now seeking to name a successor earlier than its initial target of February 10, according ...

Bloomberg Australia’s central bank is worried an extended period of very low interest rates could spur borrowers to take on more debt than they can handle — particularly if lending standards slip and risk appetite increases. Documents under a Freedom of Information request show the Reserve Bank of Australia saw risks in its decisions to cut the key interest rate ...

Bloomberg Europe’s central banks are ramping up their efforts to support green finance as authorities contemplate how to fight climate change while rebuilding their economies after the pandemic. The latest initiative includes a fund launched by the Bank for International Settlements for green-bond investments by central banks. The European Central Bank (ECB) committed to buy into the initiative, and announced ...

Bloomberg European banks probably failed to live up to US peers’ record fourth-quarter profits as they set aside more money for troubled loans and missed out on the rally in equities trading. Ten of Europe’s biggest lenders probably set aside $15 billion for doubtful credit in the fourth quarter, taking the year’s total to $61.5 billion, the highest since 2012, ...

Bloomberg HSBC Holdings Plc’s Chief Executive Officer (CEO) Noel Quinn is set to appear before the UK Parliament Foreign Affairs Committee to answer questions over the lender’s moves to freeze accounts of activists in Hong Kong, according to an exiled lawmaker. Quinn is listed as a participant, along with Colin Bell, the bank’s chief compliance officer, at private and public ...

Bloomberg Morgan Stanley Chief Executive Officer (CEO) James Gorman leaped past JPMorgan Chase & Co.’s Jamie Dimon as the best-paid CEO of a major US bank. Morgan Stanley boosted Gorman’s pay 22% to $33 million for 2020, when the Wall Street bank posted its third consecutive year of record earnings. His pay includes $1.5 million in salary and a $7.88 ...

Bloomberg Deutsche Bank AG is conducting an internal probe after receiving complaints that some bank employees sold risky investments to clients who didn’t properly understand them, and then shared the profits. “We initiated an investigation in relation to our engagement with a limited number of clients,” a bank spokesman said in a statement following a Financial Times report, adding that ...

Bloomberg Kotak Mahindra Bank Ltd., India’s third-largest lender by market value, posted December-quarter profit that topped analyst expectations as bad debt fall. Net income totaled 18.5 billion rupees ($254 million) for the three months ended December 31, compared with 16 billion rupees a year earlier, the Mumbai-based bank said in a filing on Monday. Analysts had expected a profit of ...

Bloomberg India’s central bank proposes tighter regulations for large shadow lenders to prevent events such as the collapse of a major financier in 2018, the effects of which still linger in the nation’s financial system. The Reserve Bank of India (RBI) suggests classifying so-called non-bank financial companies (NBFCs) into four categories based on parameters including the size of assets, according ...