Banking

Bloomberg The Bank of Japan (BOJ) has taken over as the biggest owner of the nation’s stocks, with the total value of its holdings climbing well above $400 billion. Massive exchange-traded fund purchases by the BOJ to support the market amid the pandemic this year combined with subsequent valuation gains pushed its Japanese equity portfolio to 45.1 trillion yen ($434 ...

Bloomberg Europe should extend its de-facto ban on bank dividends by six months, a top official at the European Central Bank’s (ECB) supervisory arm said, casting a shadow over investors’ hopes for a return to payouts early next year. The comments come as big banks across Europe are facing fraught times, with regulators at the ECB and the Bank of ...

Bloomberg Goldman Sachs Group Inc opened a Luxembourg-based entity to service rich individuals based in the European Union, the latest in the Wall Street bank’s series of moves to avoid Brexit disruption. The Luxembourg branch of subsidiary Goldman Sachs Bank Europe SE opened last month, according to regulatory records. It will be used for some of Goldman’s European private wealth ...

Bloomberg India’s central bank pledged to keep its easy money policy for as long as necessary to support the virus-battered economy, while for now leaving borrowing costs unchanged amid stubborn inflation. The Reserve Bank of India (RBI) will use a variety of tools to ensure easy financing conditions and market stability, Governor Shaktikanta Das said after a meeting of the ...

Bloomberg Deutsche Bank AG expects to ultimately replace large parts of its core banking system with alternatives powered by Alphabet Inc’s Google, as the German lender embarks on its biggest effort yet to modernise computer systems that have hampered it for years. The two companies finalised a cloud computing agreement under which the German lender plans to shift most of ...

Bloomberg Citigroup Inc’s Michael Corbat said he’s worried about potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home. “People talk about the productivity that comes with working remotely,” Corbat said in a televised interview for a Bloomberg Invest Talks event. “Well, if I worked seven days a week, 15 to 16 ...

Bloomberg Gaming company Razer Inc will stick with a strategy of expanding into digital-banking services, undeterred by its failure to win a license in Singapore following a closely-watched contest. Razer will push on with a plan to roll out Razer Youth Bank, targeting millennials in countries such as Malaysia and the Philippines, Razer Fintech CEO Lee Li Meng said. Other markets ...

Bloomberg British banks are finalising plans for outsourcing the recovery of billions of pounds in taxpayer-backed business loans issued during the Covid-19 pandemic. A consortium of lenders is expected to set up an entity that will oversee debt collectors tasked with chasing bad loans, people with knowledge of the matter said. A final decision is expected in early December, said ...

Bloomberg JPMorgan Chase & Co and Lloyds Banking Group Plc have expressed interest in buying Starling Bank Ltd, a British challenger startup lender, the Times reported. The sale of Starling could lead to the first big merger of an established lender with a startup in Britain, the newspaper said, without identifying its sources. American giant JPMorgan is preparing to launch ...

Bloomberg HSBC Holdings Plc is considering an exit from US retail banking, according to a report by the Financial Times. In the coming weeks, senior managers will outline the plan to the bank’s board, the newspaper said, citing two unidentified people familiar with the matter. They are also likely to suggest reducing investment banking activities to concentrate on international clients ...