Banking

Bloomberg Credit Suisse Group AG — Switzerland’s second largest lender — cut 10 percent of the staff at its asset management business this year as it seeks to turn around a unit that has been hit by fund implosions in the wake of the pandemic. Switzerland’s second largest lender made the reductions as it closed some investment vehicles and wrote ...

Bloomberg DBS Group Holdings Ltd will set up a digital exchange for cryptocurrencies for firms and wealthy clients, while allowing fund raising via asset tokenisation on a platform run by the largest bank in Southeast Asia. The planned setup is in partnership with Singapore Exchange Ltd, which will hold 10% in the new bourse, the Singapore-based lender said in an ...

Bloomberg Barclays Plc is looking to reduce its real estate expenses in the UK, US and India as the shift to remote working adds fuel to its cost-cutting ambitions. The bank could announce changes early next year although the board has not taken a final decision on the extent and timing of any measures, people with knowledge of the matter ...

Bloomberg The US Treasury Department said it hasn’t identified any banks or other financial institutions linked to a group of people sanctioned in October over China’s crackdown on Hong Kong. The decision, announced in a report required by Congress, is likely to come as a relief to major banks that had sought to unwind any connection to those sanctioned for ...

Bloomberg Lloyds Banking Group Plc’s Black employees are paid about 20% less than their colleagues as British lenders struggle with their representation across senior positions. The median pay gap between Black employees and other peers was 19.7%, while the bonus gap was 37.6%, according to the bank’s April 2019-2020 report. “For our Black colleagues, the pay and bonus gap is ...

Bloomberg Brazil had its best year ever for equity sales, and Bank of America (BofA) Corp made the most of it. The Wall Street lender is this year’s top equity underwriter in the nation, handling 20.6 billion reais ($4 billion) and leapfrogging Banco Itau BBA and JPMorgan Chase & Co, which took the two top spots in 2019, data compiled ...

Bloomberg UK lenders would be forced to refund all victims of financial fraud if plans being proposed by an official watchdog are adopted, according to the Telegraph newspaper. The Payment Systems Regulator — an independent subsidiary of the Financial Conduct Authority — will lead a consultation due to begin within weeks on whether customers who are tricked into transferring money ...

Bloomberg The Bank of Korea (BOK) is facing mounting pressure to broaden its mandate for the first time in nearly a decade as global central banks are asked to tackle a wider range of economic issues highlighted by the pandemic. More than a dozen South Korean lawmakers are pushing for the passage of a bill to add employment stability to ...

Bloomberg State Bank of India (SBI) will accelerate retail loans and expects most lenders to post stronger-than-anticipated earnings as the economy revives faster than expected, according to Chairman Dinesh Khara. “The banks were expecting worse, so they strengthened risk management significantly,” Khara, who took charge as head of the country’s largest lender in October, said in an interview with Bloomberg ...

Bloomberg UBS Group AG Chairman Axel Weber said that the bank doesn’t expect to combine any time soon with Credit Suisse Group AG because of recent executive changes at the two lenders and the time needed to undertake such a complex transaction. His comments follow an interview by Credit Suisse departing chairman, Urs Rohner at the weekend, who gave the ...