Banking

Bloomberg Japan’s biggest banks warned of a bleaker outlook for the next six months as the resurgent pandemic slams economies, even as they reported first-half profits that exceeded expectations. Mitsubishi UFJ Financial Group Inc and Mizuho Financial Group Inc raised their full-year profit targets, thanks mainly to strong results from trading and serving cash-strapped corporate clients in the six months ...

Bloomberg A probe into allegations of a possible cover-up of fraud by Lloyds Banking Group executives has hit fresh delays, the Times reported. The investigation into the bank’s treatment of irregularities at the HBOS Reading branch won’t be completed until 2021, or more than four years after it was commissioned, the newspaper said citing Dame Linda Dobbs, who is leading ...

Bloomberg Borrowers from Asia are ramping up dollar debt sales again and are on the cusp of exceeding the full-year record for issuance. Issuers from Asia ex-Japan have sold over $323 billion of notes in the US currency so far this year, compared with $326 billion for all of 2019 — the current all-time high, according to data compiled by ...

Bloomberg New Zealand central bank (RBNZ) governor Adrian Orr is set to unveil a new monetary stimulus tool aimed at driving borrowing costs to fresh historic lows to spur economic growth. Orr is expected to lay out plans on November 11 to provide cheap loans to banks, giving them scope to further reduce lending rates. The Funding for Lending Program, ...

Bloomberg Bank of England (BOE) Deputy Governor Jon Cunliffe said there is no clarity yet on allowing banks to pay dividends as there may “still be a case” for restrictions until their robustness is assessed, according to The Sunday Times. Policy makers need to study the economic outlook, bank capital and the impact of profitability and losses on the lenders ...

Bloomberg Goldman Sachs Group Inc. cut its year-end Treasury yield forecast as the prospect of a divided Congress under a Democratic president makes another big fiscal stimulus package unlikely. The 10-year yield should fall to around 0.75% by the end of 2020, according to strategists including Praveen Korapaty. That’s well below the 1.05% target that the team had anticipated before ...

Bloomberg Deutsche Bank AG didn’t heed a recommendation from the European Central Bank (ECB) to suspend parts of its leveraged finance operations after the regulator identified shortcomings in how it manages risk in that business, a person familiar with the matter said. Deutsche Bank took remedial action within the given time frame but didn’t follow the ECB’s request to halt ...

Bloomberg HSBC Holdings Plc’s unit in Canada is considering its first euro-denominated covered bond as it expands a market pioneered in the 18th century that 300 years later has the distinction of surviving an economic meltdown relatively unscathed. The lender is weighing up Europe, the largest market for covered bonds, for a deal as soon as next year, according to ...

Bloomberg Societe Generale SA (SocGen) plans to cut 640 jobs in France, mainly at its investment-banking operations, as part of a broader cost savings plan. Part of the reduction relates to SocGen’s decision to stop trading in some of its risker structured products, the bank said in a statement on Monday. The securities business as well as compliance and risk ...

Bloomberg Standard Chartered Plc plans to offer flexible work options to more than 90% of its 85,000 staff over three years, a sign of how pandemic crisis management is leading to long-term change in the role of the office. The bank said about half its staff will be able to apply for some form of hybrid work from early 2021. ...