Banking

BLOOMBERG UBS Group AG’s emergency buyout of Credit Suisse Group AG threatens to drastically shrink the financing options for small and mid-sized companies, after the demise of a 166-year-old champion of Swiss entrepreneurship. While smaller cantonal lenders and cooperative banks offer a counterbalance to UBS in retail banking and the Swiss mortgage market, Credit Suisse has long been the market ...

BLOOMBERG Bank of America Corp (BofA) is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts. Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge ...

BLOOMBERG Deutsche Bank AG is settling a US lawsuit it filed against a pair of offshore feeder funds that backed out of an alleged deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds — Kingate Global Fund Ltd and Kingate Euro Fund Ltd — filed ...

BLOOMBERG The Bangko Sentral ng Pilipinas (BSP) has done enough to address inflation and could pause from raising interest rates at the next policy meeting in May, Finance Secretary Benjamin Diokno said. “Contrary to some analysts’ view that the BSP’s Monetary Board could even push its policy interest rate higher than 6.5%, I think that the BSP is leaning towards ...

BLOOMBERG Foreign central banks liquidated Treasury holdings at the fastest clip in nine years and tapped a key Federal Reserve (Fed) facility to raise cash as banking stress roils markets. Fed data show foreign official holdings of Treasury securities fell by $76 billion in the week through March 22 to $2.86 trillion. That’s the largest weekly decline since March 2014. ...

BLOOMBERG  The Philippine central bank slowed the pace of its interest-rate increases as it seeks to cool still-hot inflation while allowing itself some policy-manoeuvre room in the event of risks from a global banking turmoil. Bangko Sentral ng Pilipinas raised the overnight reverse repurchase rate by 25 basis points to 6.25% on Thursday, as seen by all but one of ...

BLOOMBERG  Bank rescues on both sides of the Atlantic. Global markets in turmoil. American and European policy makers rushing to turn the tide. In contrast, China’s markets were calm and buoyant on Thursday. After countless scenarios of doom for Chinese assets, its markets stand out right now for their quiet gains. Following another day of turmoil in the US — ...

BLOOMBERG  Argentina sold around 417 billion pesos ($2 billion) in peso-denominated notes and bonds via auction, the latest step in managing a massive local debt pile as the government seeks to extend maturities until after presidential elections in October. The Treasury sold the securities after receiving offers for around 664 billion pesos, according to an emailed statement from the economy ...

BLOOMBERG  Taiwan’s central bank governor has a tough balancing act to pull off in his first interest rate decision since renewing his term in office. Governor Yang Chin-long must grapple with inflation that remains uncomfortably high, an economy that’s contracting, a still hawkish Federal Reserve, and global financial markets in turmoil. Most economists surveyed by Bloomberg expect he will lead ...

BLOOMBERG  Citigroup Inc Chief Executive Officer (CEO) Jane Fraser said mobile apps and consumers’ ability to move millions of dollars with a few clicks of a button mark a sea change for how bankers manage and regulators respond to the risk of bank runs. Fraser said the fast demise of Silicon Valley Bank also made it difficult for banks to ...