Banking

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. ...

Bloomberg Deutsche Bank AG has added nine Standard Chartered Plc bankers to its team servicing wealthy clients in China and Hong Kong, according to a person familiar with the matter, continuing a raid on its London-based rival that began with the hiring of Boris Kwok. The appointments, which were made in recent months, bring Deutsche Bank’s total hires from Standard ...

Bloomberg Even as European banks reported lower-than-expected loan losses and strengthening capital ratios in the third quarter, the job cuts kept coming across the continent. Spain’s Banco Santander SA plans to get rid of as many as 2,000 staff at its Polish business. Britain’s Lloyds Banking Group Plc announced it was cutting about 1,070 roles, mostly at its technology and ...

Bloomberg British banks turned down more than 150,000 applications for government-guaranteed business loans during Covid-19 outbreak in an effort to prevent fraud, according to industry watchdog. The Financial Conduct Authority (FCA) told lenders not to relax their checks on potential borrowers when they offered credit under the Coronavirus Business Interruption Loan and Bounce Back Loan programs, according to CEO Nikhil ...

Bloomberg Two days after fading odds of a Blue Wave Congress appeared to kill off the reflation trade, Citigroup Inc. and Barclays Plc see signs of life. While the likely failure of the Democratic Party to take over the Senate means any fiscal splurge will probably be smaller, the prospect of increased Federal Reserve stimulus enhances the appeal of inflation-linked ...

Bloomberg Wells Fargo & Co. plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans. The measure, revealed to some managers on a conference call, will halt increases in base pay in the coming year for employees making more than $150,000, ...

Bloomberg Goldman Sachs Group Inc. is shifting as much as $60 billion of assets from the UK to Frankfurt, the latest sign that banks are beefing up their European Union (EU) operations ahead of Brexit. The Wall Street bank plans to move between $40 billion to $60 billion to its German subsidiary by the end of the year, according to ...

Bloomberg Malaysia’s central bank held its benchmark interest rate at a record low, while warning of downside risks from the pandemic that threaten economy’s recovery. Bank Negara Malaysia held its overnight policy rate at 1.75% at its final scheduled meeting of the year, as expected by 17 of 22 economists surveyed by Bloomberg. The rest predicted a 25-basis point cut. ...

Bloomberg Negative surprises on Covid-19 crisis may fuel further market volatility in Europe, including potential corporate defaults next year, according to Piero Noelli, co-head of UBS Group AG’s investment bank. Lockdowns in Europe and restrictions on mobility will cause a double dip in growth in the fourth quarter, he said in an interview with Bloomberg TV’s Francine Lacqua. Setbacks on ...