Banking

Bloomberg The pound declined to the weakest level in a month on concern a lockdown across England would deal a painful blow to an economy already reeling from similar measures earlier this year. Sterling fell as much as 0.7% to $1.2855, the lowest since October 7, after Prime Minister Boris Johnson announced the month-long restrictions amid concern that the coronavirus ...

Bloomberg Colombia became the latest emerging market to end a series of interest rate cuts, joining peers from Brazil to South Africa as it recovers from the pandemic. After the decision, the central bank said that Governor Juan Jose Echavarria will retire early next year. The bank left its key rate unchanged at a record low of 1.75%, in line ...

Bloomberg ICICI Bank Ltd. posted a record quarterly profit as it set aside a lower amount of funds for potential bad loans even as the coronavirus pandemic constrains growth in financial sector. Net income at India’s second-largest private lender rose to 42.51 billion rupees ($570 million) in quarter ended Sept. 30 from 6.55 billion rupees a year earlier. That was ...

Bloomberg The Federal Reserve won’t increase the pace of its asset purchases this year or next, and wouldn’t meaningfully boost the US economy even if it did so, according to most economists surveyed by Bloomberg. Many Fed watchers are eager for more guidance on the future of the central bank’s balance-sheet policy, but aren’t expecting any new clues when the ...

Bloomberg Deutsche Bank AG signalled the trading boom that helped it beat Wall Street rivals will continue through the end of the year, boosting investment banking revenue and compensating for headwinds at its lending businesses. Income from trading fixed-income securities and currencies rises 47%, beating all but one of the large investment banks so far and snapping a long streak ...

Bloomberg The Bank of England (BOE) looks certain to unleash another burst of monetary stimulus this week as new coronavirus lockdowns shock the economy and put yet more pressure on government finances. Any doubt that Governor Andrew Bailey and his colleagues might delay boosting their bond-buying program when they meet this week was effectively erased with Prime Minister Boris Johnson’s ...

Bloomberg Goldman Sachs Group Inc. has informed staff that only ‘in-office essential’ employees can work from its London office after Boris Johnson announced a new nationwide lockdown to arrest an accelerating second wave of the virus. Goldman has told the vast majority of its more than 5,000 London employees to work from home from November 5, with only essential workers ...

Bloomberg Banco Santander SA rebounded from its worst-ever quarter with a profit that beat estimates and improved capital as it seeks to convince regulators that its balance sheet is strong enough to resume dividend payments. Net income totalled 1.75 billion euros ($2.1 billion) in the third quarter, beating estimates of about 1 billion euros, the bank said on Tuesday. The ...

Bloomberg UBS Group AG plans to invest $200 million of its own money in fintech companies over the medium term in a push to further digitize its services and find new ways to engage with clients. The portfolio, called UBS Next, will be run by a dedicated team and take mostly direct stakes in early-stage fintech and other relevant technology ...

Bloomberg HSBC Holdings Plc beat profit estimates for the third quarter, delivering an upside surprise as it pared back expected credit losses and signaled it may resume limited dividend payments already for this year. Adjusted pretax profit slid 21% to $4.3 billion in the period, beating the $2.8 billion estimate, the London-based bank said in a statement on Tuesday. HSBC ...