Banking

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. ...

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 ...