Banking

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 ...

Bloomberg Australia’s central bank cut interest rates and announced purchases of longer-dated bonds to complement its yield curve control program for shorter-length maturities as it seeks to drive a rapid economic recovery. The Reserve Bank of Australia lowered its key interest rate, yield-curve target and bank lending facility rate to 0.10% from 0.25%, as forecast by an overwhelming majority of ...

Bloomberg Germany will take the lion’s share of the assets that lenders are moving out of the UK as a consequence of the Brexit, according to the Bundesbank. Non-German lenders are in the process of moving an additional 397 billion euros ($462 billion) of holdings to the country, taking their combined balance sheet there to 675 billion euros at the ...

Bloomberg JPMorgan Chase & Co and Citigroup Inc. joined rivals in asking the vast majority of employees in England to work from home following government rules to stop a surge in coronavirus infections. The Wall Street banks told staff in separate memos Tuesday that most workers will be required to work from home until further notice from Thursday, when a ...

Bloomberg Credit Agricole SA got a boost from clients selling bonds and set aside less money for expected bad loans, joining peers in taking a benign view of the pandemic as Europe enters a second phase of lockdowns. Revenue from capital markets, the biggest driver of Credit Agricole’s investment bank, surged 25% in the third quarter to beat analysts’ highest ...

Bloomberg BNP Paribas SA got a bigger-than-expected boost from trading and painted a relatively optimistic picture of the pandemic’s impact on its loan book, as it joined European peers in signalling an eventual return to dividend payments. Third-quarter revenue from trading fixed income, currencies and commodities surged 36% to 1.25 billion euros ($1.45 billion), the Paris-based bank reported, surpassing the ...

Bloomberg State Bank of India (SBI) reported better-than-expected profit as the nation’s largest lender set aside fewer provisions for non-performing loans. The bank’s net income jumped 52% to 45.7 billion rupees ($610 million) for the three months to September, beating the 36.9 billion rupee average estimate of 11 analysts surveyed by Bloomberg. SBI set aside 101.2 billion rupees in provisions ...