Banking

BLOOMBERG Chinese authorities warned the nation’s top banking executives that the crackdown on the $60 trillion industry is far from over in a private meeting, just as they were about to announce the probe of the most senior state banker in nearly two decades. Officials from the China Banking and Insurance Regulatory Commission (CBIRC) and the Central Commission for Discipline ...

BLOOMBERG Funds investing in commercial property pose a threat to financial stability after growing significantly over the last decade, according to the European Central Bank (ECB). The net asset value of the real estate investment funds more than tripled to more than €1 trillion ($1.1 trillion) in the past 10 years, boosting their interdependence with property markets, the ECB said ...

BLOOMBERG ICICI Securities Ltd aims to double its wealth managers and boost the assets from rich clients to $60 billion in the next two years, as competition ramps up in India’s rapidly growing wealth industry. The current crisis at Credit Suisse Group AG and the uncertainty around its wealth business in India could provide some hiring opportunities, said Anupam Guha, ...

BLOOMBERG UBS Group AG will cut its workforce by between 20% and 30% after completing its takeover of Credit Suisse Group AG, slashing as many as 36,000 jobs worldwide,  SonntagsZeitung reported, citing a senior manager at UBS. As many as 11,000 employees will be laid off in Switzerland, the Swiss newspaper said. The two lenders together employed almost 125,000 people ...

BLOOMBERG Deposits at US banks fell sharply and lending declined by the most in nearly two years amid financial turmoil triggered by the collapse of several banks in March. Commercial bank deposits dropped by $125.7 billion in the week ended on March 22, marking the ninth-straight period of declines, according to data by the Federal Reserve. At domestically chartered banks, ...

BLOOMBERG Italian Finance Minister Giancarlo Giorgetti said monetary-policy measures alone can’t tame inflation. “Fighting inflation with monetary policy is not enough, and recession can’t be the price to pay for fighting inflation,” Giorgetti said at the Ambrosetti workshop in Cernobbio, Italy. Faced with the biggest cost-of-living crisis in a generation in the wake of Russia’s invasion of Ukraine, governments across ...

BLOOMBERG China’s biggest state-owned banks warned of a tough 2023 as uncertain economic conditions may squeeze earnings after most delivered better-than-estimated profit growth for last year. China’s tightly controlled $54 trillion banking industry was pushed to extend more credit in 2022 to help cushion the economy from a slowdown triggered by the nation’s strict pursuit of Covid zero, which helped ...

BLOOMBERG  Wall Street banks are looking to start trading private credit loans as they seek to make inroads into the lucrative world of direct lending, a potential first step that could ultimately reshape the largely buy-and-hold market. JPMorgan Chase & Co, Goldman Sachs Group Inc and Barclays Plc are among the firms talking to private debt funds about facilitating secondary-market ...

BLOOMBERG  The People’s Bank of China’s (PBOC) relending programs have incentivised banks to allocate more loans towards green projects, Governor Yi Gang said. The relending programs provide cheaper funding to banks and at the same time promotes information disclosure by lenders, Yi said on a panel at the Boao forum in Hainan. One of the PBOC’s relending programs — focussed ...

BLOOMBERG  The Bank of England (BOE) warned the next blow up in financial markets may be triggered by corporate credit after a massive build-up in private debt over the past decade. Riskier corporate borrowing — including high yield bonds, leveraged loans and private credit — is “particularly vulnerable” to interest rate rises and “heightened geopolitical risks increase the likelihood of ...