Banking

Bloomberg Bank of England (BOE) officials are expected to lay the groundwork this week for yet more monetary stimulus as optimism over the UK’s economic rebound from the coronavirus pandemic fizzles out. While economists and investors don’t see immediate action, they widely predict the BOE’s bond-buying program will be expanded again before the end of the year. The latest policy ...

Bloomberg Bank of America Corp. (BofA) and JPMorgan Chase & Co. were the winning bidders on $900 million of New York Metropolitan Transportation Authority (MTA) debt to finance subway, bus and commuter-rail capital projects as the transit agency seeks federal aid to avoid major service cutbacks. The sale shows the MTA, the largest mass-transit system in the US, can raise ...

Bloomberg Svenska Handelsbanken AB unveiled a series of cost cuts as part of a digital revamp it says will affect about 1,000 employees. Sweden’s biggest bank intends to almost halve its branch network, which has long been a hallmark of its business model, according to a statement on Wednesday. At the same time, management will invest about 1 billion kronor ...

Bloomberg A group of banks led by ING Groep won a court order compelling Citigroup Inc. and Sumitomo Mitsui Financial Group Inc. to reveal account details linked to failed commodities firm Agritrade International Pte. The Singapore ruling makes the two lenders share client names, bank statements and fund transfer instructions, according to court documents obtained by Bloomberg News. The information ...

Bloomberg The health of India’s shadow banks remained resilient in August, suggesting that record stimulus steps by the nation’s authorities are helping the crisis-hit sector ride out the coronavirus pandemic. Premiums on non-bank lenders’ bonds narrowed to a two-year low, according to an index of AAA rated five-year notes. Three other indicators compiled by Bloomberg, covering areas including liquidity and ...

Bloomberg Barclays Plc will start a foreign exchange trading and pricing engine in Singapore in mid-2021, marking the British lender’s fourth electronic currency trading hub globally. Barclays will build out a local version of the trading system, known as BARX, adding to hubs in New York, London and Tokyo, the London-based bank said in a statement on Wednesday. “FX is ...

Bloomberg Australia’s central bank said the appreciation of the currency was consistent with higher commodity prices — particularly iron ore — while providing no indication that additional monetary measures are imminent. “While members noted that the Australian dollar was broadly aligned with its fundamental determinants, a lower exchange rate would provide more assistance to the Australian economy in its recovery,” ...

Bloomberg Nigeria’s Securities and Exchange Commission (SEC) said it will regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent. “The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices,” the Abuja-based regulator said in an emailed statement. The agency said it’s ...

Bloomberg The kiwi has all but priced in a negative New Zealand cash rate. All that’s left is the question of when. After rallying more than 20% from its March low, the currency is coming under pressure as traders bet the benchmark rate could drop below zero in the first few months of 2021. Economic growth and consumer confidence data ...

Bloomberg United Overseas Bank Ltd. (UOB) has imposed a freeze on hiring, pay and promotions as the Singapore lender prepares for a further decline in earnings following the coronavirus pandemic. The city state’s third-largest bank told staff that it expects the situation to worsen before improving when the government cuts some of its support, according to an internal memo sent ...