Banking

Bloomberg Morgan Stanley said it plans to eliminate the net carbon emissions generated by its financing activities within 30 years. The announcement came two months after the bank announced it would join the Partnership for Carbon Accounting Financials and start reporting the emissions resulting from its lending and investments. Morgan Stanley said in a statement that it will provide resources, ...

Bloomberg Staff at Danske Bank face a serious erosion of morale that could hit the lender’s business amid a string of scandals and the prospect of deep job cuts. “The average employee is just tired of all this,” said Kirsten Ebbe Brich, Danske employees’ representative on the bank’s supervisory board. It’s “affecting employee engagement and pride, their sense of connectedness ...

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 ...