Banking

Bloomberg Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top US competitors that have resisted workforce reductions amid the coronavirus pandemic. The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and years ahead. ...

Bloomberg Days after Citigroup Inc. made headlines for accidentally sending $900 million to a group of lenders, a Bank of America Corp. (BofA) customer in Massachusetts opened his account to find an even bigger cash infusion: $2.45 billion. But the money was never really there. “This was a display error and nothing more than that,” Bank of America spokesman Bill ...

Bloomberg Canada’s biggest banks are expected to see profits plunge for a second straight quarter due to economic fallout from the Covid-19 pandemic — though there are signs of improvement. The nation’s six-largest lenders will post an average profit decline of about 30% in the fiscal third quarter from a year earlier when they kick off the reporting season next ...

Bloomberg Indonesia’s central bank left its key interest rate unchanged on Wednesday to shore up support for the sagging currency, and called for close coordination with government to revive Southeast Asia’s largest economy. After 100 basis points of easing so far this year, Bank Indonesia kept the seven-day reverse repurchase rate at 4% Wednesday, as expected by 20 of 25 ...

Bloomberg It took unprecedented stimulus and a rally that’s pushed equities near record highs, but fund managers overseeing $489 billion finally believe that this stock market recovery has legs. Among investors surveyed by Bank of America Corp. (BofA) in the week through August 13, 46% described equities as being in a bull market, up from 40% in July. The share ...

Bloomberg Singapore’s financial regulator will step up efforts to urge banks to hire more citizens and develop a strong local leadership pipeline, according to its chief. “Protecting and growing Singaporean jobs, especially in current economic conditions, is a top priority,” the Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon wrote in a letter in the Straits Times. The MAS ...

Bloomberg One of the world’s biggest banks has staged a mass return to the office in a country where the number of Covid-19 infections surged by 1 million just in the past month. About 60% of administrative staff at Banco Santander SA’s Brazilian unit — including some investment bankers and those in asset management — are now back at their ...

Bloomberg The pile of the murkiest trades at global banks, long the bane of regulators, got much bigger during Covid-19. Lenders including Barclays Plc, Citigroup Inc., BNP Paribas SA and Societe Generale SA reported a surge of more than 20% in their most opaque assets during the chaotic first half of 2020, Bloomberg calculations show. The banks are now sitting ...

Bloomberg Citigroup Inc. scored a temporary court order freezing $175 million that Brigade Capital Management LP declined to return after the bank accidentally transferred more than $900 million to Revlon Inc. lenders. The order followed a hearing in which the bank and the hedge fund faced off over Citigroup’s expensive blunder. The two will be back in court as the ...

Bloomberg China’s central bank supplied liquidity to commercial lenders to help them manage upcoming government bond sales, while leaving the price of the money unchanged as the economy recovers. The People’s Bank of China (PBOC) added 700 billion yuan ($101 billion) of one-year funding via the medium-term lending facility. The central bank said that the operation is meant to offset ...