Banking

Bloomberg Goldman Sachs Group Inc. is considering raising a venture and growth fund of around $2 billion, a move that would make it a bigger player in the competitive world of technology investing, according to people familiar with the matter. A $2 billion fund for investing in growth- and venture-stage companies would be one of larger ones in the industry ...

Bloomberg Thailand’s commercial banks are financially sound and are able to withstand any economic impact from the pandemic, Bank of Thailand Deputy Governor Ronadol Numnonda said in a statement on Sunday. The banking system’s capital fund is strong with an adequacy ratio, or BIS ratio, at the “high level” of 19.2% by the end of June. Lenders are profitable and ...

Bloomberg The Federal Reserve has used only a fraction of the $600 billion in an emergency lending program for small and medium businesses struggling with the Covid pandemic, according to a congressional watchdog report. Eligible lenders participating in the Main Street program have issued $496.8 million in loans, of which $472 million is Federal Reserve money, or about 0.07% of ...

Bloomberg Rabobank Group is reviewing its commodity trade finance business, joining other major lenders in reconsidering their roles in an industry upended by recent trading scandals and the novel coronavirus. The Dutch bank, best known for financing food and agricultural traders, is analysing clients in its current portfolio. While it has no plans to exit the sector, it may choose ...

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 ...