Banking

Bloomberg The Bank of Thailand held its benchmark interest rate at an all-time low and said it was prepared to use “additional appropriate monetary policy tools” to support an economy suffering the biggest blow in Asia from the coronavirus pandemic. The central bank kept its policy rate at 0.5% in a unanimous decision Wednesday. All but two of the 26 ...

Bloomberg Australia’s central bank is returning to the government bond market after a three-month hiatus as it aims to re-anchor yields on the three-year security that it targets through its purchasing program. The Reserve Bank of Australia (RBA) offered to purchase $359 million of federal government securities maturing in April 2023 on Wednesday, under its program to lower yields. Governor ...

Bloomberg The Reserve Bank of India’s (RBI) policy decision this week is a tricky one to call, with economists split over whether Governor Shaktikanta Das will lower interest rates again to support a fragile economy and banking sector in the face of above-target inflation. Of the 44 economists surveyed by Bloomberg, 22 expect a 25 basis-point rate cut on Thursday, ...

Bloomberg Commerzbank AG abandoned its goal for a full-year profit after losses tied to the failure of Wirecard AG added to surging costs for bad loans, underscoring the challenges as the lender seeks to emerge from a leadership crisis. The outlook revision was driven by a single case that cost the bank 175 million euros last quarter, it said in ...

Bloomberg The Bank of England (BOE) is facing pressure from green campaigners to revise its pandemic rescue program after research showed it’s effectively subsidising polluting industries while claiming tackling climate change is a priority. The central bank’s 20 billion pound ($26 billion) Corporate Bond Purchase Scheme favours carbon intensive industries such as energy production and manufacturing, according to a report ...

Bloomberg HSBC Holdings Plc is planning a big boost to its wealth management staff in China in a bid to lift its sagging profits, increasing its presence in the face of mounting political tensions between Beijing and Western governments. In conjunctions with its earnings release, which revealed first-half profit halved, the bank said it’s targeting to hire 2,000 to 3,000 ...

Bloomberg British lenders have offered a taste of how much the worst recession in centuries is going to cost. The bill’s already at $22.4 billion. Write-offs at the country’s six biggest banks so far this year roughly equal Barclays Plc’s current market value. “There’s likely more of that to come, and with low interest rates dragging on revenues, full year ...

Bloomberg HDFC Bank Ltd. named Sashidhar Jagdishan as its new chief executive officer, breaking almost three decades of continuity under his predecessor at a time when the coronavirus pandemic is roiling India’s financial sector. The Reserve Bank of India cleared Jagdishan’s appointment for a three-year term starting Oct. 27, HDFC Bank said in an exchange filing on Tuesday. He replaces ...

Bloomberg Societe Generale SA said two deputies to Chief Executive Officer Frederic Oudea are stepping down in a shakeup of top management, as the bank vowed to accelerate the transformation of its business after posting the biggest loss since the onset of the financial crisis. As part of the overhaul, Deputy CEO Severin Cabannes will leave his post at the ...

Bloomberg Australia’s central bank kept its interest rate and yield target unchanged, while announcing it will end a three-month hiatus in bond buying, as Victoria state’s tighter and longer lockdown adds to headwinds. Reserve Bank of Australia Governor Philip Lowe and his board left the cash rate and three-year bond yield target at 0.25% on Tuesday, as expected by most ...