Banking

Bloomberg Philippine central bank governor Benjamin Diokno said the monetary easing implemented against coronavirus was appropriate, and that further action will depend on the economic recovery. “Right now, we’re happy where the current policy rate is,” Diokno said in an interview with Bloomberg. Monetary authorities are ready to use all the tools at their disposal, but are likely to do ...

Bloomberg The Bank of England (BOE) repeated that lenders should plan for the possibility that the UK won’t reach a deal with the European Union (EU) before the Brexit transition period is complete at the end of this year. In a rare public statement on the talks, the central bank said Wednesday that a no-deal Brexit was “one of a ...

Bloomberg Several of Denmark’s biggest banks will see their so-called bail-in buffers come under intense pressure as the Covid-19 crisis triggers an historic economic slump. Stress tests published by the Danish central bank show that lenders may need to issue as much as 160 billion kroner ($24 billion) until 2022 to maintain a layer of capital known as MREL, which ...

Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan said he expects the company’s traders to do very well in the current quarter, while not up to the pace set in the first three months of the year. Combined bond- and stock-trading revenue may rise in the “high single digits” or even close to 10% from a year ...

Bloomberg Citigroup Inc. will gradually start bringing traders back to its London offices in the coming weeks as UK leaders continue to craft plans to ease social distancing restrictions. The firm will begin by restoring traders and other employees from its markets and securities services unit to its offices in London, according to people familiar with the matter, who asked ...

Bloomberg The Bank of Korea (BOK) cut rates to a record low and forecast the first economic contraction since the Asian financial crisis, but stopped short of offering clarity on what future steps it might take to shore up an economy battered by the coronavirus pandemic. Following the BOK’s unanimous decision on Thursday to cut the seven-day repurchase rate to ...

Bloomberg The worst crisis in more than two decades among Indonesia’s smaller companies will boost loan losses and curtail profit at nation’s largest lender, according to PT Bank Rakyat Indonesia Finance Director Haru Koesmahargyo. Bank Rakyat expects more than 10 million customers in its core segment — micro, small and medium enterprises — to be affected by the Covid-19 outbreak, ...

Bloomberg Bank of Montreal (BMO) had about C$180 million ($130 million) in trading losses on a single day in March, a sign of just how risky stocks were as the coronavirus outbreak became a global pandemic. The loss, disclosed in a quarterly presentation, marks the company’s worst trading day in more than a decade. “On that day, there was significant ...

Bloomberg One of the European Central Bank’s (ECB) key policy makers signalled that the institution is very likely to boost its emergency bond-buying program to fight the coronavirus. With inflation low, there is room to innovate and act “rapidly and powerfully,” Bank of France Governor Francois Villeroy de Galhau told a conference in Paris. He also signalled that he’d like ...

Bloomberg HSBC Holdings Plc is taking full control of its German business as Europe’s largest lender restructures its global operations. The bank will acquire an 18.66% stake in HSBC Trinkaus & Burkhardt AG from Landesbank Baden-Wuerttemberg, a regional lender in the south of Germany, according to statements by the banks. They didn’t disclose a price. HSBC is pivoting to Asia ...