Banking

BLOOMBERG The Bank of Japan (BOJ) indicated a cautious stance towards pivoting from massive easing before achieving its inflation target, helping cool market speculation over any big monetary policy shift at the start of incoming governor Kazuo Ueda’s term. “The risk from a hasty policy change that could lead to missing a chance of such achievement should be considered as ...

BLOOMBERG Indonesia said Perry Warjiyo, who steered the Southeast Asian economy’s monetary policy through the pandemic years, will continue as central bank governor for a second term. His appointment was approved by a parliament commission on Monday, after he was named the lone candidate by President Joko Widodo. A second term at Bank Indonesia will allow Warjiyo, 64, to continue ...

BLOOMBERG The European Central Bank (ECB) must fight inflation until the job is done, while acknowledging the rising risk of pushing interest rates too high as the peak nears, Governing Council member Martins Kazaks said. Price pressures remain too strong and warrant further action — assuming the market turmoil that saw off Silicon Valley Bank and rocked Credit Suisse Group ...

BLOOMBERG UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per ...

BLOOMBERG A coalition of midsize US banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks. “Doing so will immediately halt the exodus of deposits from smaller banks, stabilise the banking sector and greatly reduce chances of more bank failures,” the ...

BLOOMBERG Deutsche Bank AG’s global head of foreign exchange sales Hans Ephraimson is leaving after more than three decades at the German lender. A successor will be announced shortly and Ephraimson will “facilitate a smooth transition” of his responsibilities, according to an internal memo seen by Bloomberg News. There was no mention of a reason behind Ephraimson’s exit. A Deutsche ...

BLOOMBERG Michael Klein, the CEO-designate of Credit Suisse Group AG’s investment-banking spin off, may struggle to realise his dream of building a new CS First Boston as the Swiss lender nears a forced sale to UBS Group AG. UBS is showing little appetite for Credit Suisse’s investment banking business as part of a government-brokered takeover, putting plans to legally and ...

BLOOMBERG Cryptocurrency market data provider Kaiko plans to relocate its Asian headquarters to Hong Kong from Singapore, drawn by the city’s push to establish a global hub for the digital-asset industry. Hong Kong’s pro-crypto policy pivot and emergence from Covid-related curbs contributed to the Paris-based company’s decision, Chief Executive Officer Ambre Soubiran said in an interview. Kaiko feeds data to ...

BLOOMBERG UBS Group AG and Credit Suisse Group AG are opposed to a forced combination, even as scenario planning for a government-orchestrated tie-up continues, according to people with knowledge of the matter. UBS would prefer to focus on its own wealth-centric standalone strategy and is reluctant to take on risks related to Credit Suisse, the people said, asking not to ...

BLOOMBERG A trio of hawkish European Central Bank (ECB) policymakers came out in force to restate the case for hiking interest rates further, once financial-market volatility subsides. In the wake of a 50 basis-point increase accompanied by no clear signal on future moves, governors from Estonia, Lithuania, and Slovakia suggested the economy still needs another phase of tightening after global ...