Banking

Malaysia extends rate pause as inflation cools, growth slows

BLOOMBERG Malaysia left its monetary settings unchanged for a second straight meeting, as the central bank opted to weigh the impact of previous interest-rate increases on economic activity amid a challenging global  outlook. Bank Negara Malaysia (BNM) held its overnight policy rate at 2.75%, a decision seen by 11 of 20 economists in a Bloomberg survey, with the rest expecting ...

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BOE to cut spending for work on climate change

BLOOMBERG The Bank of England (BOE) plans to cut spending on climate change work and redirect the money to core functions because of rising pressures on its costs. Climate programs will slip lower on the central bank’s agenda so officials can focus more on the core operations such as financial stability, markets and a digital currency, according to a person ...

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Kuroda buffets yen again after decade of radical easing

BLOOMBERG Haruhiko Kuroda finished his last meeting at the helm of the Bank of Japan (BOJ) by buffeting markets again with a straightforward stand-pat that contrasted with the explosive launch of his massive stimulus program a decade ago. The BOJ left its negative interest rate and its cap on government debt yields untouched at the shortest regular meeting during Kuroda’s ...

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Citigroup to ‘recalibrate’ investment banking headcount

BLOOMBERG Citigroup Inc Chief Financial Officer Mark Mason said his firm will adjust headcount in its investment banking division as necessary as it continues to look for ways to boost profits. For years, Citigroup has been beefing up its investment bank, including through hires in sectors like energy, biotechnology and healthcare, Mason said in an interview with Bloomberg Television. Still, ...

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BofA redeploying investment bankers amid deal drought

BLOOMBERG Bank of America Corp (BofA), one of the few major Wall Street banks to avoid mass job cuts in recent months, has begun moving investment bankers into busier areas as the industry deals with a slowdown in dealmaking and capital markets. For years, the company has relied on attrition as a way to manage headcount, Chief Executive Officer Brian ...

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Bitcoin at three-week low over Silvergate bank fallout

BLOOMBERG Bitcoin fell to a three-week low, sapped by the collapse of crypto-friendly bank Silvergate Capital Corp and the prospect of higher-than-expected central bank interest rates. The largest token fell as much as 1.9% on Thursday, dropping for a fourth session, and was trading at about $21,780 in Singapore. Smaller coins ranging from Ether and Solana to Avalanche were subdued. ...

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Silvergate plans to wind down operations, liquidate its bank

BLOOMBERG Silvergate Capital Corp plans to wind down operations and liquidate its bank after the crypto industry’s meltdown sapped the company’s financial strength, sending shares plunging. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” the company said in ...

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Sri Lanka’s rupee to reverse gains, plummet 20%: Fitch

BLOOMBERG  Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund (IMF) bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions. “We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q 2023,” ...

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Credit Suisse gets licenses in China to build ‘wealth unit’

BLOOMBERG  Credit Suisse Group AG has obtained licenses allowing it to launch its wealth management business in China in the first half of this year as well as expand its securities trading and research activities onshore. The bank received its investment consultancy, proprietary trading and nationwide brokerage licenses, according to an internal memo. A spokeswoman for the bank confirmed the ...

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ECB rate-hike spat ramps up as Visco slams hawkish colleagues

BLOOMBERG  Ignazio Visco openly criticised hawkish European Central Bank (ECB) colleagues for making statements about future increases in borrowing costs when officials had agreed not to give such guidance. The outburst by the Bank of Italy governor, in added remarks at the end of a speech in Rome, is a pointed public attack that hints at rising tensions behind closed ...

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