Banking

Bloomberg For years, there was an allergy inside Goldman Sachs to owning a private corporate jet. Top bankers had access to rides on planes shared with others, but didn’t want to erode their less-than-stellar image on Main Street with the unnecessary extravagance of having their own. Until David Solomon took over. The bank ordered a pair of Gulfstreams late last ...

Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan expects the US economy to bounce back fairly quickly once the coronavirus health crisis is resolved. “There are no structural issues in the economy — it’s a health-care crisis, and I think if we mitigate that health-care crisis, you will see on the other side of this a rebound,” ...

Bloomberg The World Bank Group’s arm for the private sector is working to stave off widespread bankruptcies in developing nations that could be even worse than the coronavirus’s impact in advanced economies, according to its chief. The International Finance Corp. (IFC) has $8 billion to lend in its initial pandemic response for emerging nations, Chief Executive Officer Philippe Le Houerou ...

Bloomberg The Mexican peso led global currency losses after President Andres Manuel Lopez Obrador rejected calls for fiscal stimulus to offset the impact of the coronavirus (Covid-19) pandemic. The peso sank as much as 4% amid a global sell-off, its third decline in four days. While economists forecast the economy could contract as much as 7% this year, the president, ...

Bloomberg Banks are under increased pressure to raise loan margins in the Greater China region as the coronavirus pandemic weakens lending and a global dollar liquidity squeeze pushes up funding costs. That’s a key takeaway from a Bloomberg survey of 15 major syndicated loan arrangers operating in the region, including international and Chinese banks. The survey was conducted between March ...

Bloomberg DNB ASA, Norway’s biggest bank, is postponing its $1.4 billion dividend as it gives in to calls from national and European authorities to show restraint during the current economic crisis. DNB initially dragged its feet after Norway’s financial watchdog last month urged banks to refrain from dividends. The Norwegian bankers’ association, Finance Norway, argued the move was unnecessary and ...

Bloomberg South Africa’s banking regulator plans to give banks a break from accounting and capital rules that could release around 300 billion rand ($17 billion) for lending to help the economy cope with the fallout of the coronavirus. “It’s quite big, it’s quite meaningful,” said Kuben Naidoo, deputy governor of the South African Reserve Bank and chief executive officer of ...

Bloomberg New Zealand’s central bank needs to step up the scale and pace of its quantitative easing (QE) to achieve a meaningful fall in interest rates, market participants say. Since beginning purchases last week, the Reserve Bank has bought NZ$1.4 billion of government bonds at four auctions. While yields have moved lower, the market is wary that an expected NZ$17 ...

Bloomberg Officials from leading Southeast Asian central banks have agreed to coordinate efforts to boost their economies, all struggling under the blow from the coronavirus pandemic. Bank Indonesia Governor Perry Warjiyo told reporters in an online briefing that he held talks a day earlier with officials from five central banks in the region. He didn’t give details of what kind ...

Bloomberg Singapore’s central bank said lenders will offer additional relief for consumers and companies battered by the sharp economic slowdown, including a freeze on mortgage and business loan payments and cuts to credit card rates. Banks and finance companies can defer both principal and interest payments on residential mortgages through December 31, the Monetary Authority of Singapore (MAS) said in ...