Banking

Bloomberg Canadian banks are giving their workers extra pay for going into the office or manning branches during the coronavirus pandemic. Most of the country’s biggest lenders are offering an additional C$50 ($34) a day to those employees who aren’t able to work from home. They join US counterparts including Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. ...

Bloomberg Credit Suisse Group AG cut former Chief Executive Officer Tidjane Thiam’s pay by about 15% in his last year in charge, after the Swiss bank became embroiled in a spying scandal that led to his ouster. “Mr. Thiam has taken accountability for the events and accepted a reduction of his non-financial assessment score,” board member Kai Nargolwala wrote in ...

Bloomberg The Bank of England’s (BOE) new 200 billion pounds ($231 billion) of bond purchases has the potential to hit the market at a faster pace than currently advertised. With rates near zero already, increasing the speed of purchases is one lever policy makers could pull if they want to boost the impact of the current package of measures, without ...

Bloomberg Japanese banks took almost $90 billion of cheap-dollar funding through the Federal Reserve’s enlarged swap lines on Tuesday, with total borrowings surpassing the record seen during the global financial crisis. Including earlier operations on March 17 and 23, the lenders have gobbled up more than $150 billion of dollars, exceeding the amount seen in other nations with the revamped ...

Bloomberg The Philippine central bank is infusing more funds into the economy, slashing big lenders’ reserve requirement ratio (RRR) by 2 percentage points and flagging more cuts to come. “The reduction is intended to calm the financial markets and encourage banks to continue lending to both the retail and corporate sectors,” Governor Benjamin Diokno said in a mobile phone message ...

Bloomberg Citigroup Inc. will award special bonuses to employees under certain income thresholds as it seeks to stem the financial impact of the coronavirus pandemic. In the US, employees who make $60,000 or less a year in base salary will receive a $1,000 payment, Chief Executive Officer Michael Corbat told employees in a memo. For workers based outside the US, ...

Bloomberg The good times for Europe’s bedraggled investment banks came and went in a matter of weeks. Heightened volatility and market turmoil on the back of the coronavirus led to record trading volumes for investment banks in the first quarter, especially in rates, equities and currencies, Citigroup Inc. analysts led by Andrew Coombs wrote in a note to clients. However, ...

Bloomberg Wells Fargo & Co. is joining peers in awarding extra payments to employees as the bank deals with the coronavirus pandemic. Payments go to workers who earn base compensation of less than $100,000 and were employed by Wells Fargo for all of 2019, the San Francisco-based lender said in a statement. Eligible full-time employees will get $600 before taxes ...

Bloomberg An investigation paid for by Swedbank AB into allegations of financial crime found that client transactions totaling 36.7 billion euros ($40 billion) represented a “high risk” of money laundering. “It’s obvious that there have been cultures in the bank that are not acceptable,” Swedbank CEO Jens Henriksson said in a statement on Monday. A review has been launched to ...

Bloomberg Bank of France Governor Francois Villeroy de Galhau said Europe’s rescue fund should be activated to lend to states struggling with the coronavirus outbreak, a move that could pave the way for further sovereign bond purchases by the European Central Bank. Villeroy’s call comes as euro-area officials consider a plan that would see the European Stability Mechanism set up ...