Banking

Bloomberg Japanese banks tapped into the Federal Reserve’s revamped swap lines, taking up a total of about $32 billion in the first operation since the US central bank lowered rates on Sunday. Lenders from the Asian nation borrowed about $30.3 billion for 84 days at 0.370% in the swap coordinated by The Bank of Japan. They borrowed about $2.05 billion ...

Bloomberg Chinese banks face an unprecedented drop in profits this year as bad loans surge because of the coronavirus outbreak, according to UBS Group AG. In a severe downside case, China’s banking industry could see bad debt jump to 5.2 trillion yuan in 2020, UBS analysts led by May Yan said. The estimate is based on an assumption that China’s ...

Bloomberg JPMorgan Chase & Co. and Citigroup Inc. told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff. Australia’s Macquarie Group Ltd. has gone further, telling the vast majority of its staff globally to work from home. Citigroup’s directive, which applies to employees in the ...

Bloomberg The Indonesian rupiah dropped to its weakest since the emerging market rout of 2018, as a sell-off in the nation’s bonds and stocks show little signs of abating with a worsening coronavirus pandemic. The currency slipped as much as 1.5% to 15,160 per dollar on Tuesday, the lowest since November 2018. The benchmark 10-year bond yield surged 17 basis ...

Bloomberg US banks may be downgraded by Moody’s Investors Service in wake of Federal Reserve’s rate cut and as the worldwide coronavirus pandemic rattles markets. The outlook for lenders was changed to negative from stable, Moody’s said. Moody’s cited “the growing strain on banks’ operating environment and asset risk from the coronavirus disruption of economic and business activity.” Major US ...

Bloomberg Andrew Bailey knows a few things about crises, which should put him good stead when he took the helm of the Bank of England as it tries to stave off recession triggered by the coronavirus pandemic. The 60-year-old is already in the heart of the action. Just hours before he officially started, he was part of a coordinated move ...

Bloomberg The Federal Reserve (Fed) and five counterparts united to ensure that dollars keep flowing around the world after the coronavirus emergency sparked a rush for greenbacks. In coordinated statements, the Fed, Bank of Japan (BOJ), European Central Bank (ECB), Swiss National Bank (SNB), Bank of Canada and Bank of England (BOE) said they would use their swap lines to ...

Bloomberg China’s central bank added to its growing list of measures aimed at countering the economic fallout from the spreading virus, injecting $14.3 billion into the financial system. The People’s Bank of China offered 100 billion yuan via the one-year medium-term lending facility, keeping the rate unchanged at 3.15%. There were no loans coming due Monday. The central bank refrained ...

Bloomberg Citigroup Inc. is forecasting a 10% boost in new clients and assets at its retail wealth unit in Asia, betting that a digital push will help it grow this year even as the coronavirus upends businesses across the region. The bank plans to expand its customer base across 12 markets, underpinned by online growth, said Fabio Fontainha, Citi’s head ...

Bloomberg BMO Harris Bank, a unit of Bank of Montreal, must face billions of dollars in investor claims tied to a massive Ponzi scheme run by former client Tom Petters, a judge ruled. A request by BMO Harris to have the case thrown out before trial was rejected Friday by a federal judge in St. Paul, Minnesota. The claim was ...