Banking

Bloomberg JPMorgan Chase & Co. told employees worldwide that they will start working from home on a rotating basis, as the biggest US bank intensifies its response to the coronavirus pandemic. Employees around the world will split their time between homes and offices on a one- or two-week rotation, JPMorgan said in a memo. The move expands upon earlier arrangements ...

Bloomberg European Central Bank (ECB) President Christine Lagarde unveiled a calibrated package of monetary policies aimed at “surgically” supporting key parts of the euro area economy hurt by the coronavirus outbreak. The Frenchwoman, warning of a “major shock” to global growth prospects, crafted what she described as a “comprehensive package” of measures intended to grease the wheels of the region’s ...

Bloomberg Banco Santander SA created a special 20 billion euro ($23 billion) line of credit for small- and medium-sized enterprises and self-employed people who may be affected by Spain’s measures to control coronavirus. The lender’s Spanish unit will be offering one-year, pre-approved loans to “help to mitigate the impact” that the containment measures may have on business operations, Santander said ...

Bloomberg The Bank of England (BOE) cut interest rates in its first emergency move since the financial crisis and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity. Governor Mark Carney and fellow policy makers voted unanimously to cut their main interest rate by 50 basis points to 0.25%, returning it ...

Bloomberg DBS Group Holdings Ltd. signalled that its expected 2% revenue hit from the coronavirus may be revised as the pandemic causes loans to sour. “This is a moving target,” the bank’s head of institutional banking Tan Su Shan said when asked about the projection in a Bloomberg Television interview in Singapore. “We are living day by day, week by ...

Bloomberg DNB ASA, Norway’s biggest bank, has closed the trading floor of its Oslo headquarters after registering a coronavirus case among its employees. The bank was made aware of the infection of an employee working in DNB Markets. The person is in a “good condition under the circumstances,” spokesman Even Westerveld said. DNB has resorted to “extensive use” of home ...

Bloomberg Wells Fargo & Co.’s new chief executive officer told lawmakers that the bank hasn’t done enough to turn itself around following a series of scandals and is now more focused than ever on fixing its problems. “The sense of urgency within the company is very different today than it was four months ago,” Charlie Scharf, who took over as ...

Bloomberg The Bank of Russia said it would begin selling foreign currency ahead of schedule after the rout in oil prices made the ruble the worst-performing currency in the world. The move is aimed at “increasing the predictability of the actions of the monetary authorities and reducing volatility on financial markets amid significant changes in the world oil market,” according ...

Bloomberg Taiwan’s central bank disclosed its outstanding position in foreign-exchange swap trading, a rare move aimed at answering calls for improved transparency. The bank’s outstanding position in foreign-exchange swap trading was $99.1 billion at the end of February, the central bank’s Governor Yang Chin-long wrote in a report prepared for legislators. The central bank purchased a net $5.5 billion in ...

Bloomberg The Italian government is negotiating with banks to provide breaks from debt payments including mortgages, as individuals and businesses are hit by a nationwide lockdown to contain the coronavirus. The country is also studying relief for temporary layoffs and additional fiscal measures to support the economy, Deputy Finance Minister Laura Castelli said in a radio interview. A new decree ...