Banking

Bloomberg Eight giant US banks including JPMorgan Chase & Co. and Bank of America Corp. agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic. “The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide ...

Bloomberg Danske Bank will stop charging negative interest rates to thousands of small business clients as part of a palette of measures intended to stem the fallout of the coronavirus through the economy. “We are in an extraordinary situation that has major financial implications for society, businesses and families alike,” Chief Executive Chris Vogelzang said. “As the country’s largest bank, ...

Bloomberg With the coronavirus outbreak rewriting the rules of the global economy, the Federal Reserve is under increasing pressure to keep the flow of support coming this week. The US central bank is facing calls to slash borrowing costs to zero at or before Wednesday’s decision, adding to its attempt last week to buttress free-falling markets with extra bond purchases. ...

Bloomberg Credit Suisse Group AG is considering a plan to create a 20-billion franc ($21 billion) loan program to aid small and medium-sized Swiss businesses affected by the coronavirus, according to the Swiss newspaper Handelszeitung. Other large lenders — like Raiffeisen Bank International AG and Zuercher Kantonalbank — are also considering the proposal, which was initiated by Credit Suisse’s new ...

Bloomberg Deposits at Yes Bank Ltd. continued to decline this year as worried customers withdrew money from the distressed lender, which was seized earlier this month in the biggest bank rescue in the country’s history. Deposits totalled 1.37 trillion rupees as of March 5 — when Indian authorities took control — down 17% from the start of the year, Yes ...

Bloomberg The Bank of Canada cut interest rates by half a percentage point to buffer the nation’s economy against the double whammy of the coronavirus and tanking oil prices. The Ottawa-based central bank lowered its policy rate in an emergency move to 0.75% and said it “stands ready” to act again if needed. Governor Stephen Poloz, in a joint press ...

Bloomberg HSBC Holdings Plc, which operates the largest franchise among global banks in China, named Mark Yunfeng Wang as president and chief executive officer of its China business as the UK lender reaffirms the commitment to the world’s biggest banking market. Wang is currently head of global banking and markets China and replaces David Liao, who will take up another ...

Bloomberg The Bank of Japan (BOJ) will likely expand its stimulus measures at its next meeting as it seeks to limit the blow from the coronavirus outbreak and reassure volatile markets. The central bank is likely to show a more aggressive stance on buying assets such as exchange-traded funds (ETFs), the people said. Whether the BOJ will raise its 6 ...

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 ...