Banking

Bloomberg JPMorgan Chase & Co. plans to eliminate as many as 140 positions at its private bank in Switzerland as it moves teams to cheaper locations to cut costs, according to a person familiar with the matter. The bank notified employees that it will be moving jobs in operations, technology and other support functions to locations including Scotland, the Philippines ...

Bloomberg Sweden’s Riksbank signalled it is preparing liquidity measures to protect the largest Nordic economy from the fallout of the coronavirus, but said interest-rate cuts aren’t likely to play a role in any emergency package. “Our assessment right now is that maintaining the supply of liquidity is the most important thing,” Governor Stefan Ingves said in a statement on Tuesday. ...

Bloomberg South Africa’s rand plunged by almost 8% against the dollar, touching its weakest level on a closing basis since January 1980, as investors fled riskier assets, with tumbling oil prices adding to nervousness spurred by the spreading coronavirus. The currency soon pared losses as investor panic eased to trade 1.9% weaker at 15.9726 per dollar in Johannesburg. It briefly ...

Bloomberg India, home to one of the world’s worst piles of bad debt, once again finds itself defending the stability of its financial system after the biggest bank failure in its history. The Reserve Bank of India (RBI) took to Twitter to affirm the safety of deposits in the wake of a decision to seize Yes Bank Ltd. and invite ...

Bloomberg The French economy will barely grow this quarter as the coronavirus outbreak slams the brakes on activity in both services and industry, according to a Bank of France survey. The downbeat assessment comes amid concern that Europe may be headed for a recession after Italy put its industrial heartland into lockdown, and global equities and oil prices tumbled. It’s ...

Bloomberg JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon’s emergency heart surgery has put the spotlight on succession, and in Asia, on how much of the lender’s push into China hinges on his commitment. Dimon, who underwent surgery after suffering acute aortic dissection, has temporarily handed control of the largest US bank to his lieutenants. His plan to bring ...

Bloomberg Betsy Duke stepped down as chair of Wells Fargo & Co. ahead of a dramatic congressional hearing set for this week examining the board’s role in the bank’s scandals. Democrats atop the House Financial Services Committee made no secret of their intent to target Duke and other past and current leaders, issuing a scathing report last week on the ...

Bloomberg Philippine central bank Governor Benjamin Diokno’s plate is full as he starts his second year in office. Diokno must enforce a range of new laws, including ones allowing the central bank to issue bonds and boost the country’s stubbornly low saving rate. And he ends his first year in office with a fresh global worry: the coronavirus outbreak weighing ...

Bloomberg Swiss National Bank (SNB) logic would dictate that it’s time to cut interest rates. With markets in a tailspin due to the coronavirus, the spread between Swiss and German bond yields that SNB President Thomas Jordan has repeatedly cited as necessary to prevent the franc from appreciating has melted away. The yield on German 10-year government bonds plunged to ...

Bloomberg Global central bankers enter a new week under fresh pressure to outline the next steps in their battle to address the impact of the coronavirus outbreak. Policy makers got a wakeup call last week as the Federal Reserve’s emergency interest rate cut did little restore confidence, leaving officials hunting for innovative ways to add stimulus that can have a ...