Banking

Bloomberg The International Monetary Fund’s (IMF) top deputy, David Lipton, will depart after nine years, handing President Donald Trump a chance to install an ally at the head of the institution. Lipton and another senior official are leaving in the first significant shakeup of the leadership team by Managing Director Kristalina Georgieva, who took office in October. Lipton, the IMF’s ...

Bloomberg Two former managers of a German bank were arrested in a money-laundering probe linked to Denmark’s $2 billion Cum-Ex tax scandal. The two North Channel Bank managers were taken into custody on February 4, prosecutors in the German city of Koblenz said in a statement. It’s part of a probe into the actions of the pair and five other ...

Bloomberg Bank of America Corp (BofA) awarded Chief Executive Officer Brian Moynihan $26.5 million for 2019, unchanged from a record amount a year earlier. Moynihan, 60, received $25 million in stock grants and a $1.5 million salary, the bank said in a filing. While he hasn’t received a cash bonus since 2007, part of his stock award will settle in ...

Bloomberg Australia’s central bank chief Philip Lowe signalled his board is firmly on hold for now, saying further cuts to the nation’s already historically-low interest rate risk doing more long-term damage to the economy than the short-term benefit they would create. “While it’s plausible that we can move towards our goals, at least right at the moment the risks have ...

Bloomberg Philippine central bank Governor Benjamin Diokno said he anticipates the next interest-rate cut will probably come around the middle of this year. The bank will remain “data-dependent,” but still has monetary policy space to ease after it lowered interest rates for the fourth time in a year, Diokno said in an interview with Bloomberg TV’s Haidi Lun. Bangko Sentral ...

Bloomberg Global central bankers are biding their time as the coronavirus fallout reverberates through the world economy, which they had hoped was stabilising after its worst year since the financial turmoil of 2009. While yet to respond with major stimulus, monetary policy makers across the globe have expressed concern and signalled a willingness to act if the virus delivers a ...

Bloomberg The power struggle at Credit Suisse Group AG escalated as two top shareholders urged Chairman Urs Rohner to leave unless he publicly supports Chief Executive Officer Tidjane Thiam in the wake of a spying scandal. David Herro, who helps oversee the investments of Credit Suisse largest shareholder Harris Associates, accused Rohner of “trying to push Mr Thiam out of ...

Bloomberg Danske Bank A/S expects its profits to plunge this year as Denmark’s biggest lender continues to grapple with the consequences of its money-laundering scandal. Net profit for 2020 will be between 8 billion kroner ($1.18 billion) and 10 billion kroner, compared with 15.1 billion kroner in 2019, the Copenhagen-based bank said on Wednesday. Danske’s shares fell as much as ...

Bloomberg Philippine central bank Governor Benjamin Diokno said it would be better to cut interest rates sooner than later, a signal that policy makers will likely lower borrowing costs on Thursday. Since monetary policy works with a lag and the central bank is mindful of risks to global growth from the coronavirus outbreak, it’s preferable to act the “sooner the ...

Bloomberg Srei Infrastructure Finance Ltd plans to stop financing Indian infrastructure projects after three decades in the business, as a slowing economy and crisis in the shadow bank sector dries up funding lines. The International Finance Corp-backed firm will instead focus solely on financing purchases and leasing of equipment, Vice Chairman Sunil Kanoria said in an interview in his Kolkata ...