Banking

Bloomberg The Swiss National Bank (SNB) is in a bind about how to rein in the franc’s unwanted strength without being labelled a currency manipulator by the US. Policy makers, who’ve resorted to tactics including massive foreign exchange interventions over the years, now have a new complication. SNB President Thomas Jordan has to balance the need to protect the economy ...

Bloomberg India’s central bank is reviewing the framework behind monetary policy decision-making as pressure builds on authorities to do more to revive a slowing economy. “Internally we are reviewing, we are analysing how MPC framework has worked” since it’s been in operation, Reserve Bank of India Governor (RBI) Shaktikanta Das told reporters in New Delhi. “If required we will have ...

Bloomberg The head of the International Monetary Fund (IMF) said global central banks and governments may need to unite to fight the economic fallout from the coronavirus as banks lower growth forecasts. “From our perspective, it is very important to follow carefully what is going to happen in the next weeks,” IMF Managing Director Kristalina Georgieva said on a panel ...

Bloomberg The coronavirus outbreak in China is putting pressure on price stability because production has been delayed but it will not lead to large-scale inflationary pressures, according to China’s central bank. The People’s Bank of China’s (PBOC) stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said at a press conference in Beijing on Saturday. ...

Bloomberg The Federal Reserve Bank of New York will shrink its repurchase-agreement operations more than analysts expected, a sign officials are comfortable removing liquidity without upending funding markets. The central bank announced a new schedule for both overnight and 14-day term repo operations through March 12. Starting this week, the term offerings will drop by $5 billion, to a maximum ...

Bloomberg Morgan Stanley, the Wall Street lender overhauling its currency-trading business after losses and an internal probe, named new co-heads for the unit. The New York-based bank said Samer Oweida, global head of FX sales, and Craig Abruzzo, who leads futures and derivatives clearing in Morgan Stanley’s equities business, would now lead the division, according to an internal memorandum obtained ...

Bloomberg From its headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings is abuzz. With days to go before the bank unveils a restructuring, trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job ...

Bloomberg Citigroup Inc kept Chief Executive Officer Michael Corbat’s total compensation at $24 million for last year, when the lender’s stock surged. Corbat got $1.5 million in salary and $22.5 million of incentive awards, consisting of cash and restricted stock, the New York-based bank said in a regulatory filing. The 59-year-old CEO, who’s led the bank since 2012, reassigned many ...

Bloomberg Two top Bank of England (BOE) officials suggested that the UK financial system’s rules may have to diverge from the European Union’s after Brexit — a topic that’s becoming as a major point of contention between the two sides. Outgoing Governor Mark Carney told Parliament that Britain’s view of EU regulation may change over time, especially since it will ...

Bloomberg Federal Reserve Chairman Jerome Powell came close to acknowledging that the central bank may not have the firepower to fight the next recession and called on Congress to get ready to help. The current low level of interest rates “means that it would be important for fiscal policy to support the economy if it weakens,” he told the House ...