Banking

Bloomberg Citigroup Inc spends about $8.5 billion a year on technology, but the bank’s boss says that doesn’t mean branch workers will all be replaced by machines anytime soon. Modernising the bank’s app and digital-banking experience won’t necessarily result in Citigroup needing fewer people in its retail bank, Chief Executive Officer Michael Corbat said on Tuesday in a Bloomberg Television ...

Bloomberg Even as the Reserve Bank of India (RBI) takes a page out of the Federal Reserve’s playbook to push down borrowing costs, yields are headed higher as inflation is unlikely to abate soon, according to Aditya Birla Sun Life AMC Ltd. Inflation will probably remain elevated over the next six to 12 months, according to Maneesh Dangi, who oversees ...

Bloomberg Deutsche Bank AG is offering to buy the debt of an Indian power producer at a discount of about 70%, according to people familiar with the matter, the second such proposal from the German lender in recent weeks. It proposed to pay 11.50 billion rupees ($162 million) for 39 billion rupees of loans, excluding accrued interest, to a power ...

Bloomberg Citi Private Bank appointed Christian Schuwey, formerly from UBS Private Bank, as its head of South Asia FX Advisory, according to a company memo seen by Bloomberg. Schuwey, who worked at UBS for more than 30 years in foreign-exchange roles, is based in Singapore, according to the memo. He will drive Citi’s efforts to grow in Southeast Asia, India, ...

Bloomberg JPMorgan Chase & Co is buying the former BNP Paribas SA offices in central Paris with space to house as many as 450 employees, as banks seek to bolster their footprint in the European Union after Brexit. JPMorgan, which currently has 260 employees in the French capital, is taking over the seven-storey building a short walk from the Louvre ...

Bloomberg Goldman Sachs Group Inc. received approval from the South African Reserve Bank to conduct the business of a bank in the country, it said. It will open the Johannesburg branch of Goldman Sachs International Bank, and has been admitted as a member of the Johannesburg Stock Exchange’s interest rate and currency derivatives market, it said in a statement on ...

Bloomberg Nomura Holdings Inc plans to hire dozens of private bankers in Hong Kong and Singapore in a bid to extend its wealth management push from Japan and mainland China to the rest of Asia. The Tokyo-based firm, which has already outlined aggressive plans for China, aims to grow the assets it manages from those two hubs by five times ...

Bloomberg The most up-to-date measure of the UK economy looks set to improve this week — yet it might not be sufficient to deter the Bank of England (BOE) from cutting interest rates. With policy makers signalling they’re considering a rate cut to preempt possible weakness in the months ahead, and recent data backing their case, IHS Markit’s monthly survey ...

Bloomberg Morgan Stanley just had its most profitable year on record. It wasn’t enough for its chief to land a raise. James Gorman’s compensation fell as the firm announced he will receive $27 million for 2019, according to a regulatory filing. That’s a 6.9% decline from the prior year and on par with the package the chief executive officer received ...

Bloomberg Barclays Plc Chief Executive Officer Jes Staley is pushing ahead with changes at the firm’s closely scrutinised investment bank, a key part of his strategy to drive growth. The British lender slashed about a hundred jobs globally at its securities unit this week, focusing on highly paid senior trading roles. The cull also included several senior members of an ...