Banking

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 ...

Bloomberg China’s overall credit growth held up in December and a gauge of borrowing costs fell, signalling that policy makers are beginning to see some progress in channelling credit to the economy. The stock of outstanding aggregate financing expanded by 10.7% in the 12 months to December, the same pace as in November, the People’s Bank of China (PBOC) said. ...

Bloomberg If European Central Bank (ECB) officials use their review of monetary policy this year as a chance to connect with ordinary people, they need to be ready for some plain truths. At the heart of the assessment, likely to be announced on January 23, is how price stability should be defined and targeted. But ask citizens how they feel ...

Bloomberg In the country that’s had negative interest rates longer than anywhere else on Earth, economists are going through a bit of a rough patch. Since Denmark introduced subzero rates in mid-2012, citizens have struggled to get their heads around a world in which savers are punished, borrowers are rewarded and the basic laws of risk-return feel like ancient mythology. ...

Bloomberg The Federal Reserve is shifting its focus from writing and revising rules aimed at limiting risk in the banking system to a concentration on how lenders interpret the restrictions, the agency’s supervision chief said. Having finished the bulk of its work on major rules, the Fed can now devote more attention to behind-the-scenes interactions between bankers and their government ...