Banking

Bloomberg Deutsche Bank AG is cutting the bonus pool at its investment bank by about 30%, deepening pay reductions after a tumultuous year that saw the lender embark on a huge restructuring. While the figure is an average at the division housing fixed income trading, there’ll be some adjustments for individual performance and units, people with knowledge of the matter ...

Bloomberg The expansion of financial services in an economy can reduce income inequality — but beyond a certain point it tends to have the opposite effect, according to the International Monetary Fund (IMF). Better access to banking and credit can help close income gaps by allowing people to save and invest more, the Washington-based fund said in a staff discussion ...

Bloomberg Add a shocking slump in retail sales to the list of reasons why the Bank of England may cut interest rates in less than two weeks. Instead of showing evidence of a much-anticipated post-election bounce, the release exposed how British shoppers, the mainstay of growth the past few years, reined in spending during the crucial Christmas season. The pound ...

Bloomberg The cost of Ghana’s financial sector clean-up risks escalating to 20 billion cedis ($3.5 billion) as the government weighs increasing the guaranteed payback for some depositors, Finance Minister Ken Ofori-Atta said. The West African nation has approved funding of about 16.4 billion cedis since 2017 to help recapitalise the industry and safeguard depositors’ funds after the central bank revoked ...

Bloomberg The path to a Bank of England (BOE) interest-rate cut as soon as this month became clearer on Wednesday after inflation unexpectedly slowed to a three-year low. The pound fell and traders increased bets that policy makers would reduce rates on January 30, as the shock reading reinforced speculation fuelled by dovish comments from BOE Governor Mark Carney and ...

Bloomberg The Federal Reserve Bank of New York announced plans to conduct repurchase agreement operations through until at least February13, although the size of term operations will be trimmed to $30 billion from the start of next month. The central bank did not elaborate on plans beyond that. The move extends a programme that has been in place since it ...

Bloomberg China added liquidity to the financial system on Wednesday, helping to offset a cash squeeze ahead of the Lunar New Year holiday. It kept interest rates on the loans unchanged. The People’s Bank of China (PBOC) added 300 billion yuan ($44 billion) through the medium-term lending facility at 3.25%, according to a statement from the central bank. It also ...

Bloomberg The euro-area economy is starting to regain its footing, two European Central Bank officials said, suggesting monetary policy will stay on hold for now. Bank of France Governor Francois Villeroy de Galhau told bankers in Paris that recessions in the US or Europe can practically be excluded this year. Speaking earlier in Frankfurt, Executive Board member Yves Mersch said ...

Bloomberg In the two years since the US-China trade war erupted, Australia’s dollar has weakened around 10%. It may drop even further when the dispute is resolved. The Aussie could slide more than 5% to 65 US cents this year, according to QIC Ltd and Capital Economics. If Beijing buys more American goods at the expense of Australian products as ...

Bloomberg Paras Shah, Citigroup Inc’s head of high-yield credit trading for Europe, the Middle East and Africa and one of its highest-profile traders, has left the bank, according to people familiar with the matter. The 31-year-old departed this month, according to some of the people who aren’t authorised to speak publicly and asked not to be named. Shah worked at ...