Banking

Bloomberg Deutsche Bank AG is considering deep cuts to bonuses for this year as Chief Executive Officer (CEO) Christian Sewing seeks to eliminate billions of euros of costs in a radical restructuring. Germany’s largest lender may reduce discretionary compensation by as much as 20%, outpacing a 5% decline in the bank’s workforce this year, according to people with knowledge of ...

Bloomberg A friendly lunch in Ottawa this week between Mark Carney and Prime Minister Justin Trudeau raises an interesting question: How large will the Bank of England (BOE) governor loom in the search for a successor at Canada’s central bank. It’s only a coincidence Monday’s meeting took place a few days after Stephen Poloz announced he won’t seek a second ...

Bloomberg The offshore Chinese yuan staged its biggest rally in more than four months as the US reached a trade agreement with China, paving the way to at least a temporary end to tension that has roiled markets all year. The yuan advanced 1.2% to 6.9457 per dollar, the highest since July 31 after trimming a gain of as much ...

Bloomberg SoftBank Group Corp has no plans to slow down its multibillion-dollar foray into Latin America. After investing between 6 billion reais ($1.5 billion) and 10 billion reais in 19 firms in the region in 2019, the Tokyo-based firm is planning on potentially making fewer but larger deals in the new year, SoftBank Group International managing partner Andre Maciel told ...

Bloomberg Federal Reserve Vice Chairman Richard Clarida brushed aside news of weaker-than-expected retail sales in November and said the US economy looks headed for a solid 2020 based on a strong labour market and a robust consumer. “The US consumer’s never been in better shape in my professional career,” Clarida said in an interview with Fox Business Network, repeating an ...

Bloomberg China’s central bank warned property speculators that “homes are for living in” as the regulator pledged to properly regulate the real estate market. The People’s Bank of China also said it will be “flexible” and “appropriate” in setting prudent monetary policy, and will boost financial support to manufacturers and the private sector, according to a statement after a meeting. ...

Bloomberg HSBC Holdings Plc will pay $192 million to resolve a decade-long US tax investigation and admitted that it helped American clients cheat the Internal Revenue Service, (IRS) according to a US judge. Prosecutors filed a charge of conspiracy to defraud the US against a unit of the bank, HSBC Private Bank (Suisse) SA, but agreed to drop it in ...

Bloomberg Barry Zamore, the head of loan trading at UBS Group AG, was terminated after engaging in an allegedly improper transaction. Zamore, 50, was dismissed at the end of October for violating firm policies, UBS said in a regulatory filing. The Swiss bank terminated him for buying back a loan at the same price from a counterparty, cancelling that transaction ...

Bloomberg JPMorgan Chase & Co and Citigroup Inc won’t be repeating 2018’s rough close to the year. Fourth-quarter trading revenue will rise “meaningfully” from a year earlier, driven by the fixed-income business, JPMorgan Chief Financial Officer Jennifer Piepszak said at an investor conference. Citigroup CFO Mark Mason said at the conference that the bank’s trading revenue in the period is ...

Bloomberg Uganda will spend as much as a fifth of government revenue on interest payments in this financial year and the International Monetary Fund (IMF) warned this could reduce expenditure on human capital and infrastructure projects. That’s equivalent to what countries that are close to or in debt distress spend on servicing credit, according to the IMF’s country Resident Representative ...