Banking

Bloomberg A former JPMorgan Chase & Co banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets — a victory for prosecutors in their campaign against collusion in foreign exchange. Akshay Aiyer was found guilty by a federal jury in New York that took less than four hours to reach a ...

Bloomberg The Swiss National Bank (SNB) has additional room to cut its already negative interest rate, the central bank’s Chief Economist Carlos Lenz told Swiss Sunday newspaper NZZ am Sonntag in an interview. “It’s not ruled out, but they cannot fall indefinitely,” Lenz said when asked if interest rates could decline further. “What’s crucial: cash has an interest rate of ...

Bloomberg Judy Shelton, one of President Donald Trump’s most recent picks for the Federal Reserve board, challenged an article of faith regarding the US central bank in private comments to a bank executive last month: that it should operate free of political influence. Shelton shared her views on monetary policy and the Fed with Beat Siegenthaler, global macro adviser for ...

Bloomberg Deutsche Bank accused a pair of offshore funds of failing to follow through on a deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Kingate Global Fund Ltd and Kingate Euro Fund Ltd, which funnelled client money to Madoff’s firm for years before his Ponzi scheme collapsed in 2008, have “sellers’ ...

Bloomberg Mexico’s central bank called for the preservation of its independence amid economist concerns that President Andres Manuel Lopez Obrador may encroach on its independence, as he has with other autonomous institutions. One by one, the four heads of Banco de Mexico over the past three-and-a-half decades took the podium to praise the benefits of autonomy and the importance of ...

Bloomberg China still has room for conventional monetary expansion, but its ability to deal successfully with a crisis depends on whether monetary policy can work together with fiscal and structural reform policies, China’s former central bank head Zhou Xiaochuan said. “We can still try to avoid getting very soon into the negative interest rates area, if we can successfully manage ...

Bloomberg Goldman Sachs Group Inc Chief Executive Officer David Solomon forcefully denied customer allegations of gender bias in setting credit limits for the Apple Card, pledging to address a social media and political uproar with more transparency when making decisions. “There’s no gender bias in our process for extending credit,” Solomon told Bloomberg TV in an interview from the New ...

Bloomberg The Bank of Thailand is prepared to use monetary policy if economic growth disappoints, its governor Veerathai Santiprabhob said. “In the short term, we are ready to use monetary policy if needed,” Veerathai said during a visit to Laos. “We are ready to act if growth fails to meet our expectations.” At the same time, he cautioned against taking ...

Bloomberg European Central Bank (ECB) President Christine Lagarde called for a new policy mix, saying public investment should be stepped up to ease the burden on monetary stimulus and ensure the region can thrive in an uncertain world. In her first major speech, three weeks into the job, the new ECB chief said her institution will continue to support the ...

Bloomberg The European Central Bank (ECB)warned of potential side effects from its loose monetary policy, highlighting how years of unprecedented stimulus designed to bolster the economy is contributing to an erosion of financial stability. Low interest rates have encouraged excessive risk-taking by investment funds and insurers as well as in some real estate markets, the ECB said in its semi-annual ...