Banking

Bloomberg Cryptocurrency investors better not take their eyes off China, even after regulators there started to crack down on digital assets. In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% ...

Bloomberg Credit Suisse Group AG will boost the number of private bankers that serve its richest clients in the first move by the bank’s new international wealth-management chief. The lender plans to “significantly expand” its business for its strategic clients, who are mostly billionaires, according to a memo from Philipp Wehle seen by Bloomberg and confirmed by a bank spokesperson. ...

Bloomberg Citigroup Inc, which is dissolving its investment-banking joint venture in China, is now planning to set up a wholly- owned securities business in the world’s second-largest capital market, according to people with knowledge of the matter. The New York-based bank may initially focus on brokerage and futures trading while expanding its custodian services in China, the people said, asking ...

Bloomberg JPMorgan Chase & Co’s traders and investment bankers emerged from a messy third quarter with a few surprise wins. Fixed-income trading jumped 25% and investment-banking fees posted an unexpected increase, the company said on Tuesday in a statement. That led the corporate and investment bank division to its best third quarter in three years. JPMorgan seized on some late-quarter ...

Bloomberg South Korea’s first-ever drop in consumer prices and a relentless decline in exports are adding to the case for the central bank to cut interest rates on Wednesday. The Bank of Korea (BOK), which lowered its key rate in July and left it unchanged in August, will reduce the seven-day repurchase rate by 25 basis points to 1.25%, matching ...

Bloomberg Bank of England (BOE) Governor Mark Carney has defended the concept behind new crypto currencies like the Facebook Inc-led Libra. Asked by lawmakers in London on Tuesday why firms like the social media company should be getting involved in such projects given the associated risks, Carney pointed to the shortcomings of existing payments systems. He said the high costs ...

Bloomberg Wirecard AG fell the most since February in Frankfurt after a news report said it found repeated questionable accounting practices at the German payments firm. Wirecard fell as much as 23% in early trading after the Financial Times said it’s published internal company documents and correspondence that “appear to indicate a concerted effort to fraudulently inflate sales and profits” ...

Bloomberg Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and SoftBank Group Corp, a person familiar with the matter said, describing a mega-deal that will raise the temperature in India’s increasingly heated financial payments arena. Rob Citrone’s Discovery Capital Management is also in discussions to join a funding round that values ...

Bloomberg Singapore’s central bank signaled it’s ready to adjust monetary policy further after easing on Monday for the first time since 2016 as risks to the economic growth outlook persist. The Monetary Authority of Singapore (MAS), which uses the exchange rate as its main policy tool, reduced “slightly the rate of appreciation” of the currency band and said it’s prepared ...

Bloomberg A prolonged period of low interest rates risks making economic downturns more severe, according to Bank of England (BOE) deputy governor Jon Cunliffe. Speaking in London, Cunliffe said the drop in long-term market rates in developed economies partly reflected an over-pessimism about long-term prospects, and was also part of a structural trend. One “challenge of low for longer for ...