Banking

Bloomberg US cryptocurrency exchange Coinbase Inc has a new banking partner in Britain that will provide real-time payments for customers, three months after losing the service when it broke with Barclays Plc. The San Francisco-based firm, which lost its Barclays account in July, is now a client of ClearBank, a lender that started operations in 2017, according to a person ...

Bloomberg The European Central Bank (ECB) began its official transition to a new benchmark short-term interest rate on Wednesday, as global regulators move away from tainted Libor gauges. The new rate, known as ESTR, which reflects overnight borrowing costs of banks in the monetary bloc, fixed at -0.549 percent for October 1, the central bank said on its website. The ...

Bloomberg Banco de Sabadell SA, the Spanish bank under pressure to bolster its capital, is making preparations for a potential sale of its asset management business, people familiar with the matter said. Sabadell, which has been conducting a strategic review of the business for the past few months, is now leaning towards a sale of part or all of the ...

Bloomberg Credit Suisse Group AG Chief Executive Officer TidjaneThiam is devoting more face time to top private bankers and holding talks on boosting pay as he seeks to prevent defections after Iqbal Khan’s exit. Thiam has been reaching out to the best revenue generators at the international wealth business to discuss compensation and career prospects since Khan left in the ...

Bloomberg Technological efficiencies will result in the biggest reduction in headcount across the US banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co said in a report. The $150 billion annually that the country’s finance firms are spending on tech — more than any other industry — will lead to ...

Bloomberg Latvia’s political parties are discussing four candidates to lead the central bank after IlmarsRimsevics’s term ends in December, Latvia’s LatvijasAvize newspaper reported. Under consideration are Roberts Zile, a member of the European Parliament, Martins Kazaks, a central bank board member, UldisCerps, a former director of the banking regulator, and KarlisBauze, who previously headed monetary policy at the central bank, ...

Bloomberg Four payments companies that have joined Facebook Inc as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project, according to people familiar with the matter. Visa Inc, Mastercard Inc, PayPal Holdings Inc and Stripe Inc are undecided about formally signing onto Libra’s organising charter because they’re concerned about maintaining positive ...

Bloomberg Indian regulators’ ability to come to grips with the nation’s banking crisis has been thrown into doubt amid reports that a cooperative lender had extended outsize loans to an insolvent developer. The Reserve Bank of India took the rare step of limiting withdrawals from Mumbai-based Punjab & Maharashtra Co-operative (PMC) Bank Ltd. Local media reported that loans to Housing ...

Bloomberg Indiabulls Housing Finance Ltd, a major Indian shadow lender that’s caught in the crosshairs of the troubles plaguing the industry, is seeking to bring forward a court hearing on fraud allegations after a record share slump. The development represents an effort to get out ahead of recent headlines that contributed to its share price losing an unprecedented 34 percent ...

Bloomberg Kiatnakin Bank Pcl, one of Thailand’s smallest publicly traded lenders, is open to a merger as competition from other banks and technology firms intensifies. The bank plans to expand its wealth management business, while being more cautious with automobile loans, one of its biggest lending areas, President Philip Chen Chong Tan said in an interview. Thailand’s aging population has ...