Banking

Bloomberg The European Central Bank (ECB) reported zero profit for 2022, deploying buffers it set aside in earlier years to dodge a loss linked to stimulus-driven bond-buying. Tapping those reserves became necessary after asset purchase-related interest payments to the euro area’s national central banks jumped to about €2 billion ($2.1 billion). That was due to borrowing costs being raised to ...

  Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong sought to keep the door open to resuming policy tightening to counter inflation after the board kept interest rates unchanged on Thursday for the first time in a year. Rhee told reporters that five of the six board members he polled were open to borrowing costs reaching a peak of 3.75% ...

  Bloomberg Profitability of local lenders in Bangladesh will likely come under strain from rising funding costs amid a liquidity squeeze in the banking system, according to Moody’s Investors Service. “A spike in imports, declines in remittance inflows and high inflation have drained liquidity,” analysts led by Chong Jun Wong said. The funding costs “have increased materially because demand has ...

Bloomberg Deutsche Bank AG sees opportunity in Mexico where other investment banks don’t. The German lender is expanding its operations in Latin America’s second-largest economy, with an eye to tapping into international interest in the country’s manufacturing base, according to Christiana Riley, chief executive officer of Deutsche Bank Americas. That means focusing on providing more foreign-exchange and fixed-income derivatives to ...

  Bloomberg Bank Indonesia Governor Perry Warjiyo has been nominated for another five-year term in a move that should solidify monetary policy continuity in Southeast Asia’s largest economy. President Joko Widodo has sent Warjiyo’s name to parliament as his sole candidate for the post, according to Said Abdullah, who heads the budget committee in parliament. Lawmakers will deliberate on the ...

  Bloomberg Maya, a financial technology firm in the Philippines, is considering raising about $150 million from investors to boost its growth, according to people familiar with the matter. The digital payments and banking company is working with financial advisers in a fundraising deal that could bring its valuation closer to about $2 billion, the people said, asking not to ...

  Bloomberg JPMorgan Chase & Co has curbed its staff’s use of the ChatGPT chatbot, according to a person familiar with the matter. The artificial intelligence software is currently restricted, the person said, who asked not to be identified because the information is private. The move, which impacts employees across the firm, wasn’t triggered by any specific incident but reflects ...

  Bloomberg JPMorgan Chase & Co’s Michelle Chen, a former senior China technology banker, will join the bank’s asset and wealth management division in Hong Kong, according to a memo seen by Bloomberg News. Chen, the bank’s former co-head of China technology, media and telecommunications, will lead the bank’s 23 Wall efforts in North Asia, reporting to Natacha Minniti, the ...

Bloomberg Sweden’s ailing housing market may be entering a calmer phase after being battered by rising interest rates and soaring costs of living, Riksbank Governor Erik Thedeen said. “If you look at some of the indicators, the decline may have subsided,” Thedeen said at a residential real estate conference in Stockholm. “Perhaps there are signs of some form of stabilisation ...

Bloomberg HSBC Holdings Plc will consider a special payout after the sale of its Canadian unit as the bank attempts to face down a campaign from its top shareholder to pursue a wider break-up of the business. Reporting fourth-quarter results that beat analyst estimates, HSBC said it may pay a special $0.21 dividend next year after the completion of the ...