Banking

Bloomberg Italy has proposed veteran central banker Fabio Panetta as its candidate to replace Benoit Coeure as one of the European Central Bank’s top policy makers, according to a government official familiar with the matter. The Italian finance ministry sent Panetta’s candidacy to Mario Centeno, who leads the group of euro-area finance chiefs that will decide who joins the ECB’s ...

Bloomberg Banks and other financial firms need to get creative to bring sustainable investments into the mainstream, said David Solomon, Goldman Sachs’s CEO. Conversations with clients about climate exposure have “amped up materially” over the last two years, but sustainable investments like green bonds are still “relatively niche,” Solomon said at the Bloomberg Global Business Forum in New York. Such ...

Bloomberg Indian authorities are scrambling to suppress speculation about bank closures a day after the regulator imposed restrictions on a local lender, the latest indication of how jittery savers are amid a slowing economy and scandals in the financial system. “Reports appearing in some sections of social media about RBI closing down certain commercial banks are false,” the Reserve Bank ...

Bloomberg China isn’t in a rush to add massive monetary stimulus, in contrast with other central banks around the world, and must maintain a prudent policy stance, central bank Governor Yi Gang said. Overall financial risks are contained and those in the shadow banking sector and some key institutions have been resolved, said Yi, speaking at a joint briefing in ...

Bloomberg Job cuts announced by banks this year are approaching 60,000, almost all of them in Europe, where negative interest rates and a slowing economy prompt lenders including Germany’s Commerzbank AG to step up cost reductions. Commerzbank said it plans to eliminate 4,300 positions, deepening a restructuring that started three years ago. That brings the total disclosed this year to ...

Bloomberg Goldman Sachs Group Inc’s most senior female banker is getting a promotion as Chief Executive Officer David Solomon continues reshaping leadership teams across the firm ahead of his first anniversary in the top job. Alison Mass, who has been responsible for cultivating the bank’s relationships with top buyout shops and multinational firms, was named chairman of the investment-banking division, ...

Bloomberg HSBC Holdings Plc won its court fight against a 33.6 million-euro ($37 million) European Union antitrust fine for conspiring with other banks to rig the Euribor benchmark, raising questions about whether the fines slapped on other institutions will hold on appeal. While the judges at the EU’s General Court agreed that HSBC infringed competition, they annulled the fine for ...

Bloomberg Last week’s turmoil in money markets raises questions about the appropriate level of bank reserves in the financial system, Federal Reserve Bank of New York President John Williams said. It is “important that we examine these recent market dynamics and their implications for the liquidity needs in relation to the overall amount of reserves held at the Federal Reserve,” ...

Bloomberg Australia’s central bank chief Philip Lowe reiterated that his economy is at a “gentle turning point” and gave little indication that an interest-rate cut was in the immediate offing, potentially disappointing economists expecting one within days. “At our board meeting next week, we will again take stock of the evidence,” the Reserve Bank governor said in the text of ...

Bloomberg Deutsche Bank AG finalised a deal transferring its business with hedge fund clients to BNP Paribas SA as part of the German lender’s historic retreat from investment banking. About 1,000 Deutsche Bank employees will move to the French rival through 2021, according to people with knowledge of the matter. Ashley Wilson, one of two executives at the German bank ...