Banking

Bloomberg Few geopolitical events have distracted global banks more than the endless twists and turns of Brexit. Now, Goldman Sachs Group Inc is hiring a former public servant steeped in the UK’s attempts to sever itself from the European Union. Olly Robbins, who was former Prime Minister Theresa May’s chief Brexit negotiator, plans to join the US bank as a ...

Bloomberg Facebook Inc told US senators that the initial basket of currencies that will back its Libra cryptocurrency will likely include the US dollar, euro, yen, British pound and Singapore dollar. The list responds to concerns from Virginia Democratic Senator Mark Warner that China may push the Libra Association to include the yuan in the so-called stable coin, which Facebook ...

Bloomberg Online banks have been more aggressive than their established rivals in attracting customers with high deposit rates. Now that rates are falling, they’re quicker to cut as well. Ally Financial Inc and American Express (AmEx) Co lead the pack in lowering rates across deposit products, Credit Suisse Group AG analysts led by Moshe Orenbuch said in a note. Ally ...

Bloomberg Citigroup Inc trading revenue is set to drop this quarter amid volatility that gripped markets for most of August, while a top Bank of America Corp executive said his traders are “doing OK” in the period. Investment-banking revenue at Citigroup is also likely to decline from a year earlier, Chief Financial Officer Mark Mason said at an investor conference. ...

Bloomberg European Central Bank (ECB) President Mario Draghi will test the composure of global policy makers this week as he unleashes a barrage of stimulus to shore up economic growth. The monetary easing will probably feature the centerpiece of an interest-rate cut that widens the difference between borrowing costs in the euro area and elsewhere. That will potentially affect foreign ...

Bloomberg Citigroup Inc and Credit Suisse Group AG are expecting more African deals as governments sell assets and Ethiopia opens up. “Privatisation is a theme we see as becoming increasingly important given the fiscal pressures faced by many African governments,” Vikas Seth, the head of global emerging markets within investment banking and capital markets at Credit Suisse Group AG, said ...

Bloomberg It’s important that the next governor of the Bank of England is politically sensitive, according to Kate Barker, who is part of the panel interviewing candidates for the job. “If you’re really appointing a governor for eight years, it’s pretty difficult to foresee the political circumstances through that eight years into which this person is going to have to ...

Bloomberg Morgan Stanley has hired Umi Mehta, an investment banker focussed on internet companies, from Bank of America (BofA) Corp in Silicon Valley, according to people familiar with the matter. Mehta has started work as a managing director of global internet at Morgan Stanley’s office in Menlo Park, California, working alongside Kate Claassen as co-head of the group, said the ...

Bloomberg The World Bank projects Indonesia’s economic growth will slide to below 5% next year and warned of “severe” outflows if global risks worsen. The forecasts were made in a presentation to Indonesian President Joko Widodo, according to two people with knowledge of the matter, who didn’t want to be identified because the discussions were private. The presentation slides — ...

Bloomberg Lloyds Banking Group Plc suspended its share buyback after a last-minute rush of compensation claims for mis-sold payment protection insurance, taking its total costs for the scandal to 21.8 billion pounds ($26.7 billion). Lloyds shares fell as much as 2.5 percent in London. The bank is making a further provision of between 1.2 billion pounds and 1.8 billion pounds ...