Banking

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 ...

Bloomberg Federal Reserve Chairman Jerome Powell pushed back against perceptions that the US economy was tilting into a recession, while leaving the door open to further interest-rate cuts to keep the country’s record economic expansion on track. Speaking in Zurich, Powell said consumer spending and support from monetary policy should help deliver economic growth between 2 percent and 2.5 percent ...

Bloomberg Ping An Insurance (Group) Co’s financial technology unit is considering an application for one of Singapore’s new digital banking licenses, according to a person familiar with the matter. OneConnect is looking to secure a wholesale license which would allow it to provide banking services to small and medium-sized businesses on the island, said the person, who requested anonymity because ...

Bloomberg Sugarfina Inc, the chain of luxury candy shops backed by some of the biggest names in banking and entertainment, filed for Chapter 11 bankruptcy protection as mall-based stores struggle to compete. Posh candies like Champagne gummy bears for $8.50 and bourbon-and-toffee chocolate bars at $9.50 are part of Sugarfina’s lineup. The company listed assets and liabilities of up to ...