Banking

Bloomberg President Donald Trump attacked the Federal Reserve in a tweet on Monday, saying the US central bank “probably will do very little” to counteract actions by Europe and China to ease monetary policy. Fed officials are widely expected to lower interest rates by a quarter-percentage point when they meet on Tuesday and on Wednesday in Washington. Trump has been ...

Bloomberg JPMorgan Chase & Co is hoping to a grab a larger slice of Germany’s private-banking market as wealthy individuals increasingly turn to international companies for advice. Traditionally, rich Germans have often maintained loyal relationships with one local lender and one from Switzerland, according to HakanStraengh, who runs JPMorgan’s private-banking business in Germany from Frankfurt. However, the company is seeing ...

Bloomberg Each year, banks reap billions of dollars from overdraft and other fees. A new analysis of more than 500,000 US users on investing app Stash found women pay a disproportionate amount of those penalties. Male Stash users, the survey found, pay $182 per year in fees, while women pay $214, or 18 percent more. That includes late fees as ...

Bloomberg JPMorgan Chase & Co and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than 1 billion pounds ($1.2 billion). Barclays Plc, Citigroup Inc and Royal Bank of Scotland Group Plc are the other three targets of the UK suit that will say pension funds, asset managers, hedge ...

Bloomberg Japanese banks have spent more than three years trying to flee negative interest rates at home by ramping up lending abroad. Now their escape routes are closing. Declining global rates are buffeting the country’s three largest lenders as they prepare to post fiscal first-quarter results next week. And with central banks around the world now in monetary easing mode, ...

Bloomberg Nigeria is facing the risk of never recovering about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The money is almost 80 percent of the West African nation’s revenue target for 2019 and 62 percent of planned spending by president Muhammadu Buhari, amounting to 8.9 trillion naira. That ...

Bloomberg Bank of Jinzhou Co said it is in talks to introduce strategic investors after a report that China’s financial regulators are seeking to resolve its liquidity problems pushed down the lender’s dollar-denominated debt. Officials including those from the People’s Bank of China (PBOC) and China Banking and Insurance Regulatory Commission recently held a meeting with financial institutions in Bank ...

Bloomberg When Christine Lagarde chairs her first meeting as European Central Bank (ECB) president in November, she might wonder which of her colleagues don’t really want her there. As the Governing Council signed off on the decision by governments to appoint the former International Monetary Fund chief, not all of the 21 voting members backed her, according to two euro-zone central ...

Bloomberg Hong Kong has appointed a veteran central banker as the next chief executive of its monetary authority, signalling continuity remains the priority as the city faces ongoing political turmoil. While the social unrest over the government’s botched extradition bill won’t be Eddie Yue’s responsibility, and may even have dissipated by the time he takes office in October, maintaining the ...

Bloomberg The Bank of Russia reduced interest rates for a second time this year and signalled more cuts to come, as inflation and economic growth slow. The key rate was cut to 7.25 percent from 7.50 percent, according to a statement. The move was forecast by all but one of the 40 economists polled in a Bloomberg survey, with the ...