Banking

Bloomberg Deutsche Bank AG fixed-income head Ram Nayak assured staff they will keep their jobs at his business even as the lender cuts 18,000 positions in a sweeping overhaul, according to people familiar with the matter. The bank’s move to “resize” debt trading operations won’t lead to dismissals, Nayak told colleagues on a conference call, the people said, asking not ...

Bloomberg Australia’s interest-rate cuts failed to gain traction as households’ worries about the economic outlook sent consumer confidence slumping to a two-year low. The sentiment index fell 4.1 percent to 96.5 in July, the weakest reading since August 2017, Westpac Banking Corp said in a statement. The biggest decline was in the sub-index tracking expectations for the economy in the ...

Bloomberg A sprawling Russian banking group run by an ally of President Vladimir Putin is fast becoming one of the most powerful forces in the country’s grains market. Since entering the grain export business last year, Andrey Kostin’s government-backed VTB Group has loaded up on assets including port terminals, a rail-freight operator and a trader. Those investments could be worth ...

Bloomberg The European Court of Auditors (ECA) joined regulators in questioning the value of the EU’s bank stress test, saying last year’s exercise should have been tougher and more consistently applied across the bloc. The scenario simulated by the European Banking Authority, the EU’s top banking regulator, was milder than the 2008 financial crisis, according to an ECA report. The ...

Bloomberg In one of the darker weeks for finance jobs, Citigroup Inc said it’s planning to increase senior banking hires across key sectors and markets as it aims to become a top-three investment bank. The lender is seeking to add to its healthcare and technology teams, and is also looking to increase local deal-making clout in some emerging markets, Tyler ...

Bloomberg Jerome Powell is likely to leave Federal Reserve interest-rate cuts firmly on the table when he appears before Congress this week, even though the latest US jobs report dialed down the urgency to ease borrowing costs. The Fed chairman, who has been hectored for months by President Donald Trump for not cutting rates, will probably repeat language from the ...

Bloomberg Australia’s banking regulator has softened its capital buffer requirement on the nation’s largest banks after they argued that there wasn’t sufficient market capacity available to raise the necessary funds. The so-called Big Four banks will need to lift their total capital by three percentage points of risk-weighted assets by January 2024, less than an initial target of four to ...

Bloomberg Danske Bank A/S, contending with negative interest rates and a money-laundering scandal, cut its outlook for profit this year after trading income fell short of expectations and compliance costs mount. The Danish lender now expects profit of $1.9 billion to 15 billion kroner, down from a previous range of 14 billion to 16 billion kroner. The company said second-quarter ...

Bloomberg Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co to oversee investment banking in the automotive technology sector. Heyer’s coverage area will include autonomous vehicles, components and software, the bank said in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with ...

Bloomberg Deutsche Bank AG’s massive reorganisation will put thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily. The German lender’s sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bank’s workforce by about 18,000 employees globally. Workers from Sydney to London ...