Banking

Bloomberg Online-only bank Monzo has closed a new funding round doubling the startup’s valuation to more than $2.5 billion, making it one of the UK’s most highly valued fintech companies. Monzo last raised funding late last year at a valuation of $1.25 billion. In this new round, the company will bring in 113 million pounds ($143 million) of fresh capital, ...

Bloomberg President Donald Trump denied that he’d threatened to demote Federal Reserve Chairman Jerome Powell but said he’d “be able to do that if I wanted.” The president repeated his criticism of Powell’s actions as Fed chief in an interview with NBC’s “Meet the Press.” “I’m not happy with his actions,” Trump said of Powell. “No, I don’t think he’s ...

Bloomberg The Reserve Bank of India (RBI) will lose one of its most outspoken officials, raising further questions about the independence of the central bank six months after the governor resigned under a cloud. Deputy Governor Viral Acharya has asked to leave the central bank, citing “unavoidable personal circumstances,” the RBI said in a statement on Monday. His resignation request, ...

Bloomberg Natixis SA went into crisis-fighting mode to stem a wave of outflows from its H2O Asset Management unit, selling part of its non-rated private bonds and marking down the balance in order to remove incentives for investors to pull even more. The move cuts the aggregate market value of the bonds, which were issued by companies linked to financier ...

Bloomberg Denmark’s biggest bank, already struggling to recover from a money-laundering scandal, fired the man who until last month was interim CEO because some clients paid too much for an investment product. Danske Bank A/S said on Monday that it had dismissed Jesper Nielsen, head of banking in Denmark, after it emerged that tens of thousands of domestic customers were ...

Bloomberg US banks might be happy to stay away from Facebook Inc.’s push into cryptocurrencies. For now. The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of ...

Bloomberg The drumbeat for a Federal Reserve interest rate cut is getting louder, with one policy maker calling for a 50 basis point reduction. Minneapolis Fed President Neel Kashkari said that he’d advocated for such a move at the central bank’s June 18-19 meeting, where officials ended leaving rates unchanged. Other policy makers speaking didn’t go as far as Kashkari, ...

Bloomberg The biggest US banks have a chance to get in on the new cryptocurrency spearheaded by Facebook Inc. The association behind the Libra coin is in talks with the banks to participate in its governing body, according to a person familiar with the matter who asked not to be identified discussing private negotiations. The person didn’t specify which banks ...

Bloomberg As peers in the US and Europe take a dovish turn, Bank of Japan (BOJ) Governor Haruhiko Kuroda signalled he’s unfazed as bond yields in his own country get caught up in the global shift lower. “There is no need to be extremely and strictly mindful about a concrete range for the rate” on Japan’s benchmark 10-year bond yield, ...

Bloomberg Norway’s central bank is on a lonely march towards higher interest rates, torn between an oil industry running at full speed on its home turf and slowing growth abroad. Governor Oystein Olsen’s commitment to tightening has surprised markets with a more hawkish outlook three meetings in a row. He raised the key rate for a third time in less ...