Banking

Bloomberg It is wrong to suggest that the UK should pursue a no deal Brexit merely to end uncertainty for businesses, according to Ben Broadbent, the Bank of England’s deputy governor for monetary policy. In a speech in London, Broadbent said that surveys indicate that firms are most worried about the prospects of a no-deal, no-transition Brexit, and that pursuing ...

Bloomberg Federal Reserve Chairman Jerome Powell agrees that the torrid market in high-risk corporate loans looks a lot like the mortgage industry in the run-up to the subprime crisis, but he says US regulators are watching closely this time around and the financial system is better shielded. In a sweeping analysis of leveraged lending Powell delivered a response to critics ...

Bloomberg In the wake of the economic crisis, Paul Volcker called automated teller machines the last financial innovation that improved society. A decade later, their popularity is slipping. The number of ATMs around the world fell for the first time last year as banks closed branches and redirected resources towards digital payments, consulting firm RBR said in a study released. ...

Bloomberg Some top Deutsche Bank AG investors are growing increasingly dissatisfied with supervisory board Chairman Paul Achleitner. Cerberus Capital Management and HNA Group have internally discussed pushing for Achleitner’s exit before his term expires in 2022, according to people with knowledge of the matter. While the shareholders have voiced their frustrations among themselves, it’s unclear how they’ll vote at the ...

Bloomberg Australia’s central bank chief said he’ll consider easing monetary policy at next month’s meeting to drive faster hiring, saying unemployment needs to fall below 5 percent to help return inflation to target. “A lower cash rate would support employment growth and bring forward the time when inflation is consistent with the target,” Governor Philip Lowe said in a speech ...

Bloomberg Time and again since Japan emerged as a global economic force, its financial leaders have hatched plans to translate their influence into investment-banking clout. Time and again, they’ve failed. The retreat sounded by Nomura Holdings Inc. last month marks just the latest Japanese overseas flop, prompting current and former executives, as well as analysts, to question if they can ...

Bloomberg A top Democratic lawmaker questioned whether Federal Reserve Vice Chairman Randal Quarles can be trusted when he says leveraged lending isn’t a current threat to the financial system, pointing to his failure to foresee similar dangers before the credit crisis a decade earlier. Senator Sherrod Brown of Ohio, at a Banking Committee hearing, quoted a series of recent remarks ...

Bloomberg India’s non-bank lenders rose after a newspaper reported that the Reserve Bank of India will offer them a credit line to help the shadow banks tide over a liquidity crisis. Indiabulls Real Estate Ltd., Dewan Housing Finance Corp. and Reliance Home Finance Ltd. traded more than 10% higher in Mumbai. The benchmark S&P BSE Sensex index gained 2.7% after ...

Bloomberg Goldman Sachs Group Inc. is in exclusive discussions to buy the B&B Hotels chain from European buyout firm PAI Partners. The transaction is expected to close in the second half of this year, PAI Partners said in a statement on Monday, without providing any financial details. Goldman Sachs is doing the deal through its merchant banking division, according to ...

Bloomberg Czech banks have avoided a threat of special taxes for the industry by agreeing in principle to contribute a portion of their profits to a national development fund proposed by Prime Minister Andrej Babis. Babis said on Monday he wants the units of Societe Generale SA, Erste Group Bank AG, KBC Groep NV, and UniCredit SpA, to pay an ...