Banking

Bloomberg President Donald Trump called on the Federal Reserve to “match” what he said China would do to offset economic hardship being caused by tariffs as he sought to draft the US central bank into his simmering trade war. “China will be pumping money into their system and probably reducing interest rates, as always, in order to make up for ...

Bloomberg Federal Reserve officials are sticking with their pledge for patience on interest rates, shrugging off President Donald Trump’s escalating trade war and his pressure for a cut. New York Fed President John Williams and his Kansas City colleague Esther George, who vote on policy this year, acknowledged that new tariffs on Chinese imports could affect the outlook for US ...

Bloomberg ING Groep NV and UniCredit SpA are lining up advisers to explore a potential takeover of Commerzbank AG after the German lender’s talks with Deutsche Bank AG broke down last month, according to people familiar with the matter. The Dutch bank is working informally with boutique investment bank Perella Weinberg Partners, while the Italian lender is working with JPMorgan ...

Bloomberg The finance minister of Sweden wants her country’s central bank to take more factors into account than just inflation, when setting monetary policy. In Stockholm, Magdalena Andersson spoke in favour of having more explicit growth and employment targets for the Riksbank. They should be “clearer” goals in monetary policy, she said. Sweden’s central bank has been targeting inflation since ...

Bloomberg Credit Agricole SA posted bigger-than-expected declines in profit and revenue in the first quarter as weakness at its key Italian business overshadowed resilient trading income. Underlying revenue in Italy, Credit Agricole’s second-biggest retail market, declined 3.9% as volatile markets weighed on fees. Chief Executive Officer Philippe Brassac has targeted consumer banking in the country as an area of growth ...

Bloomberg United Overseas Bank (UOB) plans to increase portion of revenue it gets from outside its ho-me market of Singapore to about 50% by 2021, despite forecasting a challenging year ahead. “For 2019, market volatility is expected to remain,” Chief Executive Officer Wee Ee Cheong told analysts and investors in Singapore on Wednesday. “Geopolitics, rising global trade tensions and concern ...

Bloomberg Federal Reserve Bank of Boston President Eric Rosengren said it’s too early to tell whether the escalating trade war and the resulting financial market reaction will last long enough to hurt the US economy and alter monetary policy. “It’s a little premature to think about the outlook” for the economy, Rosengren said in an interview in Boston. “This is ...

Bloomberg Deutsche Bank AG and UBS Group AG’s talks on combining their asset management businesses to create a European powerhouse have stalled, according to people familiar with the matter. A deal is now seen as increasingly unlikely after disagreements emerged over who would retain majority control of the combined entity, the people said, asking not to be identified as the ...

Bloomberg The Bank of Canada and Monetary Authority of Singapore have sent each other digital currencies using blockchain technology, marking the first such successful trial between two central banks. The pair have been collaborating on the use of distributed ledger technology and central bank digital currencies to make the cross-border payments process cheaper, faster and safer, they said in a ...

Bloomberg Benoit Coeure is possibly the best-qualified candidate to be the next European Central Bank president, but that may not be enough. The Frenchman has played a key role implementing the ECB’s crisis measures in almost eight years as a board member. With a stellar career and education, officials often cite him as the bank’s preferred option and one of ...