Banking

Bloomberg HSBC Holdings Plc has started a cost review that could lead to job cuts, as Chief Executive Officer John Flint rebuked top managers at a meeting in Hong Kong last month for missing revenue and cost targets, according to people familiar with the matter. About 400 executives attended the global conference where Flint called out leadership for “incompetence” and ...

Bloomberg Colombia left its benchmark interest rate unchanged as policy makers remain wary of derailing the weak, jobless recovery by raising borrowing costs too soon. The seven-member board voted unanimously to leave the policy rate unchanged at 4.25 percent for a twelfth straight month, bank Governor Juan Jose Echavarria said after the meeting. The decision was forecast by all 24 ...

Bloomberg One of the world’s most widely traded virtual currencies faces renewed doubts about its stability, after New York’s top cop accused the coin’s issuer of participating in a cover-up to hide the loss of about $850 million in client and corporate funds. The allegations against Tether and the operator of cryptocurrency exchange Bitfinex, announced by the New York attorney ...

Bloomberg India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top econ-omies diversify their reserves. The Reserve Bank of India’s (RBI) purchases are part of a wider picture across developing economies that are looking at de-dollarising their foreign-exchange reserves, ...

Bloomberg Wells Fargo & Co.’s critics stormed its annual meeting in Dallas, vowing to keep pressure on the bank even after the resignation of its chief executive officer. Investors, however, showed they’re ready to move on. Interim Chief Executive Officer C. Allen Parker was interrupted more than a dozen times as he tried to deliver opening remarks at the gathering, ...

Bloomberg Credit Suisse Group AG’s troubled trading business is finally bringing some much needed to relief to Chief Executive Officer Tidjane Thiam. The global markets unit — a focus of painful cuts and a perennial headache for the CEO — did better than top Wall Street banks in a period that rival UBS Group AG described as one of the ...

Bloomberg The UK formally kick-started its search for Mark Carney’s successor as the governor of the Bank of England (BOE), a role that’s been linked to both senior people within the institution and ex-central bankers around the world. Canadian-born Carney was the first foreigner to run the BOE, and Chancellor of the Exchequer Philip Hammond has said he’s willing to ...

Bloomberg From free burgers and ride-hailing services to hip-hop concerts and discounted gasoline: South African banks are going all out to win customers as competition hots up. The biggest lenders are facing an onslaught of entrants for the first time in 12 years. They’re responding before the newcomers find their feet by pushing loyalty programs, revamping digital offerings for technology-savvy ...

Bloomberg A panel named by India’s central bank to study its capital structure is likely to identify excess reserves of up to 3 trillion rupees ($43 billion), or 1.5 percent of gross domestic product, according to Bank of America Merrill Lynch. The view from BofAML lends itself to a debate over Reserve Bank of India’s reserves, with one school of ...

Bloomberg Risky assets are reacting more strongly to hawkish monetary shocks from the Federal Reserve in recent years, according to Goldman Sachs Group Inc. The reason, ironically, is that the Fed is losing its forecasting edge. The Fed’s relative predictive advantage versus private economists has declined in recent years as the higher quality and quantity of forecasters makes it harder ...