Banking

  Bloomberg PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters. The cuts, which will affect about 7% of employees, will take place in the coming weeks, Chief Executive Officer Dan Schulman told employees. “While we have made substantial progress in right-sizing our cost ...

  Bloomberg Kenya surprised most analysts by keeping its benchmark interest rate unchanged for the first time since July, as it sees inflation declining in the near term. The monetary policy committee held the rate at 8.75%, Governor Patrick Njoroge said in an emailed statement. Only two of five economists in a Bloomberg survey expected the rate to remain unchanged. ...

  Bloomberg Brazil’s central bank will likely hold its interest rate steady for the fourth straight meeting as inflation expectations rise further above target and President Luiz Inacio Lula da Silva questions the institution’s goals. All 32 economists in a Bloomberg survey expect board members to keep the benchmark Selic rate unchanged at 13.75%, when the central bank wraps up ...

  Bloomberg Europe could boost bank lending by as much as €4.5 trillion ($4.9 trillion) by lightening the industry’s regulatory burden, according to a study commissioned by the region’s banking lobby. That increase of almost 30% would stem from bringing demands for European banks’ capital reserves and related costs more in line with those of US competitors, consultant Oliver Wyman ...

Bloomberg UBS Group AG’s investment bank underperformed US peers in the fourth quarter, as equities revenue slumped and the Swiss firm failed to match gains in fixed-income trading. Revenue at the equities division — about twice the size of the debt and forex business — fell about 20% to $883 million, compared with declines of about half that on Wall ...

  Bloomberg Overseas funds piled into UK government bonds at an unprecedented pace in December 2022, one of the strongest signs yet that a market written off as broken just months ago is on the mend. Non-residents bought £38.3 billion ($47 billion) of gilts last month, figures published by the Bank of England (BOE) on Tuesday showed. A “portion of ...

  Bloomberg The Chinese central bank will extend the use of three monetary policy tools designed to encourage financial institutions to support green technologies and the logistics sector, the People’s Bank of China (PBOC) said in a statement. The bank will continue to offer cheap funding until the end of 2024 to banks which lend to firms that are helping ...

  Bloomberg Pakistan’s rupee advanced from a record low as the International Monetary Fund (IMF) team is set to start negotiations over the resumption of its $6.5 billion bailout. The rupee climbed 1.7% to 265 per dollar, after sliding to an unprecedented 270, according to the foreign—exchange desk at Arif Habib Ltd. The benchmark stock index climbed 1.9%, snapping a two-day ...

  Bloomberg The rupee’s recent gains may prove to be fleeting because of pressure from India’s persistent current-account gap and the central bank building up its foreign-exchange reserves. The currency has lagged peers from the Thai baht to the Indonesian rupiah this month, gaining only 1.4% even amid sustained dollar weakness. QuantEco Research expects the rupee to slip towards 83.5 ...

  Bloomberg Top investment bankers in Asia ex-Japan at Wall Street’s biggest firms are having their worst payouts since the financial crisis more than a decade ago. On average, managing directors at banks including Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. (BofA) have seen their total compensation drop by 40% to 50%, with payouts for senior ...