Banking

Bloomberg Mitsubishi UFJ Financial Group Inc. (MUFG) has been on an expansion kick in the debt market. But its first attempt as a sole underwriter on a dollar high-yield bond sale didn’t go so well. The bank’s securities unit bought $500 million of bonds directly from oil and gas exploration firm CNX Resources Corp., with plans to parcel them off …

Bloomberg Goldman Sachs Group Inc. is cutting 10 staff in its commodities division as the bank reviews the footprint of the once-dominant unit, according to a person familiar with the matter. It is cutting seven trading jobs and three sales jobs in Singapore, London and Houston, representing about 5 percent of the unit’s staff, the person said, asking not to …

Bloomberg The policy shift under way at the Federal Reserve will affect new forecasts to be published later this month and also their longer-run strategy. Recent remarks by Chairman Jerome Powell, Vice Chairman Richard Clarida, Governor Lael Brainard and New York Fed President John Williams have all signalled their contentment with letting the policy rate rest at 2.25 percent to …

Bloomberg Deutsche Bank AG employees learned what bonuses they would receive, with many facing deep cuts and some bankers in New York and London receiving zero payouts, people with knowledge of the decisions said. Many of those who avoided large cuts to their 2018 rewards did so because they had guaranteed payouts, such as recent hires, the people said, asking …

Bloomberg Hit by a money-laundering scandal involving their biggest banks, Nordic policy makers are stepping up the region’s defenses. Here is a list of actions and proposals made by governments and financial watchdogs across the Nordic countries. DENMARK Denmark has said it wants to implement some of Europe’s toughest anti-money laundering rules. Since the Danske Bank A/S scandal erupted last …

Bloomberg The Bank of England doesn’t need to rush to raise interest rates until the uncertainty of Brexit lifts, according to policy maker Michael Saunders. In a speech in London, Saunders, considered one of the most hawkish members of the Monetary Policy Committee, said that tame inflation and a slowdown in growth meant officials could adopt a wait-and-see approach as …

Bloomberg South Africa’s central bank wants to see sustainably lower inflation to ensure cheaper borrowing costs in the economy, Governor Lesetja Kganyago said. “We have indicated that a consistently lower rate in the near term, at the midpoint of our target band — 4.5 percent — would lower long-term interest rates and be more supportive of balance in the economy,” …

Bloomberg A merger of Deutsche Bank AG and Commerzbank AG is shaping up as the most likely endgame as Germany’s largest listed lenders are running out of time to show they can grow as standalone companies. The banks are intensifying informal talks as their turnaround efforts sputter, according to a person familiar with the matter. While there’s no formal mandate …

Bloomberg Saudi Arabia is considering plans to increase an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, according to people with knowledge of the matter, as the world’s biggest oil exporter seeks to bolster alternative sources of revenue. The tax authority is in talks with lenders about raising the religious levy, …

Bloomberg Euro-area officials set out to defend their latest monetary-policy action, stressing their package of new long-term loans and revised guidance was an appropriate response to the region’s economic slowdown. “Hard data indicated that a reaction was needed,” Lithuanian Governing Council member Vitas Vasiliauskas told reporters in Vilnius. “It was a natural preemptive move.” Recent data have painted a gloomy …