Banking

Bloomberg Philip Lane has staked his claim to become the European Central Bank’s (ECB) next chief economist — now he must wait to see if he has the field to himself. At a meeting of euro-zone finance ministers, the Irish central-bank governor became the first nominee to replace Peter Praet on the ECB’s Executive Board in June. That puts him …

Bloomberg Geneva prosecutors have opened a fresh investigation into alleged forgery by former Credit Suisse Group AG banker Patrice Lescaudron, seven weeks after his release from prison and just as appeals in the case got underway in Geneva. Swiss prosecutors in the more than three-year-old case are looking into how Lescaudron allegedly faked dozens of bank statements for one of …

Bloomberg Bank of America Corp (BofA) Chief Executive Officer Brian Moynihan predicted another round of consolidation in the US that could lead to the emergence of a new competitor. The Charlotte, North Carolina-based lender, which controls about 13 percent of the US retail banking market, came together through the merger and acquisition of hundreds of companies, Moynihan said on a panel …

Bloomberg Deciphering the intentions of Federal Reserve officials rarely gets this easy. As one after another preaches patience before their next interest-rate move, a tougher question is emerging about their plans to pause: Is this a pit stop or the peak? After nine rate increases since December 2015, Fed officials have shifted from signalling “gradual” tightening to a stance that …

Bloomberg The European Central Bank (ECB) will only have a narrow window to raise interest rates before the euro-area economy becomes too weak, according to a Bloomberg survey of economists. Mario Draghi is seen lifting the deposit rate at his final meeting as president in October, but his successor will only have until spring of 2020 to tighten policy before …

Bloomberg Real interest rates in South Asia are among the highest in the world, raising prospect of more dovish monetary policy in region. Sri Lanka, Pakistan and India rank in the top five of world’s major economies with the highest inflation-adjusted interest rates. While negative real rates might be considered a sign of financial instability, a high inflation-adjusted benchmark interest …

Bloomberg The People’s Bank of China has been quietly guiding interbank borrowing costs down without actually cutting official interest rates, with the latest move a record one-day injection of cash into the market. The central bank pumped a net 1.14 trillion yuan ($169 billion) into the financial system through open-market operations so far, with one say’s operation the biggest one-day …

Bloomberg Goldman Sachs Group Inc expects India’s central bank to cut interest rates by a quarter percentage point in February, the latest to add its voice to a chorus of calls for monetary policy easing. The Wall Street bank said lower inflation projections, and expectations of a slower pace of US policy rate hikes prompted it to shift its call …

Bloomberg The window to restock monetary ammunition is closing for the world’s major central banks. With economic growth slowing and inflation lagging in big economies like the US and euro area, a push to escape crisis-era policy settings that include rock bottom interest rates appears at risk of stalling. That will leave less firepower to fight off the next economic …

Bloomberg The impending bankruptcy of PG&E Corp is threatening to foist large liabilities on five banks that have agreed to act as buyers of last resort for more than $760 million of bonds that the teetering utility issued through California government agencies. The company’s announcement that it plans to seek protection from creditors triggered a surge of selling by owners …