Banking

Bloomberg Mario Draghi is running out of time to say whether he’ll shake up the responsibilities of his top officials to ensure smooth leadership in the supervision of the region’s banks. The European Central Bank president faces a deadline of February 11, when Executive Board member Sabine Laut- enschlaeger’s non-renewable five-year term as vice chair of bank supervision expires. He ...

Bloomberg Morgan Stanley, the world’s second-largest wealth manager, is beefing up its services for rich clients in Singapore with a focus on Chinese entrepreneurs looking to set up family offices in the city state. “The city is a key business hub for China entrepreneurs, as well as a family office nexus,” Vincent Chui, who heads the bank’s Asia wealth operations, ...

Bloomberg The Bank of Italy cut its growth forecast for this year and next while signalling that the euro region’s third-biggest economy might have slipped into a new recession at the end of 2018. The economy is seen expanding 0.6 percent this year and 0.9 percent next, down from prior projections of 1 percent and 1.1 percent respectively, the central ...

Bloomberg China’s smaller banks, among the hardest hit by President Xi Jinping’s crackdown on risky financing, are set for a tougher 2019 as authorities force them to shut business lines that once powered profit growth. Authorities have ordered the nation’s provincial lenders to limit business to the region they’re based in, or wind down by the end of this year, ...

Bloomberg The euro-area economy isn’t headed for a recession, even though softening momentum underscores the need for European Central Bank stimulus, according to President Mario Draghi. “The question we should ask is: Is this a sag or heading towards a recession?” Draghi told members of the European Parliament in Strasbourg. “The answer we give is: No, it’s a slowdown, which ...

Bloomberg Banco Santander SA reversed course on installing Andrea Orcel as its next chief executive officer after a standoff over tens of millions of dollars in deferred pay. UBS Group AG held a hard line that Orcel, who led its investment bank until a few months ago, was defecting to a rival and wouldn’t receive bonuses he was owed from ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing launched a further internal investigation into the lender’s role as correspondent bank for scandal-ridden Danske Bank’s Estonian unit, even though he hasn’t seen any evidence of wrongdoing. The bank had previously probed its role in the case as well as any involvement in a tax evasion scheme “long before the cases ...

Bloomberg Bank Indonesia Governor Perry Warjiyo signalled central bank may hold the key rate, saying the benchmark interest rate has “almost reached its peak” after an aggressive hiking cycle helped stabilise the nation’s currency. While the bank’s monetary policy stance remains “pre-emptive and ahead of the curve,” a more favorable outlook for US interest rate will allow Indonesia to rely ...

Bloomberg The Bank of Japan (BOJ) is almost certain to cut its inflation forecast for the fiscal year starting in April given the sharp fall in oil prices, according to people familiar with the matter. The government’s decision to make pre-school education free adds to the case for the downgrade, which will be delivered at the end of the next ...

Bloomberg Citigroup Inc offered some hope that the worst is over for its bond-trading business after the toughest quarter for that unit in seven years. The lender’s shares jumped almost 4 percent, the most in the S&P 500 Index, after Chief Financial Officer John Gerspach said the trading environment was starting to improve this month. The brighter outlook came after ...