Banking

Bloomberg JPMorgan Chase & Co. has been pulling back from some higher-risk pockets of the consumer credit market, concerned about how those types of borrowers will hold up in an economic downturn. The bank has been avoiding subprime auto finance and cut back on long-duration car loans, according to Gordon Smith, chief executive officer of JPMorgan’s consumer-banking unit. The company ...

Bloomberg There’s what you think you said. There’s what you actually said. And perhaps most importantly for the steward of the world’s largest economy, there’s what people heard. That’s a lesson that Federal Reserve Chairman Jerome Powell is learning the hard way as he seeks to steer the economy between the twin shoals of overheating and recession while being buffeted ...

Bloomberg DNB ASA finally feels it’s getting some respect from investors, but it has some way to go in matching its Nordic rivals on its income mix. With Nordea Bank Abp moved to Finland and Danske Bank A/S mired in a money laundering scandal, Norway’s DNB is now Scandinavia’s biggest bank by market value. While calling itself the largest Scandinavian ...

Bloomberg Goldman Sachs Group Inc. has achieved half of its revenue-growth goal, but it isn’t stopping there. On his first day as chief financial officer, Stephen Scherr told investors the firm is ahead of schedule on its objective of $5 billion in new revenue by 2020. Goldman Sachs has already increased revenue firmwide by $2.5 billion through a series of ...

Bloomberg The co-head of a key markets business at BNP Paribas is st-epping down after the French bank reported some of the worst fixed-income trading results for third quarter. Adrian Boehler, who was co-head of the foreign exchange, local markets and commodities unit, will seek “another career opportunity” within Paris-based BNP Paribas while his counterpart Francisco Oliveira will become sole ...

Bloomberg Macquarie Group Ltd., the Australian investment bank, is building up a European front in a risky business where few rivals have been able to tread since the financial crisis. The bank has hired Massimiliano Pignatelli and Pablo de Mattos in London to make market bets with shareholders’ money, known as proprietary trading, according to people familiar with the matter. ...

Bloomberg Barclays Plc was the worst performer among 48 banks in Europe’s toughest stress test yet, underscoring the vulnerability of UK lenders to weak growth, credit losses and Brexit. Fellow British lender Lloyds Banking Group Plc didn’t fare much better in the test, with a key measure of financial health falling sharply in the most adverse scenario envisioned by supervisors. ...

Bloomberg One of the European Union’s most loyal members is voicing deep unease at the path Brexit negotiations are on. Denmark, which joined the EU the same year as Britain, is urging Brussels to work much faster to avoid the dysfunction that would ensue in the event of a so-called hard Brexit. A key concern is that the EU still ...

Bloomberg About one in 10 of China’s 4,000 banks received a fail rating in the central bank’s first review of the industry’s risks, highlighting challenges facing the nation’s $45 trillion financial system. Four hundred and twenty firms, all rural financial institutions, were deemed extremely risky after scoring eight or higher out of 10, according to the 2018 China Financial Stability ...

Bloomberg With India’s central bank emerging as the biggest buyer of government debt, some traders are calling time on a rout that’s lasted more than a year and sent benchmark yields soaring to a four-year high. The Reserve Bank of India bought 860 billion rupees ($11.8 billion) of bonds between May and October, and plans to inject 400 billion rupees ...