Banking

  Bloomberg Argentina and Brazil are in the preliminary stages of renewing discussions on forming a common currency for financial and commercial transactions, reviving an often-discussed plan that would face numerous political and economic hurdles. South America’s two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region. ...

  Bloomberg India’s largest private lender is expecting a calmer year for bond yields in 2023, which will make it harder for traders to prosper after global volatility seen last year. With the end of the rate-hike cycle near, there should be much more stability in yields, with large volatility likely behind us and the amplitude of future swings much ...

  Bloomberg Pakistan increased its benchmark interest rate by 100 basis points, to the highest in more than 24 years, as the economy grapples with raging inflation, supply shortages, dwindling currency reserves and stalled foreign financing. State Bank of Pakistan raised the target rate to 17%, a move expected by 25 of 43 economists in a Bloomberg survey. The majority ...

  Bloomberg Barclays appointed John Kingman to replace Crawford Gillies as chair of Barclays UK, one of a number of board changes the bank is making as two of its long-standing directors step down. Kingman, who is chair of Legal & General Group Plc and whose former roles include positions at the UK Treasury and Rothschild, will join the board ...

  Bloomberg Intesa Sanpaolo SpA is cutting risk-weighted assets by as much as €20 billion ($21.6 billion) after the European Central Bank (ECB) faulted the lender’s calculations of how much risk it faces. The Italian bank, which comfortably exceeds its capital requirements, is carrying out the reduction via the sale of loans and other assets. It’s also looking at so-called ...

  Bloomberg ICICI Bank Ltd. reported 34% growth in profit, helped by surprise improvement in interest margin as lenders in the country continue to report stellar performance, backed by rising demand for loans. Net income was 83.1 billion rupees ($1 billion) in the quarter ended December compared with 61.9 billion a year ago, the company said in a statement. That ...

  Bloomberg Morgan Stanley elevated 184 employees to managing director, a smaller number of promotions to the firm’s top rank from last year. A record 38% are women, pushing the share of female MDs at the New York-based firm up to 24%, according to a person with knowledge of the matter. Of the US-based employees who were promoted, 5% are ...

  Bloomberg The European Central Bank (ECB) should stick to a plan laid out by President Christine Lagarde and continue raising interest rates in half-point steps, according to Governing Council member Robert Holzmann. “We reduced the most recent rate move to 50 basis points from 75 under the assumption that we will hold this pace for a while,” Holzmann told ...

  Bloomberg Angola’s central bank carried out the world’s biggest interest rate cut so far this year as it forecasts inflation to slow further. The policy committee dropped the rate to 18% from 19.5%, Governor Jose de Lima Massano told reporters in Luanda, the capital. That’s the steepest cut since July 2018. “This decision was based on the reduction of ...

  Bloomberg Deutsche Bank AG is considering slightly higher bonuses for its traders while drastically shrinking those paid to staff who help issue bonds and stocks, reflecting the strong divergence in performance between the two businesses. The German lender is debating an average increase in variable compensation of about 10% for executives buying and selling fixed-income securities and currencies after ...