Banking

Bloomberg Deutsche Bank AG is cutting dozens of employees and consolidating space at its Chicago office as part of a broader plan to shrink its US operations, according to people briefed on the matter. The German lender’s Chicago office — which houses units including front-office trading, operations and treasury — will be reducing headcount, said the people, who asked not ...

Bloomberg The Reserve Bank of New Zealand’s (RBNZ) new monetary policy committee with external members could begin deciding on interest rates in the second quarter of next year, Finance Minister Grant Robertson said. Legislation to enact the government’s RBNZ reforms should pass into law by April, which could allow the enlarged policy committee to begin deliberations as soon as May, ...

Bloomberg Blackstone Group LP, the world’s largest alternative asset manager, has picked banks for India’s first real estate investment trust (REIT) listing, people with knowledge of the matter said. The US company and local partner Embassy Group selected firms including Bank of America Corp., Morgan Stanley, Kotak Mahindra Bank Ltd. and JPMorgan Chase & Co., said the people. The REIT ...

Bloomberg The European Central Bank (EDCB) stuck to its plan to end bond purchases as the European Union and US stepped back from a trade war andthe currency bloc’s economic expansion remained solid. The Frankfurt-based institution reiterated it will continue buying $35 billion of assets a month until the end of September, reduce the pace to 15 billion euros from ...

Bloomberg Indian lenders struggling to recoup loans worth about $20 billion to troubled property developers have to contend with another challenge: A lackluster recovery from the worst home-sales slump this decade. To recover the dues, banks are taking control of land parcels and unfinished projects that can be sold along with loans. This comes at a time when home sales ...

Bloomberg UBS Group AG, the Swiss bank that’s said to be leaning towards Frankfurt for its post-Brexit European Union headquarters, says it’s facing a bill of more than $100.5 million because of Britain’s departure from the bloc. The Brexit tab, revealed by Chief Executive Officer Sergio Ermotti on a conference call on Tuesday, will likely include the cost of relocating ...

Bloomberg Credit Agricole SA is considering the purchase of as much as 10 percent of Italian lender Credito Valtellinese SpA within six months, as it seeks to increase investments in the euro region’s third-largest economy, according reports. The French bank may buy a 5 percent stake and then plans to double its holding. Among its strategic options, Credit Agricole is ...

Bloomberg The Bank of England (BOE) is about to try to put a number on normality. After months of research, the central bank will provide an assessment of the Goldilocks interest rate for the first time when it announces its policy decision on August 2. Known as r* (r-star), it’s the rate that keeps the economy neither too hot nor ...

Bloomberg Standard Bank Group Ltd. has allocated $751 million to fund energy projects in South Africa as the continent’s largest lender by assets grows more confident in its home market and invests in riskier ventures. “We are exceedingly optimistic about the future of this country, more so now than in December,” Lungisa Fuzile, the Johannesburg-based lender’s South African head, said. ...

Bloomberg Credit Suisse is shuttering five more exchange-traded notes next month, eliminating a pair of structured products that let investors bet on swings in stock markets and a trio of notes tied to oil prices. The investment bank, which infamously closed the $1.9 billion VelocityShares Daily Inverse VIX Short-Term ETN, ticker XIV, in February amid a maelstrom in which the ...