Bloomberg Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation. Nordea Bank AB, whose Chief Executive Officer Casper von Koskull says his industry might only have half its current human workforce a decade from now, is ...
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Credit Suisse moves 50 ‘banking’ jobs to Madrid
Bloomberg Credit Suisse Group AG is moving 50 investment banking jobs to Madrid as part of its Brexit planning, according to two people familiar with the matter. The Swiss lender is relocating bankers at its Global Markets trading division and dealmakers from its advisory unit, the people said, asking not to be identified because the decision is private. The firm ...
Read More »BOJ steps in to buy unlimited bonds again
Bloomberg The Bank of Japan (BOJ) offered to buy an unlimited amount of bonds for a third time in a week after the benchmark 10-year yield rose to an almost 18-month high ahead of the central bank’s policy decision on Tuesday. The offer, made at 0.1 percent for the five-to-10 year maturities, drew some 1.6 trillion yen ($14.4 billion) of ...
Read More »BofA to recruit specialist sales staff in US, Europe
Bloomberg Bank of America (BofA) is recruiting to potentially double the size of its specialist sales staff in the US and Europe, according to two people familiar with the efforts. The bank is looking to add four to six positions — which help clients act on the firm’s research ideas — in addition to the six specialist salespeople it already ...
Read More »Storm of news to hit global economy before August calm
Bloomberg People charged with running or monitoring the world economy are set for a busy week before those in the Northern Hemisphere get to enjoy their summer vacations. Central bankers in the US, Japan, the UK, Brazil and India all meet to set their respective monetary policies at a time when Eric Oynoyan, senior European interest-rate strategist at BNP Paribas ...
Read More »RBI all set to raise interest rates to stem capital flows
Bloomberg India’s central bank is on course to raise interest rates for a second consecutive policy meeting as it takes more decisive steps to rein in inflation and stem capital outflows. With inflation running well above the central bank’s medium-term target of 4 percent — and the outlook set to worsen as oil prices stay elevated and the currency slides ...
Read More »JPMorgan sees ‘massive amounts’ of cash feeding M&A in Nordic region
Bloomberg There’s a lot of cash swishing about in the Nordic region and that leaves plenty of potential for more mergers and acquisitions, according to JPMorgan Chase & Co. “There’s massive amounts of dry powder both on the corporate side, where cash balances are very good, and on the private equity side, where we see a lot of activity,†said ...
Read More »Santander sees rising loan growth
Bloomberg Banco Santander is riding Spain’s economic recovery and rising demand for loans, helping offset emerging market currency volatility and the UK slowdown. Net income of 1.7 billion euros ($2 billion) beat analyst’s estimates in the second quarter, with earnings up in Brazil even after the real tumbled. In Spain clients took advantage of the economic upswing to take on ...
Read More »PBOC’s new move to boost loan growth
Bloomberg Some Chinese banks have received notice from regulators that a specific capital requirement will be eased in order to support lending, as the authorities try to mitigate increasing risks to the economy from the trade war. The People’s Bank of China told some institutions on Wednesday that the so-called “structural parameter†in the Macro-Prudential Assessment of their balance sheets ...
Read More »Nomura profit plunges 91% in first quarter
Bloomberg Nomura Holdings Inc.’s first-quarter profit plunged to the lowest in two years as its wholesale business lost money thanks to a slump in fixed-income trading, while the domestic retail operation lost steam. Net income fell 91 percent to $47 million in the three months ended June 30 from a year earlier, Japan’s biggest brokerage said. The firm posted its ...
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