Banking

  Bloomberg Asia’s major banks are seeing a widening gap between ESG leaders and laggards, as regulators in the region ramp up scrutiny of sustainable finance, according to WWF-Singapore. While leading banks in Singapore and Malaysia made headway on implementing their environmental and social risk policies in 2022, over half of the 46 regional lenders surveyed made “little to no ...

  Bloomberg JPMorgan Securities LLC asked a court to order one of its former employees to stop poaching its customers for his new employer, Morgan Stanley Smith Barney LLC. Joseph A Michael, who quit in December after more than 18 years at JPMorgan, has already persuaded about 32 JPMorgan households, with assets totalling about $28 million, to start transferring their ...

  Bloomberg Peru extended its biggest-ever phase of monetary tightening in a bid to curb a spike in inflation that is now being aggravated by anti-government protests and road blockades. The central bank raised its benchmark rate by 0.25 percentage points to 7.75%, the highest level in more than two decades. The decision was in line with expectations, and was ...

  Bloomberg Wells Fargo & Co., announcing a “new strategic direction” for a mortgage empire that was once the largest in US banking, said it will stop funding home loans arranged by outsiders and shrink the portfolio of debts that it services. The retreat from so-called correspondent lending and reduction in servicing caps years of efforts to clean up a ...

  Bloomberg US mortgage rates retreated for the first time in three weeks, helping provide a modest lift to refinancing activity. The contract rate on a 30-year fixed mortgage decreased 16 basis points to 6.42% in the week ended January 6, according to Mortgage Bankers Association (MBA) data. That helped boost applications for refinancing, which rose 5.1% in the week. ...

  Bloomberg Three months after Goldman Sachs Group Inc carved out a new division to house what’s left of its once-ambitious foray on Main Street, it’s giving shareholders a clearer look at those financials. The collection of businesses — including Goldman’s Apple Card — now packaged into the segment dubbed Platform Solutions racked up more than $1.2 billion in pretax ...

Bloomberg Traders piled into bets on another hawkish pivot from the Bank of Japan (BOJ) following a report that the central bank will review the side effects of its policy as soon as next week. The yen gained more than 1% and Japanese bond futures slid after the Yomiuri newspaper said the BOJ will consider adjusting bond purchases or other ...

  Bloomberg Thailand will allow the nation’s first virtual banks to offer services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and the individuals. The Bank of Thailand plans to issue three such licenses in 2024 before the operations begin a year later, said Assistant Governor Tharith Panpiemras. There are about 10 ...

Bloomberg Sri Lanka will probably clinch a debt restructuring deal with its creditors only by the end of the year, with Standard Chartered Plc predicting losses for both domestic and dollar bondholders. The International Monetary Fund (IMF) board approval of a $2.9 billion bailout for the island nation is likely to happen in the second rather than first quarter of ...

Bloomberg Credit Suisse Group AG’s longtime top shareholder Harris Associates slashed its stake by about half, in a sign of wavering confidence on the latest turnaround plan of the troubled Swiss lender. The US investment firm, which last year still held a stake of about 10%, saw its holding fall to about 5% as of the end of last year, ...