Banking

Bloomberg HSBC Holdings Plc’s Steven Major is starting to show a little less conviction on two of his big investment calls of recent years: bullish Treasuries and bearish credit. The shift comes as traders shaken by weeks of turbulence across asset classes regain their footing. In European credit markets, the biggest high-grade sell-off in more than two years has created ...

Bloomberg Banks responsible for about half of India’s internal trade have joined a consortium that aims to introduce blockchain technology in order to speed up processes and reduce hurdles to approving new loans. Fourteen local banks have signed up for the India Trade Connect consortium, which hired the Bengaluru-based software firm Infosys Ltd. to develop a blockchain platform for loans ...

Bloomberg UBS Group AG’s asset-management head Ulrich Koerner is adding job cuts to a raft of initiatives intended to turn around the 792 billion-franc ($807 billion) business. The Swiss bank is trimming jobs as it focusses on growth in China and lower-margin passive and sustainable investing, according to people with knowledge of the matter. The unit eliminated at least 100 ...

Bloomberg Currency traders are wagering that even a potential European Central Bank announcement on its timing for ending bond purchases will fail to keep the euro rallying. The euro is on track to gain about 1 percent this week versus the dollar, for its best performance since February. While it’s perked up from the weakest levels of 2018 on signals ...

Bloomberg Indonesia’s new central bank chief joined his counterpart in India in calling on the Federal Reserve to be more mindful of the global repercussions of policy tightening amid a rout in emerging markets. In his first interview with international media since he took office two weeks ago, Bank Indonesia Governor Perry Warjiyo said the pace of the Fed’s balance ...

Bloomberg An effort by the nation’s largest banks to boost their lobbying clout in Washington is leaving three industry titans on the sidelines: Goldman Sachs Group Inc, Morgan Stanley and Credit Suisse Group AG. Though the three firms were initially slated to be included in a newly merged trade association, they were blocked after some executives argued that adding more ...

Bloomberg Emerging markets struggling with higher US interest rates are likely to get little sympathy from the Federal Reserve. Currencies of such nations have been hammered in a spreading selloff amid worries that their economies won’t cope with higher US borrowing costs. That’s prompted central bankers in India and Indonesia to raise interest rates and urge Fed caution. There are ...

Bloomberg Deutsche Bank AG is cutting onshore sales and derivatives coverage in individual markets across Asia-Pacific as part of a restructuring of its equities business in the region, according to a person familiar with the matter. The move will involve unspecified staff reductions, the person said, requesting anonymity because the changes haven’t been announced. The German bank plans to focus ...

Bloomberg Reserve Bank of India Governor Urjit Patel signalled that the interest-rate hike was not aimed at defending the rupee. Analysts say that the move will still provide the much-needed support to the currency. For HSBC Holdings Plc and Nomura Holdings Inc., it bolsters the RBI’s credentials on the inflation-fighting front, which they say will have a rub-off effect on ...

Bloomberg The new global head of macro research at Nordea Bank AB says it’s now clear that the extreme monetary policies that followed the global financial crisis are making the rich richer and everyone else more indebted. Kristin Magnusson Bernard, who used to work with financial stability at the European Central Bank, says the lessons learned from cutting interest rates ...