Banking

  Bloomberg Goldman Sachs Group Inc is embarking on one of its biggest rounds of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week, with the bank’s leadership going deeper than rivals to shed jobs. The firm is expected to start the process mid-week and the total number of people affected will ...

  Bloomberg A deluge of debt sales in Europe has pushed issuance for the year beyond $130 billion in just a matter of days. More than 80 predominantly high-grade borrowers have piled in to the market in January to lock in funding that’s around the cheapest since the summer, according to data compiled by Bloomberg. It’s the fastest start to ...

  Bloomberg Zimbabwe’s currency plunged to a record in the unauthorised market after the central bank urged suppliers not to buy foreign exchange with payment they recently received from the government. The Zimbabwean dollar traded at between Z$950-Z$1,100 to the US dollar in the parallel market, according to Zimpricecheck.com, a website which monitors unofficial and official rates. That’s the lowest ...

  Bloomberg Morgan Stanley Chief Operating Officer Jon Pruzan, a longtime lieutenant to James Gorman and once considered a potential candidate to succeed him as chief executive officer, is exiting firm. Pruzan, who’s leaving at the end of the month, departs after a 28-year run that included a six-year stint as chief financial officer — the public face of the ...

  Bloomberg Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce, as the worsening crypto slump spurs another round of layoffs at the biggest US digital-asset exchange. Co-founder and Chief Executive Officer Brian Armstrong announced the job reductions in a blog post on Tuesday, saying the steps were needed to weather the industry downturn. In June, ...

  Bloomberg Switzerland’s government will not receive a payout from the Swiss National Bank (SNB) for 2022, as the central bank projects the biggest loss in its 116-year history. The SNB expects an annual loss of about 132 billion francs ($143 billion), more than five times the previous record, it said on Monday in preliminary results. The largest part of ...

Bloomberg A Hong Kong unit of state-backed China Citic Bank Corp. is offering free Covid-19 mRNA vaccinations to sign up wealthy new customers as the border between the financial hub and mainland China reopened after three years of travel and quarantine restrictions. For customers who put in at least HK$4 million ($512,300) and sign up for a dual currency credit ...

  Bloomberg UBS group predicts an increase in business for its bank’s key wealth division in Asia this year after a difficult period last year and is looking to add talent, its Asia Pacific president said. “I think our wealth management will power away this year, because of what’s happening in China, opening up and creating a more positive outlook ...

  Bloomberg Sri Lanka’s bondholders aren’t living up to their obligations and should cancel debt to allow the country to get out of its economic crisis, a group of international academics said in a letter. Private creditors own almost 40% of the country’s external debt, mostly in the form of International Sovereign Bonds, but higher interest rates mean they receive ...

  Bloomberg Credit Suisse Group AG has lost two more senior private bankers in Hong Kong as attrition woes continue at the Swiss bank, according to people familiar with the matter. Mandy Loo, a managing director for the China market, and Howard Wu, a team leader for Greater China investment consultants, have both left the bank, said the people, asking ...