Banking

Bloomberg For years, Asia’s biggest private banks have been on a hiring spree to keep pace with the ranks of newly minted millionaires. Now, they’re squeezing more out of their bankers. Relationship managers who cater to wealthy clients in the region are running larger pools of money, with average assets run by each surging to an all-time high of $341 ...

Bloomberg Stocks down for a third successive week, bond yields at their highest since 2016 and a currency market replete with bears. Such have been the declines in emerging markets that the more sanguine commentators have begun saying the selloff has run its course and it may even be time to buy the dip. But JPMorgan Chase & Co. says ...

Bloomberg Sovereign bonds in India rallied after the central bank said it will purchase debt to meet the cash needs of the banking system. The Reserve Bank of India said it would buy 100 billion rupees ($1.5 billion) of securities with maturities ranging from 2020 to 2033 maturities on May 17. The purchases comes after the shortest bond on sale ...

Bloomberg The European Central Bank warned that a rise in trade protectionism would undermine the global economy, and said the US would be among the worst-affected. The cautionary comments coincide with data showing factory orders in Germany unexpectedly slid for a third month in March, another sign of the weakness that’s dogged the euro-area economy since the start of the ...

Bloomberg Oversea-Chinese Banking Corp (OCBC) shares fell the most in a month after the Singaporean bank posted first-quarter profit growth that relied largely on a drop in loan provisions as lending margins stagnated. Southeast Asia’s second-largest bank slid as much as 3.2 percent in Singapore on Monday morning after Chief Executive Officer Samuel Tsien signaled that last quarter’s decline in ...

Bloomberg China’s $42 trillion financial sector is set to open up to the world like never before. To deliver on longstanding pledges and help stave off the threat of tariffs from US President Donald Trump, Chinese officials have set a June 30 deadline to ease ownership and business restrictions for banks, securities firms, asset managers and life insurers. Securities firms ...

Bloomberg John Flint is off to a bumpy start at HSBC Holdings Plc. Costs at Europe’s largest bank rose at a quicker pace than revenue in the first quarter and it took a surprise charge for past misconduct. HSBC also said a $2 billion share buyback would be the only one this year given the “growth opportunities,” signaling the bank ...

Bloomberg Argentina hiked interest rates for the second time in less than a week to stem the peso’s sharp decline, a tactic that many investors say will again bring only temporary relief. The central bank raised its key interest rate to 33.25 percent, the central bank’s press office said. The peso has fallen more than 5 percent since the day ...

Bloomberg India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers. HDFC Bank Ltd — the most preferred wealth manager in India among high net worth clients surveyed by Euromoney — plans to add as many as 150 relationship managers by ...

Bloomberg Brazilian Daniel Marques hoped to parlay his Dreamer work permit into a job with Bank of America Corp. Instead, he’s suing the firm for discrimination. Marques claims his application to work in the bank’s wealth management department was denied after he told a vice president who interviewed him in 2016 that he’d be required to renew his work authorization ...