Banking

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 ...

Bloomberg The chief executive officer of Danske Bank A/S has apologized for management’s failure to prevent criminals from using his firm to launder billions of dollars in illicit funds over several years. The apology follows an unusually harshly worded public reprimand by the financial regulator. The Danish government said management’s failings were “unforgivable” and the central bank warned that the ...

Bloomberg Deutsche Bank AG is literally leaving Wall Street, moving its New York headquarters to midtown Manhattan as the German investment bank embarks on a broad shakeup of its US operations. The company will lease 1.1 million square feet of office space at Columbus Circle, slashing its footprint in the city by 30 percent, the head of Deutsche Bank’s Americas ...

Bloomberg BNP Paribas SA and Societe Generale SA missed out on the trading gains that boosted earnings at some of their US and European rivals in the first quarter, sending their shares tumbling. Trading income at BNP Paribas, the largest French lender, fell 15 percent as a drop in sales from fixed-income, currencies and commodities outweighed a gain in equities, ...

Bloomberg The Bank of England will hold off increasing interest rates next week and cut its forecasts for both growth and inflation, according to economists surveyed by Bloomberg. Just three out of the 54 banks questioned expect a rate hike at the May 10 meeting, compared with about three-quarters of those asked last month. The survey also showed economists are ...

Bloomberg One of the Federal Reserve’s most senior officials and his incoming successor both said that overshooting the US central bank’s 2 percent inflation target for a time is nothing to worry about because the central bank has been below the goal for so long. “I’ve said it many times: being a little above 2 percent after being below 2 ...