Banking

  Bloomberg Bank of New York Mellon Corp. is planning to lay off about 1,500 staff this year as the US lender says costs will be a top priority for 2023. The reductions account for about 3% of the firm’s 51,700 workforce at year end. The bank reported revenue of $3.92 billion in its fourth-quarter results, missing analyst estimates. BNY ...

  Bloomberg Digital Currency Group, the struggling crypto empire whose Genesis Global Capital lending unit is trying to stave off bankruptcy, said it’s suspending quarterly dividends to preserve cash. The move comes as the group focuses on “strengthening our balance sheet by reducing operating expenses and preserving liquidity,” according to a letter to shareholders.

  Bloomberg JPMorgan Chase & Co. strategist Marko Kolanovic reiterated that he sees downside risk for the stock market in the first quarter, with the bank reducing its recommended equity allocation once again due to fears of a recession and central bank overtightening. The bank strengthened its underweight call for equities broadly and in the euro area specifically, given the ...

  Bloomberg Citigroup Inc and Bank of America Corp (BofA) have done more to support the expansion of fossil-fuel companies than any other lenders claiming to target net-zero financed emissions, according to a new analysis comparing industry pledges to action. The Wall Street firms, which joined the Net Zero Banking Alliance when it was founded in April 2021, have since ...

  Bloomberg Somalia’s central bank aims to replace the only high-value currency note still in use by next year to deal with counterfeit bills, excess cash in circulation and inflation. The redesigned 1,000-shilling notes will replace those printed before the civil war broke out in 1991, central bank Deputy Governor Ali Yasin Wardheere said in an interview in Mogadishu, the ...

  Bloomberg China will avoid unleashing massive monetary stimulus into the economy this year as it seeks to strike a balance between boosting growth, creating jobs and maintaining price stability, a central bank deputy governor said. “We will ensure overall social demand gets powerful support. Meanwhile, the magnitude will be reasonable and appropriate and we will avoid flooding the economy ...

  Bloomberg The asset management unit of Goldman Sachs Group Inc. has drawn in over $1.6 billion in client cash for a fund registered under the European Union’s toughest ESG rules. The fund, Horizon Environment & Climate Solutions I, closed after exceeding its initial target of “close to” $1.6 billion, Goldman Sachs Asset Management (GSAM) said. It’s listed as an ...

  Bloomberg The Reserve Bank of India (RBI) may pause its rate hike cycle as early as the next monetary policy decision in February, according to Ankita Pathak, an economist at DSP Investment Managers Pvt. With India’s headline inflation for the October-December period falling below the RBI’s estimate, the central bank could reevaluate its strategy amid an ongoing global growth ...

  Bloomberg Southeast Asian central banks look like they are close to done fighting inflation using interest rates, with economists seeing the tightening cycle ending after 25- to 50-basis points of moves in the coming months. Policymakers in Indonesia, Philippines and Thailand will each raise borrowing costs by a total half-point in the coming months before reaching their peak rates, ...

  Bloomberg The European Central Bank’s (ECB) battle with inflation may end within half a year as policy makers begin to reverse rate hikes as soon as July. The deposit rate will be raised to a peak of 3.25% — from its current level of 2% in three steps. The survey shows two half-point hikes at the February and March meetings, ...