Banking

  Bloomberg Johannesburg’s stock exchange plans to fine Steinhoff International Holdings NV former CEO Markus Jooste $882,000 for violating listing rules and submitting false financial statements. South Africa’s main stock exchange also barred Jooste from holding an office in a listed company for 20 years, according to a statement. The move comes almost five years after the firm’s near collapse and ...

  Bloomberg Several senior dealmakers are leaving Nomura Holdings Inc. in Asia as the investment bank reacts to a slump in fees with broader global cuts, according to people familiar with the matter. Hong Kong-based managing directors Maryann Tseng, who joined the equity capital markets team last year, and Wallace Wong in mergers and acquisitions are both departing, the people ...

  Bloomberg US consumer borrowing climbed in November by more than forecast as credit-card balances increased by the most in three months. Total credit rises $28 billion from the prior month, Federal Reserve figures showed. The median forecast in a Bloomberg survey of economists called for a $25 billion advance. The figures aren’t adjusted for inflation. Revolving credit outstanding, which ...

  Bloomberg European Central Bank Executive (ECB) Board member Isabel Schnabel said borrowing costs must be lifted much further, with inflation only just having dipped back into single digits. “Interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive to ensure a timely return of inflation to our 2 percent medium-term ...

  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 ...