Banking

  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, ...

  Bloomberg China’s central bank added less cash than expected into the banking system via policy loans while keeping the rate unchanged this month even with funding demand on the rise into Lunar New Year holidays. The People’s Bank of China (PBOC) injected a net 79 billion yuan ($11.8 billion) via its one-year medium-term lending facility this month, less than the ...

  Bloomberg UBS Group AG doesn’t plan acquisitions in the US “in the foreseeable future” and has no intention to buy Credit Suisse Group AG, the bank’s chairman Colm Kelleher told Swiss newspaper Neue Zuercher Zeitung. UBS hasn’t yet realised its full potential in the US, Kelleher said in an interview. “We need to get our wealth management business up ...

  Bloomberg US banks see tougher times ahead for consumers. That may not be so bad for the banks. The heads of the nation’s four largest lenders — JPMorgan Chase &, Bank of America Corp., Wells Fargo & Co. and Citigroup — took turns in calls describing customers who are drawing down savings, piling up debt on credit cards and ...

    Bloomberg The cost to hedge against volatility in dollar-yen over the coming week has risen to the highest level in almost three years as traders brace for any more Bank of Japan (BOJ) surprises on Wednesday. By raising the cost of the contracts, option sellers are trying to reduce the expense of being caught off guard again after ...

  Bloomberg Wells Fargo & Co. posted higher-than-expected fourth-quarter expenses, even after the firm warned of a hefty loss tied to a regulatory sanction last month. The firm spent $16.2 billion in the last three months of 2022, according to a statement, exceeding analyst estimates. That included $3.3 billion in operating losses after Wells Fargo said last month it would ...

  Bloomberg Credit Suisse is planning to cut more than 10% of its European investment bankers this year, adding to hundreds of job losses in London and Zurich, the Financial Times newspaper reported. The bank has been reducing headcount across its divisions after announcing plans to reduce 9,000 roles globally by 2025 last year. The further cuts come after the ...

  Bloomberg Bangladesh’s central bank raised the benchmark rate by 25 basis points to contain inflation that’s hovering near the highest level in a decade. The benchmark repurchase rate was increased to 6% from 5.75% effective from Monday, Bangladesh Bank said in a statement on Sunday. The reverse repo rate will climb to 4.25%, it said. The central bank said ...