Banking

Bloomberg Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said last week that bitcoin speculation is the “very definition of a bubble.” Even so, he can’t avoid it or the technology behind it. A Credit Suisse conference on digital money and blockchain last month in New York was “epic,” said Lou Kerner, a former equity analyst at Goldman Sachs ...

Bloomberg Societe Generale SA added to concerns about excessive bitcoin speculation, with the bank’s deputy head following Credit Suisse Group AG’s top executive in saying that it’s a bubble. “Bitcoin today is in my view very clearly in a bubble,” Severin Cabannes said in a Bloomberg Television interview. His comments came a day after Credit Suisse CEO Tidjane Thiam said ...

Reuters Kuwait’s Burgan Bank, the country’s third largest lender by assets, is in early discussions with banks for the refinancing of a $350 million loan due in December, sources familiar with the matter said on Sunday. The bank raised the original debt facility in 2015 with a group of seven banks, including regional and international lenders. The new loan would ...

Bloomberg Reforming the Reserve Bank of New Zealand’s monetary policy mandate could potentially result in lower interest rates, the new finance minister said. Requiring the central bank to target full employment as well as price stability when making rate decisions will ensure its objectives are more aligned with the well-being of New Zealanders, Grant Robertson said in a television interview ...

Bloomberg Wells Fargo & Co. added $1 billion in the third quarter to what it says the bank may face in possible legal expenses. Legal costs could potentially be $3.3 billion more than what the San Francisco-based bank has reserved, Wells Fargo said in a regulatory filing. While that figure was unchanged from the previous three-month period, it constitutes a ...

Bloomberg It was President Donald Trump who dominated the headlines in monetary policy over the past 10 days with his choice of Jerome Powell to chair the US Federal Reserve. Yet the club of central bank chiefs the American is set to join has been making plenty of news. The Fed, now helmed by Janet Yellen, left itself on course ...

Bloomberg Mark Carney is tying the Bank of England’s next interest-rate shift to the success of Brexit negotiations. After raising interest rates for the first time in more than a decade, the governor said the pending divorce from the European Union is the main risk to the outlook, aggravating existing weaknesses that have hobbled the economy and holding back potential ...

Bloomberg Bank of America Corp. made the legal leap required to untangle what US clients are charged for research and trading, bringing to America a version of the changes being forced on markets in Europe. Its Merrill Lynch unit added the firm’s research department to an existing investment adviser registration late on Thursday, according to a document on the US ...

Bloomberg Italian bank executives and central bankers, take note: people trust you less and less. Just 16 percent of Italians have confidence in the country’s lenders, down from an already meager 17 percent in June, according to a poll by the SWG research group of Trieste. Only 24 percent trust the Bank of Italy, plunging from 36 percent in June. ...

Bloomberg One week after Nordea Bank AB said it will cut 6,000 jobs in a digital bet, a key investor says the rest of the industry would do well to watch and learn. Sampo Oyj, Nordea’s biggest owner with about one-fifth of its stock, says digital adequacy is overtaking capital adequacy as a top consideration for investors. “In the Nordics, ...