Banking

Bloomberg The question of who’ll be the next leader of the People’s Bank of China (PBOC) has gained urgency after Governor Zhou Xiaochuan dropped heavy hints that he’s ready to head into retirement. Announcements about changes in the PBOC leadership could come at any time. With President Donald Trump mulling who will be the next chair of the Federal Reserve ...

Bloomberg HSBC Holdings Plc, which has the biggest investment bank in Saudi Arabia, says foreign investors are getting ready for their first significant stock purchases in the kingdom as an upgrade to emerging-market status looks likely. It’s ‘inevitable’ that MSCI Inc., whose classifications can influence billions of dollars of asset allocations, will add Saudi Arabia to its emerging-market benchmarks, Majed ...

Bloomberg UniCredit SpA, Italy’s biggest bank, reported a six-fold jump in third-quarter profit, driven by the sale of its Pioneer Global Asset Management unit. Net income rose to 2.82 billion euros in the three months through September from 447 million euros a year earlier, the Milan-based bank said in statement on Tuesday. Revenue fell 3.9 percent to 4.65 billion euros ...

Bloomberg The Bank of Japan (BOJ) is considering a small cut to its inflation projection for this year in a quarterly report to be released next week, according to people familiar with the central bank’s discussions. The BOJ may lower its forecast for core inflation from 1.1 percent for the fiscal year ending in March 2018, said the people, who ...

Bloomberg Helen Grogan says her bank has left her brimming with ‘rage, frustration and anger’ and 40,000 euros ($47,000) worse off. In common with 13,000 other Irish bank customers, Grogan was overcharged in a mortgage scandal that has reignited anger towards the industry almost a decade after taxpayers had to bail it out. “I was ripped off by the bank,” ...

Bloomberg Vietnam’s central bank said record-high foreign reserves will enable it to keep the currency stable for the rest of the year as the government focuses on boosting growth in the Southeast Asian economy. With reserve levels at $45 billion, “we are confident that we will be able to maintain the dong’s value,” in 2017, Nguyen Thi Hong, deputy governor ...

Bloomberg Commerzbank AG has hired Goldman Sachs Group Inc. and Rothschild & Co. as financial advisers as the German lender faces possible takeover bids from European competitors, the Financial Times reported, citing unidentified people. The firms are advising Commerzbank on its options and not necessarily preparing a defense strategy for any acquisition attempt, the newspaper reported one of the people ...

Bloomberg The European Central Bank (ECB) will halve monthly bond purchases to €30 billion ($35 billion) next year, stretching out the programme’s remaining capacity as it waits for inflation to pick up, a Bloomberg survey of economists shows. Policy makers will keep buying for about nine months to take the programme to just over €2.5 trillion, respondents said before the ...

Bloomberg HSBC Holdings Plc named Jayant Rikhye as chief executive officer of its India unit, to replace Stuart Milne. Rikhye, currently the bank’s head of International for the Asia-Pacific region, will start his new role on December 1, according to an emailed statement from the London-based lender. Milne, who has been India CEO for five years, will take a three-month ...

Bloomberg Bank of America Corp.’s Merrill Lynch was fined 34.5 million pounds ($45.5 million) for failing to report two years’ worth of exchange traded derivative transactions, in what UK regulators said was the first penalty under the European Markets Infrastructure Regulation (EMIR). The Financial Conduct Authority said Merrill failed to report 68.5mn transactions between February 2014 and 2016. The bank ...