Banking

Bloomberg Banks poised to channel hundreds—if not thousands—of employees out of the UK expect their Brexit bills to reach $500 million or more, according to people with knowledge of firms’ contingency planning. Costs are climbing in part as they find it more difficult than anticipated to persuade reluctant Londoners to move abroad and reckon with a shortage of experienced bankers ...

Bloomberg Deutsche Bank AG head John Cryan may face pressure from investors if his turnaround of Germany’s biggest lender fails to show results in the next six months, one of the bank’s largest investors told the Sunday Times. “If we don’t see improvement in the next two quarters, pressure will mount on the management board,” Ingo Speich, a senior portfolio ...

Reuters Egypt’s central bank left its main interest rates unchanged at a meeting of its monetary policy committee, reports said. The bank has raised key interest rates by a total of 700 basis points since it floated the pound in November as part of a $12 billion International Monetary Fund loan programme aimed at boosting the economy. Egypt should get ...

Bloomberg China took action to ensure credit reaches small business, rural borrowers and startups, a move tailored to shore up the economy as a vital political transition approaches. The People’s Bank of China announced that it would reduce the amount of cash that banks must hold as reserves from next year, with the size of the cut linked to the ...

FUJAIRAH/ WAM National Bank of Fujairah (NBF), announced the opening of its new branch at the heart of Dubai’s historic Gold Souk in Al Ras. The expansion comes in line with NBF’s strategy to strengthen its nationwide presence, and ensure that its portfolio of convenient banking services and suite of retail banking products are easily accessible to customers. With the ...

Bloomberg A popular digital-coin exchange is drawing scrutiny from US regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes. The Commodity Futures Trading Commission has requested information from Coinbase Inc. about a June 21 incident on its GDAX platform in which the ether digital token ...

Bloomberg China’s central bank said it will reduce the amount of cash lenders must hold as reserves from next year, with the size of the cut linked to the flow of funding to parts of the economy where credit is scarce. The targeted measures apply to all major banks, 90 percent of city commercial banks, and 95 percent of rural ...

Bloomberg Citigroup Inc. is hiring another 50 engineers in Israel, where fierce competition from technology giants is frustrating efforts to expand a workforce that already employs more programmers than bankers. The bank is recruiting developers in fields such as big data, artificial intelligence and interface design for its tech lab, a division set up in 2011 to service the global ...

DUBAI / Emirates Business Mashreq Bank on Sunday launched Mashreq Neo, a new full-service digital bank to cater to the day-to-day needs of a world on the move. The new digital bank, which will be completely branchless, is targeted towards the connected generation who are digitally savvy, use mobile devices extensively, and will immerse users in a brilliant digital experience. ...

Bloomberg Kuwait’s graduation to emerging-markets classification by index compiler FTSE Russell could prompt inflows of as much as $700 million from investors, according to the money manager run by the nation’s largest lender. The Gulf country won inclusion in FTSE Russell’s list during the weekend, rewarding efforts by local regulators and the stock exchange to modernize trading systems and attract ...