Banking

Bloomberg Bank of England (BOE) policy maker Gertjan Vlieghe, regarded as one of the more dovish members of Monetary Policy Committee, said that he may support raising interest rates in the near future. The pound extended its advance as he put himself among the majority of MPC members who this week said an increase in borrowing costs could be needed ...

Bloomberg As the European Central Bank prepares to slow its bond-buying program, policy makers are considering softening the blow by highlighting a related measure — the reinvestment of maturing debt. An average of 15 billion euros ($18 billion) a month of assets held under quantitative easing will mature next year, according to euro-area central bank officials who said the figure ...

Bloomberg UBS Group AG sees bank profits under pressure as European regulations force lenders to charge for research, breaking apart a decades-old business model that’s prompted a race to provide the cheapest offering. “It will be challenging and it will be rocky” Andrea Orcel, head of UBS’s investment bank, said of the impact of the MiFID II directive in a ...

Bloomberg Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, has chosen Amsterdam as a base for its investment-banking business in the European Union after the UK leaves the bloc. The firm’s securities unit has decided to apply for a license to establish a subsidiary in the Dutch city, it said in a statement on Wednesday. MUFG also plans to set ...

Bloomberg Deutsche Bank AG has pledged to cap the amount of retail deposits it will use to support US activities as it seeks permission from European regulators to deploy German savers’ funds to other parts of the business, according to people with knowledge of the matter. The commitment is an attempt to reassure both the European Central Bank and German ...

Bloomberg Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said. He’s now chief executive officer of Orogen Group, an investment firm that he ...

Bloomberg China’s yuan fixing is back in focus, with a run of surprises moving the market in recent days. The central bank set its reference rate—which limits onshore moves to 2 percent on either side—at a weaker than expected level for the third day in a row on Wednesday. The rates, and the removal of a reserve requirement rule on ...

Bloomberg Reserve Bank of Australia board member Ian Harper said economic growth isn’t strong enough to justify an interest-rate increase and policy makers can do little but look on as the local dollar appreciates. While it’s “terrific” full-time employment growth is strong and unemployment is slowly coming down, it’s a “concern” to see under-employment isn’t moving much and wages and ...

Bloomberg The new US sanctions law threatens to cut off a vital channel for Russia’s funding of its massive defense buildup, according to four people familiar with the situation. Officials in the government and state banks—Sberbank PJSC and VTB Bank PJSC are the biggest players—are looking for ways to get around the restrictions or minimise their impact on the funding, ...

Reuters France’s Credit Agricole has agreed to sell about half its 31.1 percent stake in Banque Saudi Fransi to billionaire Prince Alwaleed Bin Talal’s Kingdom Holding for $1.54 billion. The sale was part of a wider review of Credit Agricole’s assets and markets to meet new banking rules and tougher economic conditions. Sources had said in March it picked JPMorgan ...