Banking

Bloomberg Canadian Imperial Bank of Commerce and grocery chain Loblaw Cos. are ending their 19-year President’s Choice Financial partnership as the country’s fifth-largest lender starts its own digital bank. Simplii Financial will offer no-fee banking, mortgages and loans online and by phone, according to Mike Boluch, CIBC’s executive vice president of direct banking, innovation and payments. CIBC expects to take ...

Bloomberg Goldman Sachs Group Inc., JPMorgan Chase & Co. and four other investment banks are conspiring to control the $1 trillion market for lending stocks, according to a federal lawsuit. The complaint by the Iowa Public Employees Retirement System and two other pension plans claims the banks are blocking a shift to all-electronic system for matching lenders and borrowers of ...

Bloomberg Chile’s central bank kept borrowing costs on hold after the core inflation rate jumped, then slumped and then rose again, leaving economists and policy makers divided over the outlook for rate cuts. Policy makers, led by bank President Mario Marcel, held the key rate at 2.5 percent last week, as forecast by 19 of 20 economists surveyed by Bloomberg. ...

Bloomberg Betsy Duke was working in a Virginia Beach dinner theater in the mid-1970s, struggling to make ends meet, when she applied for a job at a dry cleaner. It turned her down. Instead, she became a part-time teller. Wells Fargo & Co. recently named her the first woman to oversee one of the largest banks in the nation. She ...

Bloomberg Goldman Sachs Group Inc. increased its credit line to Brazil’s Nubank, a four-year-old credit-card company that charges no fees and is growing as much as 10 percent a month. Nubank can now borrow as much as $144 million for about two years to finance its revolving credit portfolio, up from 375 million reais, David Velez, the Sao Paulo-based company’s ...

Reuters Egypt’s central bank kept its key interest rates unchanged at a monetary policy committee meeting, it said in a statement, after it had raised them by a total of 400 basis points in the previous two meetings. The bank has raised key interest rates by a total of 700 basis points, or 7 percentage points, since it floated the ...

Bloomberg European Central Bank policy makers are wondering how much stimulus quantitative easing offers once bond-buying stops. Their assessment will likely influence the ECB’s strategy for ending its asset-purchase programme. Keen to avoid any steps that inadvertently tighten financial conditions, policy makers can’t ignore that their open-ended QE design so far means investors are focused more on the monthly flow ...

Bloomberg Thomas J. Lee, one of the most bearish stock strategists on Wall Street, is feeling a lot more optimistic about the prospects for bitcoin. The cryptocurrency could reach $6,000 by the middle of 2018, according to a note from Lee, the Fundstrat Global Advisors co-founder and former chief US equity strategist at JPMorgan Chase & Co. He said user ...

Bloomberg Credit Suisse Group AG, the world’s sixth-largest wealth manager, is advising clients to take a pause from investing in stocks. “We think that now is a good time to review equity portfolios, lock in some gains and protect investments,” Nannette Hechler-Fayd’herbe, the bank’s director of investment strategy and research, said in Zurich, adding that she isn’t telling clients to ...

Bloomberg Barclays Plc has installed devices that track how often bankers are at their desks. Managers were peppered with queries when investment bank staff in London discovered black boxes stuck to the underside of their desks in recent months, according to several Barclays employees who asked not to be identified speaking about their workplace. They turned out to be tracking ...