Banking

Bloomberg Royal Bank of Scotland Group Plc Chairman Howard Davies said banks’ dire warnings about Brexit are finally getting through to the British government. “In recent weeks we have seen a much greater realisation of the much greater disruptive impact of a disorderly Brexit,” Davies said Friday. “The fact that the Bank of England has asked people to share their ...

Bloomberg Commonwealth Bank of Australia has blamed a software coding error for more than 50,000 alleged breaches of money-laundering and terrorist-financing laws. The error went undetected for almost three years, the Sydney-based bank said in its first detailed response after being sued August 3 by the country’s financial crime agency. Austrac alleged the bank failed to report on time or ...

Bloomberg Indonesia’s central bank has signaled a return to the easing bias that dominated its rates agenda last year. Bank Indonesia was Asia’s biggest rate cutter in 2016, easing policy six times until it hit the pause button late in the year. Now, with price pressures fading again, the bank’s governor Agus Martowardojo has said policymakers aren’t closing the door ...

Bloomberg It took six meetings for cracks to become visible within India’s powerful interest rate-setting panel. Following a series of consensus voting and bland statements, there was open dissent on the monetary policy committee in June, which only worsened last week when a member of the Reserve Bank of India’s economic research wing broke ranks for the first time with ...

Bloomberg India cut interest rates to the lowest since 2010 to boost an economy struggling to recover from Prime Minister Narendra Modi’s cash clampdown. The benchmark repurchase rate was lowered to 6 percent from 6.25 percent, the Reserve Bank of India said in a statement in Mumbai on Wednesday. The move was predicted by 41 of 57 economists in a ...

Bloomberg Deutsche Bank AG envisions shifting almost half its UK positions to the European continent over coming years as the lender’s Brexit plans take shape, people briefed on the matter said. Most of the 4,000 positions will move to Frankfurt and Berlin under the bank’s base case scenario, the people said, asking not to be identified discussing internal planning. Deutsche ...

Bloomberg Japan’s negative interest rates are turning into a positive in BNP Paribas SA’s eyes, as it joins other European banks in strengthening its markets business in the nation. France’s biggest bank has hired about 30 people in Tokyo since January in areas such as sales of structured products, and it plans to recruit more this year, people with knowledge ...

Bloomberg UK banks are better placed to withstand a slowing economy as the country exits the European Union, Moody’s Investors Service said. Moody’s raised the outlook on the nation’s banks to stable from negative, according to a report Wednesday. Strong capital positions, loan quality and funding should underpin profitability even as the economy slows, while additional costs associated with preparing ...

Bloomberg The European Union’s top bank regulator is feeling the love. Eight cities in the bloc are competing to host the European Banking Authority when it decamps from London as part of Brexit. Their come-hither pitches offer a variety of perks for the EBA’s 189 employees, from access to military spas in Prague to paintball in Warsaw. The proposals also ...

Bloomberg Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc. The extra money is equivalent to 15 percent to 30 percent of the capital ...