Banking

  Bloomberg JPMorgan Chase & Co is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers. The largest US bank said in this year’s climate report that it plans to reduce the carbon intensity of its aviation financing portfolio by 36% by 2030 from a 2021 ...

Bloomberg Deutsche Bank AG is considering giving some of its top earners in Germany and other key markets an elevated salary increase to help offset surging inflation, while cutting bonuses for investment bankers who’ve seen weaker performance. For staff not covered by standard wage agreements, base pay is likely to rise by as much as 4% on average, people familiar ...

  Bloomberg Reserve Bank of India (RBI) Governor Shaktikanta Das warned that failing to regulate cryptocurrencies could ignite the next financial crisis and urged the adoption of a new e-Rupee for digital banking needs. “Cryptocurrency has certain huge inherent risks for our macroeconomic and financial stability,” Das said at an event in Mumbai, pointing to the implosion of FTX as ...

  Bloomberg Chinese lenders have leaped ahead of their Wall Street peers in global rankings for initial public offerings, as China wraps up a record year for listings which bucked one of the worst slowdowns in deals history. CITIC Securities Co pushed ahead of Goldman Sachs Group Inc as the top underwriter of IPOs this year, followed by China International ...

  Bloomberg The Treasury Department’s top official for financial markets and stability expressed little urgency over the federal government’s need to prepare for the potential launch of a digital US dollar. Regulators need to examine whether a central bank digital currency — or CBDC — would actually improve the speed or cost of real time interbank payments, which the Federal ...

  Bloomberg Investors are betting the yen may rise as much as another 10% after the Bank of Japan’s (BOJ) unexpected policy shift fueled speculation it is finally abandoning its ultra-dovish monetary settings. The currency may appreciate to 120 per dollar or stronger due to its inexpensive valuations, according to Generali Investments, while Union Investment Privatfonds GmbH predicts a short-run ...

  Bloomberg Anne Finucane is stepping down as chair of Bank of America (BofA) Corp Europe and passing the torch to Vice Chairman Paul Donofrio. Finucane will leave her post at the end of the month at the company’s European banking subsidiary, which is based in Ireland, people familiar with the matter said. She will also exit her position as ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda just gave investors a glimpse of what to expect when the world’s boldest experiment with ultra-loose monetary policy comes to an end. In the face of sustained market pressure, Kuroda shocked markets by saying he’ll now allow Japan’s 10-year bond yields to rise to around 0.5%, double the previous upper limit ...

  Bloomberg UK regulators have fined TSB Bank Plc £48.7 million ($59.2 million) for risk management and governance failures after technical failures in the lender’s IT system resulted in customers being unable to access banking services. The lender failed to organise and control an April 2018 IT upgrade adequately, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority said. ...

  Bloomberg For European banks, home is no longer such a bad place to be. Lenders such as Spain’s BBVA that sought to escape Europe’s negative interest rates by expanding in emerging markets are looking at domestic deals again. France’s BNP Paribas SA is planning to reinvest proceeds from the sale of a US unit in Europe as it builds ...