Banking

Bloomberg Former Credit Suisse Group AG trader Nikolay Storonsky is getting $66 million from investors including Index Ventures to help expand his business offering banking services and add cryptocurrency exchange for customers. His London-based Revolut Ltd. raised the money in a round that included Balderton Capital and Ribbit Capital, according to a statement on Wednesday. Storonsky, 32, will use the ...

Bloomberg Bank of England (BOE) Deputy Governor Ben Broadbent said he’s not ready to vote for higher interest rates, even though he sees pressures to do so building up. “There is reason to see the committee moving in that direction, but there are still a lot of imponderables,” Broadbent said in an interview with The Press and Journal. “It is ...

Bloomberg The franc’s decline to a one-year low suggests the Swiss National Bank (SNB) may only need to stand still to achieve its aim of a weaker currency. Major central banks across Europe are hinting at unwinding monetary policy stimulus, leaving the SNB among a shrinking dovish camp. UBS Group AG and Nomura Holdings Inc. predict further downside for the ...

Bloomberg Hiroshi Iwama and Mitsunori Watanabe used to joke about merging their banks in central Japan. When the Bank of Japan introduced negative interest rates last year, things got serious. The two golfing buddies run Mie Bank Ltd. and Daisan Bank Ltd., two of Japan’s roughly 100 regional lenders. For years, these banks dotted around the nation have faced headwinds ...

Bloomberg China is considering handing the nation’s central bank a key role in coordinating financial oversight, in order to focus efforts on reining in risk in the sector, people familiar with the discussions said. The move, to be debated as part of the fifth National Financial Work Conference due to start on July 14, would create a new office for ...

Bloomberg Sumitomo Mitsui Financial Group Inc. plans to add about 250 positions to its securities business abroad over the next three years to boost investment banking and make up for slumping loan profitability at home. The Tokyo-based bank will increase overseas headcount at its SMBC Nikko Securities Inc. unit from the current 500 by hiring and redeploying staff including bankers ...

Bloomberg When it comes to havens among currencies, the yen is the safest of them all, according to a correlation analysis by Goldman Sachs Group Inc. economists. Japan’s currency aligns most closely against corresponding moves in global risk assets in the past decade, Goldman economists led by Kevin Daly wrote in a report on Monday. They compared daily and monthly ...

Bloomberg Eleven major banks including Barclays Plc, Citigroup Inc. and UBS AG said they’ll seek ways to address the financial risks of global warming, after Bank of England Governor Mark Carney urged investors to act on the threat. The group started a pilot project to implement the recommendations of a taskforce set up by Carney to increase financial reporting standards ...

Reuters National Bank of Kuwait, (NBK) the Gulf Arab state’s largest commercial lender, reported an almost 11 percent rise in second-quarter net profit from a year earlier, it said in a statement on Tuesday. The bank said its net profit for the first half of the year jumped 9.3 percent due to higher net interest income and net income from ...

Bloomberg Australia’s central bank is relying on an obscure piece of legislation dating back to World War II to justify keeping interest rates steady: its rarely-discussed third objective of monetary policy. Traditionally, the Reserve Bank of Australia (RBA) is seen as having a dual mandate of maintaining stability of the currency and full employment. Both goals support its aim to ...