Banking

Bloomberg India’s central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the country’s bad loans that have swelled to $180 billion. “The clock’s already ticking — some cases are already before the National Company Law Tribune,” said Sanjeev Sanyal, principal economic adviser to the finance ministry. “More lists will be out in the ...

Bloomberg Italian finance officials and the European Commission are racing to find a solution for two troubled banks in the northern Veneto region that have weighed on the nation’s financial system. Finance Minister Pier Carlo Padoan said the matter of Veneto Banca SpA and Banca Popolare di Vicenza is being worked on “actively,” without offering details. European Commission Vice President ...

Bloomberg Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target as lenders further south start to look more attractive, according to PineBridge Investments, a multi-asset manager that oversees about $85 billion. Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, says the circumstances that made banks in ...

Bloomberg Deutsche Bank AG is giving Marcus Schenck, co-head of the newly combined investment bank and trading business, responsibility for overseeing clients in a reorganization that will see the bank focus on corporate customers, according to a copy of a memo seen by Bloomberg. Schenck will also take charge of corporate finance, global capital markets and the institutional client group, ...

Bloomberg Australian central bank Governor Philip Lowe said his economy is capable of faster growth if lawmakers can overcome political gridlock, while warning weak wage gains are likely to keep plaguing developed nations. “It is important that we have a sharp focus on the reforms that can make a real difference to our living standards,” Lowe said in a speech ...

Bloomberg Zhou Xiaochuan is breaking stride with Janet Yellen. The People’s Bank of China (PBOC) Governor refrained from following the Federal Reserve in raising borrowing costs, a switch from March when the central bank increased money-market costs hours after its US counterpart tightened. The shift suggests Zhou sees more autonomy to address domestic challenges, with the yuan holding stable and ...

Bloomberg UBS Group AG and Credit Suisse Group AG are “on track” to meet Switzerland’s tougher capital rules for the two systemically important banks after improving their capacity to absorb losses, Swiss National Bank (SNB) said. UBS and Credit Suisse already fully comply with going-concern requirements in terms of risk-weighted assets but still have to improve their loss-absorbing capacity as ...

Bloomberg HSBC Holdings Plc’s investment bank chief Samir Assaf said a hard Brexit is now unlikely after the UK election, and that could mean more jobs staying in London. A softer Brexit would be “very good news for us, because it will be less hassle and we would be able to do much more things from London,” Assaf said at ...

Bloomberg Despite half a decade of negative interest rates, Denmark’s banks are making more money than ever before. But the central bank in Copenhagen now says the industry is at risk of missing several warning signs that may be pointing toward another crisis, especially should interest rates suddenly rise. “There is every reason to watch out for speed blindness,” the ...

Bloomberg Japan’s biggest bank is set to undergo the most dramatic reduction in headcount since it was formed after the nation’s banking crisis shook the industry almost 20 years ago. Mitsubishi UFJ Financial Group Inc. is considering eliminating about 10,000 positions — about 7 percent of its workforce — over a decade as low interest rates and intensifying competition squeeze ...