Banking

  Bloomberg Mexico’s new $20 billion plan to support the peso could prove a gift to some of the country’s biggest companies. The central bank will hold its first $1 billion auction of non-deliverable forward contracts on Monday, offering a way for businesses with expenses in dollars but revenue in local currency to hedge against further declines in the peso. ...

  Bloomberg Goldman Sachs Group Inc.’s dealmakers endured job cuts and a tough bonus season. Then the penny pinchers turned to their beloved phones. In a push to cut costs and shift employees from BlackBerry devices to personal mobile phones, the firm is imposing a new policy around the world for reimbursing data and calling expenses, according to an internal ...

  Bloomberg Wells Fargo & Co. is facing a Justice Department probe that seeks to learn if executives hid details of a bogus account scandal from the board or regulators, according to Reuters. The investigation may lead to criminal charges for individual executives, the news service reported, citing people familiar with the matter who it didn’t identify. The Justice Department ...

  Bloomberg Credit Suisse Group AG’s need to backstop growth and its shrinking pile of unwanted assets complicate its ability to maintain the pace of capital improvement, Chief Financial Officer David Mathers said. The bank entered 2017 with a common equity Tier 1 ratio of 11.6 percent, up from 11.4 percent at the start of 2016 — this after a ...

  Bloomberg Wells Fargo & Co. will withhold 2016 cash bonuses from eight senior executives and claw back compensation received in 2014 as the board holds managers accountable for the company’s bogus-account scandal. The actions cut a total of about $32 million in pay and equity awards from managers including Chief Executive Officer Tim Sloan and Chief Financial Officer John ...

  Bloomberg Bank of Baroda’s South African unit has started closing accounts of companies controlled by the Gupta family, according to three people familiar with the matter, potentially leaving the friends of President Jacob Zuma without banking facilities in the country. The Mumbai-based lender is winding down its relationship with companies related to the Gupta family to ensure it is ...

  Bloomberg Scandinavia’s biggest bank is in talks with the Swedish government to stop it raising industry payments towards a national reserve intended to shield the country from the next financial crisis. Nordea Bank AB is trying to make the case that the government’s proposal poses ‘a risk,’ in part because the fees paid by lenders will go into the ...

  Bloomberg After more than a year of disinflation, price pressures are quickly mounting across South-east Asia as fuel costs rise, putting central banks on watch after years of policy easing. In Malaysia, consumer prices rose at the fastest pace in almost a year in January and economists see that as closing the door on another interest-rate cut this year ...

  Bloomberg A European Union bad bank would go a long way towards reducing the 1.2 trillion-euro ($1.3 trillion) mountain of soured loans on lenders’ books, but that relief may be a long time coming, according to the bloc’s bank regulator. Andrea Enria, chairman of the European Banking Authority (EBA) has proposed setting up a bloc-wide asset-management company to take ...

  Bloomberg Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence from the kingdom, as the bank looks for ways to capitalize on financial reforms, according to people familiar with the matter. The New York-based bank has started sounding out potential staff in expectation that the license application will ...