Banking

Bloomberg Private equity firms and pension funds will soon face a reckoning as they adjust their private holdings to reflect lower valuations, according to the chief investment officer of BMO Global Asset Management. There’s “going to be a big markdown,” Sadiq Adatia said in an interview. “That might be worse than getting that pain gradually over the year.” Stocks are ...

  Bloomberg The European Central Bank (ECB) will continue to increase borrowing costs, according to Governing Council member Robert Holzmann. “We’ve recently raised interest rates strongly,” he said in Vienna. “We will raise interest rates further.” Still, the Austrian central bank chief — among the ECB’s most hawkish officials — said the Governing Council must be mindful of too strong ...

  Bloomberg The cost of a five-year fixed-rate mortgage has fallen below 6% for the first time in almost seven weeks, providing a glimmer of hope for Britons affected by the UK’s home loans crunch. The average five-year fixed-rate mortgage falls to 5.95% on Tuesday, according to Moneyfacts Group Plc. That’s the first time it has dropped below the threshold ...

  Bloomberg The resurgent Hong Kong dollar has pushed closer to the strong half of its trading band, amid a spike in local funding costs that has upended crowded bets on shorting the currency. The Hong Kong dollar saw its biggest intraday rise in three years on Monday to as high as 7.8004 per dollar, bringing its gain for November ...

  Bloomberg Bank of New York Mellon’s Frankfurt offices are being raided by Cologne prosecutors as part of their vast investigation into the controversial Cum-Ex scandal that has increasingly ensnared Wall Street’s biggest banks. The raid began on Tuesday, people familiar with the process said. A spokesman for Cologne prosecutors said searches at two unidentified banks started and included the ...

Bloomberg South Korea’s won is seen strengthening further after bouncing back from a 13-year low to become Asia’s best-performing currency, as the outlook for global trade improves for the major exporting nation. The won has climbed 6% against the dollar this month, the biggest rise among major Asian currencies, amid expectations of softer rate increases in the US and China’s ...

  Bloomberg China’s financial regulators have asked banks to stabilise lending to property developers and construction firms, the latest effort by policymakers to turn around the real-estate crisis and bolster economic growth. Authorities support the “reasonable” extension of existing real estate development loans and trust loans, according to a statement posted on the People’s Bank of China’s (PBOC) website after ...

  Bloomberg Deutsche Bank AG is weighing cuts to its leveraged finance unit as part of a review by Chief Executive Officer Christian Sewing into under-performing businesses as his three-year restructuring concludes. The exercise is scheduled to finish next month and may result in less capital and other resources including staff being allocated to the business of providing loans to ...

  Bloomberg US consumers continued to seek out more credit cards this year even as the Federal Reserve aggressively lifted borrowing costs, a shift that cooled demand for mortgages, auto loans and other types of credit, according to research from the New York Fed. The New York Fed’s most recent credit-access survey showed an application rate for credit cards of ...

  Bloomberg JPMorgan Chase & Co. made sweeping improvements to time off for bereavement, sick days, and caring for ill family members — including for the first time giving 16 weeks of leave to either parent for the birth or adoption of a child, regardless of which is the primary caregiver. The changes put the bank more in line with ...