Banking

Bloomberg Australia is set to raise interest rates as it closes in on the end of its tightening cycle, while nearby New Zealand just delivered a record hike and is poised to move higher, underscoring different central bank outlooks at year’s end. All-but one economist sees the Reserve Bank of Australia (RBA) hiking by a quarter-percentage point to 3.1%, with ...

  Bloomberg Across Wall Street, this year’s bleak expectations for banker bonuses are rapidly proving true, as a slump in dealmaking ends the industry’s war for talent and firms regain the upper hand in setting pay. JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc are all weighing plans to cut bonus pools for their investment bankers by ...

  Bloomberg HSBC Holdings Plc is cutting as many as 15% of its 2,000 senior operations managers worldwide, according to Reuters. The reductions are to streamline its management ranks and reduce costs, Reuters said, citing unnamed sources. The cuts, which are already underway, are global and across business units, largely affecting positions with the title of chief operating officer, it ...

  Bloomberg Canada’s banks are spending 1.9% more on bonuses for fiscal 2022 than they did a year earlier, despite a dramatic slowdown in investment-banking activity, as they try to retain talent in the hope of a recovery in the year ahead. The country’s six largest lenders set aside C$19.4 billion ($14.5 billion) for performance-based compensation in the fiscal year ...

  Bloomberg UBS Americas President Naureen Hassan will add responsibility for several digital-focused teams that previously were part of the global wealth-management operation. Hassan, who joined the Swiss bank in October, will oversee the expansion of UBS’s digitally customized banking services, the build-out of wealth management’s digital capabilities, electronic strategy and platforms, and smart technologies and advanced analytics, according to ...

  Bloomberg Credit Suisse Group AG shares surged the most in more than two years after Chairman Axel Lehmann said liquidity was improving and the huge outflows of client assets that spooked markets were coming to an end. Withdrawals at the Swiss lender, which surged to about 84 billion francs ($90 billion) earlier this quarter after rumours about the bank’s ...

  Bloomberg Banks in the US and Europe with around $42 billion of buyout debt stuck on their balance sheets are making the most of their last chance to get rid of it this year. Stabilisation in the leveraged loan and high yield bond markets has led to an opening for deals — including for bonds and loans tied to ...

Bloomberg The yuan extended gains, jumping to its strongest in nearly two weeks, as hopes over a relaxation of China’s Covid curbs stoked optimism about the country’s economy and fueled appetite for riskier assets. The currency surged as much as 1.1% to 7.0797 per dollar, as speculation over China reopening dominated market sentiment on Wednesday afternoon. The yuan has been ...

  Bloomberg The rally in the Hong Kong dollar extended, with the currency strengthening to the strong half of its trading band as rising borrowing costs discouraged traders to short it. The currency rose about 0.15% to 7.7986 per dollar Wednesday, passing the midpoint of its 7.75-7.85 trading band for the first time since February. The surge came as the ...

Bloomberg HSBC Holdings Plc shares rose after the lender agreed to sell its Canadian unit for C$13.5 billion ($10 billion) in cash and said it’s “proactively” considering a one-time dividend or fresh stock buyback. The shares gained 2.2% in Hong Kong, the biggest gain since November 15. The London-headquartered lender’s dividend payout is an important focus for Hong Kong’s retail ...