Bloomberg Bank of America Corp. (BofA) plans to eliminate about a dozen senior positions at its corporate and investment banking operations in Asia, the second time the U.S. bank cuts jobs in the region this year, according to people with knowledge of the matter. The reductions by the Charlotte, North Carolina-based bank will involve managing directors and directors and will ...
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PBOC drains most funds amid debt curb speculation
Bloomberg China’s central bank drained the most funds from the financial system in six months, adding to speculation that it is keeping a tight rein on cash supply as part of efforts to curb excessive leverage. The People’s Bank of China pulled a net 245 billion yuan ($37 billion) from the financial system through reverse-repurchase agreements, the biggest one-day ...
Read More »Ex-IMF boss on trial over bankers’ luxury sprees
AFP Former IMF chief Rodrigo Rato stands trial on Monday accused of overseeing a “corrupt system” that helped him and other executives misuse funds on hotels, parties and luxury shopping when he was a Spanish bank boss. Uncovered in 2013 by a journalist who saw a hacked email alluding to “black credit cards,” the case threatens to land the ...
Read More »Citigroup sees record Mexico rate boost
Bloomberg As far as Citigroup Inc. is concerned, Mexico has little choice but to carry out an unprecedented interest-rate increase to arrest a plunge in the peso triggered by Donald Trump’s recent surge in US presidential polls. Mexico’s exchange rate has tumbled 6 percent in the past month, the biggest slide among the world’s major currencies. Citigroup economist Sergio ...
Read More »Bank with 20% bad loans poses challenge for Modi
Bloomberg As Indian Overseas Bank tackles the highest ratio of soured loans among lenders in Asia’s third-largest economy, it doesn’t help that there hasn’t been a chief executive officer at the helm for about three months. The state-controlled lender based in the southern city of Chennai has had a leadership vacuum since R. Koteeswaran retired on June 30 after ...
Read More »NBC wins North American panda bond race
Bloomberg National Bank of Canada (NBC) is set to become the first North American bank to issue panda bonds, joining international lenders including Standard Chartered Plc and HSBC Holdings Plc in issuing yuan-denominated securities in China’s domestic bond market. National Bank, the nation’s sixth-largest lender by assets, was approved to sell up to 5 billion yuan ($750 million) of ...
Read More »CBA to take mobile-bank service deeper into Africa
Bloomberg A Kenyan lender that transformed from an also-ran into the country’s biggest deposit-taker, mainly through a mobile-phone banking service started four years ago, plans to use the product as a beachhead to expand outside its East African home base. Commercial Bank of Africa Ltd., which also has units in Tanzania and Uganda, is seeking to export its M-Shwari ...
Read More »Goldman to axe nearly 30% of Asia investment banking jobs
Bloomberg Goldman Sachs Group Inc. plans to cut about a quarter of its investment-banking jobs in Asia, excluding Japan, because of a slump in deal-making in the region, according to a person with knowledge of the matter. The New York-based bank plans to make the cutback of about 75 jobs in the region later this year, the person said, ...
Read More »Banks take up $51bn in cheap ECB loans
Bloomberg European lenders took up almost twice the amount of cheap loans that analysts had predicted in a second round of European Central Bank refinancing, according to data. In a move suggesting banks may be increasingly willing to lend to households and businesses, the ECB announced that it had agreed to lend 45.3 billion euros ($51 billion) to 249 ...
Read More »Commerzbank may cut 5,000 jobs in CEO overhaul
Bloomberg Commerzbank AG is preparing to eliminate thousands of jobs as Chief Executive Officer Martin Zielke seeks to boost profitability at the German lender, according to a person with knowledge of the matter. Commerzbank may reveal the changes next week when Zielke presents his plan to the supervisory board, said two people, asking not to be identified because the ...
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