Banking

  Bloomberg Citigroup Inc. and Barclays Plc started eliminating jobs in their investment-banking operations, joining other major banks in responding to plunging revenue from the business. Dozens of positions at New York-based Citigroup were cut this week, while reductions expected to eventually total about 200 have begun at London-based Barclays. US banks have been hurt by the dramatic slowdown in ...

  Bloomberg The Philippine central bank delivered its second 75 basis-point interest-rate increase of this year, as it sought to support the peso and cool inflation by matching the pace of hikes by the Federal Reserve. Bangko Sentral ng Pilipinas raised the overnight reverse repurchase rate to 5%, as predicted by all but one in a Bloomberg survey of 24 ...

Bloomberg Two Bank of Japan (BOJ) veterans lead the field to replace Governor Haruhiko Kuroda next spring in a change of leadership at the central bank that risks upsetting global financial markets and spawning a renewed surge of speculation over possible policy change. Most BOJ watchers surveyed by Bloomberg see current Deputy Governor Masayoshi Amamiya or his predecessor Hiroshi Nakaso ...

Bloomberg China’s property slump is estimated to cost the nation’s banking system as much as 1.5 trillion yuan ($212 billion) in losses on loans, bonds and other assets, according to UBS Group AG. Such a loss will be “digestible by the banking system as the banks have strong earnings power and high” reserves against non-performing assets, May Yan, the bank’s ...

  Bloomberg JPMorgan Chase & Co is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars. Executives across JPMorgan made a decision last year to cut back on risk in leveraged finance, a choice that surprised customers and ...

  Bloomberg Credit Suisse Group AG has started cutting senior bank jobs in Asia including three managing directors across investment banking and financing as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said. Among the bankers let go were Johnson Chui, Asia-Pacific head of equity capital markets, Karen Yap from ...

  Bloomberg The euro has scope to bounce back above $1.10 by the end of next year, taking it to levels last seen in the early months of the Russia-Ukraine war, before energy and economic concerns helped drag the common currency below parity with the greenback for the first time in decades. Deutsche Bank AG’s Alan Ruskin and George Saravelos ...

  Bloomberg Africa’s largest economy is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Nigeria operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many businesses and individuals, which in turn ...

  Bloomberg Thailand will persist with its gradual approach to monetary policy tightening, a top central banker signalled, citing that the economy was better off compared to others on most parameters. “You could expect not to be surprised,” Bank of Thailand’s Assistant Governor Piti Disyatat said at the Bloomberg Business Summit in Bangkok on Wednesday, when asked what to look ...

  Bloomberg The European Central Bank (ECB) warned of rising stability risks for everyone from lenders to governments and households as the economic outlook darkens and officials battle record inflation. The cost-of-living squeeze is hurting people’s ability to service debts, while Europe’s worsening growth prospects threaten corporate profits, the ECB said on Wednesday in its Financial Stability Review. It also ...