Banking

BLOOMBERG  Wells Fargo & Co has hired a couple of mergers and acquisitions bankers from Barclays Plc and Citigroup Inc as it builds up its Wall Street advisory business, according to a person familiar with the matter. Tom Drake is joining the San Francisco-based bank from Barclays as a managing director in its M&A group focussing on healthcare services and ...

BLOOMBERG  Senator Elizabeth Warren called on the Federal Reserve to halt interest-rate increases as the US inflation rate slid to a more than two-year low. “Take yes for an answer, Chair Powell, and let’s stop with the rate increases,” Warren, a Massachusetts Democrat, said in an interview. She has famously called Jerome Powell, the central bank’s chairman, a “dangerous man ...

BLOOMBERG  Hong Kong plans to raise the maximum protection on bank deposits in a move designed to better shield people during times of severe stress. The Hong Kong Monetary Authority (HKMA) proposed to increase the amount of savings covered by the government guarantee in the event of bank failure to HK$800,000 ($102,272) per depositor at each Hong Kong bank, up ...

BLOOMBERG  Housing Development Finance Corp, India’s largest mortgage financier, merging into HDFC Bank Ltd is likely to lead to a drop in borrowing costs in the rupee bond market, a senior official at the merged unit, said. “If the amount of supply comes down and demand remains the same, then prices will reflect that,” Keki Mistry, a non-executive director on ...

BLOOMBERG  Even in a year where currency volatility is falling worldwide, the slump in swings in the Indian rupee has traders from London to Singapore asking when the central bank will loosen its iron grip. The rupee’s one-month implied volatility versus the dollar crashed to its lowest since 2005 in June, drawing queries from investors on roadshows of Citigroup Inc ...

BLOOMBERG  UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG. Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according ...

BLOOMBERG  The slump in dealmaking cut pay for investment bankers at almost every level of seniority in London last year, more evidence of the global slowdown in the sector. The highest tier of vice presidents made 13% less, and all but the most junior associates saw their total compensation fall, according to a survey of about 250 bankers by global ...

BLOOMBERG  Bain Capital and Carlyle Group Inc are among potential bidders for a controlling stake in Gautam Adani’s shadow bank, according to people familiar with the matter, as the Indian billionaire looks to conserve cash and focus on core businesses. The Adani Group is working with an adviser to look for buyers for Adani Capital after an initial public offering ...

BLOOMBERG  The European Central Bank (ECB) is nearly finished raising interest rates, but will then keep them at a “high plateau” to ensure they fully impact the economy, Governing Council member Francois Villeroy de Galhau said. The ECB’s record cycle of tightening will bring inflation towards its target of 2% by 2025, the Bank of France governor said. Price growth ...

BLOOMBERG  UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG. Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according ...