Bloomberg South Africa’s volatile currency caught Citigroup Inc. in a wrong-way bet within a day. The New York-based lender recommended a short-dollar position versus the rand, betting the South African currency would strengthen along with emerging-market peers as uncertainty around fiscal stimulus in the US weighed on the dollar. Instead, the rand plunged more than 2% as traders fretted about …

Bloomberg Morgan Stanley’s investment management arm boosted a stake in Bitcoin vehicle MicroStrategy Inc. to more than 10% late last year. The bank unit held 792,627 shares of MicroStrategy by the end of December, according to a filing with the US Securities and Exchange Commission. The 10.9% stake had a value of roughly $420 million based on the day’s closing …

Bloomberg Credit Suisse Group AG has cut relationships with a number of Venezuela’s wealthy as it weighs the risk of doing business with politically-exposed clients in the sanctions-hit country. Switzerland’s second-largest lender has cut assets it manages for the nation’s wealthy by more than half over the past few years, to about $2 billion, according to people familiar with the …