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Bloomberg Banco Santander SA plans to cut as many as 4,000 jobs in Spain, adding to a global wave of staff reductions across the financial industry. The lender told union leaders it will lay off as much as 13% of its Spanish workforce and close as many as 1,000 branches after the pandemic boosted a switch by customers to digital …

Bloomberg Baoshang Bank, which was taken over by Chinese authorities last year, plans to fully write off a subordinated capital bond after it was deemed a non-viable entity by regulators. The People’s Bank of China and China Banking and Insurance Regulatory Commission determined that a “non-viability trigger event” had taken place at the lender, Baoshang Bank said in a company …

Bloomberg Goldman Sachs Group Inc elevated its smallest class of new partners in more than two decades. The firm picked 60 employees in its biennial promotions that serve as a nod to the bank’s history as the last major private firm on Wall Street. That’s the fewest since 1998, a year before it went public, and almost half the number …

Bloomberg Mexico’s central bank wants to better evaluate the recent increase in the country’s inflation rate before considering a further reduction to its benchmark interest rate, Governor Alejandro Diaz de Leon said. Banxico, as the central bank is known, surprised markets by pausing a record monetary easing cycle that has lent one of the few supports to an economy expected …

Bloomberg Japan’s biggest banks warned of a bleaker outlook for the next six months as the resurgent pandemic slams economies, even as they reported first-half profits that exceeded expectations. Mitsubishi UFJ Financial Group Inc and Mizuho Financial Group Inc raised their full-year profit targets, thanks mainly to strong results from trading and serving cash-strapped corporate clients in the six months …

Bloomberg A probe into allegations of a possible cover-up of fraud by Lloyds Banking Group executives has hit fresh delays, the Times reported. The investigation into the bank’s treatment of irregularities at the HBOS Reading branch won’t be completed until 2021, or more than four years after it was commissioned, the newspaper said citing Dame Linda Dobbs, who is leading …

Bloomberg Borrowers from Asia are ramping up dollar debt sales again and are on the cusp of exceeding the full-year record for issuance. Issuers from Asia ex-Japan have sold over $323 billion of notes in the US currency so far this year, compared with $326 billion for all of 2019 — the current all-time high, according to data compiled by …

Bloomberg Corporate Asia is wrapping up a solid bounce-back quarter when it comes to earnings, but that’s hardly translating into stock gains for companies. With majority of the results out, companies in the MSCI Asia Pacific Index have delivered an aggregate positive earnings surprise of 7.7% so far, according to data compiled by Bloomberg. That’s versus a 23% aggregate miss …

Bloomberg Chinese authorities moved on a number of fronts to rein in potential risks to the Communist Party’s rule, touching everything from tech firms to bond markets to political dissent in Hong Kong. The actions rattled markets as investors sought to grasp the rationale for the changes emanating from Beijing’s opaque corridors of power. They came shortly after the shock …

Bloomberg Indian shares rallied to a record in the ceremonial evening session to mark Diwali, the Hindu festival of lights, as earnings of some of the country’s biggest companies bolstered optimism for a faster economic recovery. The S&P BSE Sensex and NSE Nifty 50 gauges ended higher in the one-hour session, paced by oil and gas companies. Tata Steel Ltd …