WASHINGTON—Sarah Bloom Raskin, President Joe Biden’s pick to lead the Federal Reserve’s regulatory work, plans to tell lawmakers she does not believe the role includes telling banks where they should be lending. In prepared testimony posted by the U.S. Senate Banking Committee on Wednesday ahead of her nomination hearing on Thursday, Raskin said the role…
Bank of Canada Head Says It Is Unclear How Quickly Inflation Will Drop
OTTAWA—Bank of Canada Governor Tiff Macklem said on Wednesday there was uncertainty about how quickly inflation would come back down into the central bank’s comfort zone, due to the unique nature of the COVID-19 pandemic. Macklem, speaking to the Senate banking committee, also reiterated that interest rates need to rise to tackle inflation, which is…
Global Shares Slip Ahead of Central Bank Meetings
BANGKOK—Shares slipped in Europe on Thursday after a mixed session in Asia, with markets in China still closed for Lunar New Year holidays. U.S. futures also were lower as investors watched for updates on monetary policy from the Bank of England and European Central Bank, mindful of the Federal Reserve’s plans to begin raising interest…
Bank of America Says It Sees Seven Fed Rate Hikes This Year
Bank of America economists said on Friday that they expect the Federal Reserve to hike rates by 25 basis points seven times this year, beginning in March, adopting one of the most aggressive views on Fed tightening among major banks. Economists have scrambled to update rate hike expectations since the Fed on Wednesday said it…
Bank of America Profit Beats Estimates on Loan Growth, M&A Boost
Bank of America Corp. reported a better-than-expected 30 percent jump in quarterly profit on Wednesday, driven by loan growth as well as record-breaking M&A volumes that helped drive its investment banking business, sending its shares up 1.9 percent. Flush with cash and emboldened by soaring stock market valuations, large buyout funds, corporates, and financiers struck…
Firms See Increasing Labor Shortages and Wage Pressures: Bank of Canada Survey
OTTAWA—Canadian firms see labor shortages intensifying and wage pressure increasing, with strong demand growth and supply chain constraints putting upward pressure on prices, a regular Bank of Canada survey said on Monday. The central bank’s Business Outlook Survey Indicator reached its highest level on record in the fourth quarter, which was conducted before the Omicron…
German Finance Watchdog Fines Deutsche Bank for EURIBOR Controls
FRANKFURT—The German financial regulator BaFin on Wednesday said it had fined Deutsche Bank $10 million for controls related to the Euro Interbank Offered Rate (EURIBOR), a setback for the nation’s largest lender as it seeks to restore its reputation. The fine of 8.66 million euros ($9.77 million) is the first imposed by BaFin under a…
Staff at BNP’s Italian Bank Stage First Strike Since 1990S
MILAN—Workers at BNL, the Italian arm of French banking group BNP Paribas, went on strike for the first time since the 1990s on Monday in protest at back office and IT staff cuts. Italian banking unions said the strike was “a great success,” adding that take-up had been solid. “The bank’s internal offices were completely…
Danish Woman Charged Over Laundering of $4.5 Billion in Danske Bank Scandal
COPENHAGEN—A Danish woman has been charged by Danish police in a money laundering case involving more than 30 billion Danish crowns ($4.55 billion) which was channeled through Danske Bank’s Estonian branch, Denmark’s public prosecutor said on Wednesday. The 49-year old Danish citizen, is currently in preliminary questioning at Copenhagen city court, where it will be…
Indonesia Central Bank Says New Payment System to Slash Money Transfer Costs
JAKARTA—Indonesia’s central bank on Tuesday launched a new retail payment system that its governor said will slash the cost of money transfers and support the country’s booming digital economy. The COVID-19 pandemic has accelerated growth in Indonesia’s digital finance, with digital banking transactions rising 47 percent on a yearly basis in November to reach 3,877…
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