By John Revill and Silke Koltrowitz BERN (Reuters) – The Swiss National Bank sees no reason to start normalising its ultra-loose monetary policy, it said on Thursday, citing rising political uncertainties which could trigger renewed demand for the safe-haven Swiss franc. SNB Chairman Thomas Jordan pointed to Italy’s new anti-establishment government and mounting protectionism as contributing to “fragile” currency markets, as the SNB kept negative interest rates on hold, as expected. The SNB also lowered its medium-term forecast for Swiss inflation, indicating a less pressing need to hike rates. “The risks are more to the downside, reflecting the more difficult political situation in Italy which had a big impact on international financial markets,” Jordan told a news conference. “We will adjust our monetary policy at the point when it is necessary. But it is of no use to change monetary policy too early in order to provoke an appreciation in the … [Read more...] about Swiss National Bank points to loose policy over longer term
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Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader BloombergQuickTake Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Catherine Bosley | Bloomberg by Catherine Bosley | Bloomberg May 4 In Harry Potter’s world, the goblins who run Gringotts Wizarding Bank store deposits deep in caves, where they sit untouched until they’re called for. That’s not the way banks work in Switzerland, or anywhere else. But a movement calling for sovereign money, or Vollgeld in German, will get its test there this year in a national plebiscite. The idea is that by changing the … [Read more...] about Why Swiss Vollgeld Vote Has the Central Bank Nervous: QuickTake
WYOMISSING, Pa., April 26, 2018 (GLOBE NEWSWIRE) -- Customers Bank, a leading super-community bank with operations in Pennsylvania, District of Columbia, Illinois, New York, New Jersey and New England, announced today the addition of a new banking group to its Private and Commercial Banking Division’s New York Metro Market.Oleg Karaman was named Senior Vice President and Banking Group Head and will co-lead the banking group, which includes members that prior to joining Customers Bank, worked together at Signature Bank of New York and Sterling National Bank, respectively. Oleg also served as a select branch manager at Santander and assistant branch manager at Independence Community Bank. He began his banking career in 2002 as an assistant financial manager at Washington Mutual Bank. Oleg actively serves on the Banking Committee of the industry group Invest in the USA (IIUSA). Daniel Topple was named Senior Vice President. Prior to joining Customers Bank, Daniel worked alongside … [Read more...] about Customers Bank Adds a Banking Group to the Private & Commercial Banking Division In the New York Metro Market
Mon., April 16, 2018 Canadian banks poised for a southern foray? With bloated capital reserves not seen since 2013, Canada’s Big Six banks are said to be considering U.S. acquisitions. It isn’t going to happen. Acquisition prices for U.S. banks are far too high. Actually, that same quandary has been a fact of life for the past two generations of Big Six CEOs. The U.S. might boast more than 7,000 independently owned banks, but what’s on offer among them are second- or third-tier lenders. And the most affordable among those are poorly run. Or they are hopelessly overpowered in their markets by the local operations of giant “money-centre” banks like Citigroup Inc. and Bank of America Corp., and by superregionals like PNC Financial Services Group Inc. Article Continued Below That’s how Royal Bank of Canada came to grief with a U.S. eastern seaboard chain of banks in the 2010s that RBC has since sold. RBC’s acquired banks were … [Read more...] about Will Big Six banks flush with cash buy U.S. banks?
CaixaBank's headquarters are in Barcelona. Photo: Josep Lago/AFP. Spain's IBEX 35 stock market index lost 2 percent on Wednesday October 4th, primarily due to continued speculation about the political impasse in Catalunya. Spanish bank CaixaBank, which is headquartered in Barcelona, was down 6.7 percent on October 4th, according to infobolsa.es, which monitors the share value of Spain's leading companies. Banco Sabadell, Spain's 5th largest bank, also lost 6.3 percent of its share price. Both credit institutions are headquartered in Catalunya and face a potentially uncertain future as Catalan President Carles Puigdemont said he would declare independence from Spain by early next week following the October 1 referendum. CaixaBank said it would take all decisions "to protect the interests of its clients, shareholders and staff," according to an internal communication allegedly seen by El Pais, although it stopped short of suggesting it could relocate. … [Read more...] about Shares of Spanish banks plummet on stock exchange as unrest continues in Catalunya