The European Union on Wednesday formally excluded seven Russian banks from the SWIFT payment system as part of the bloc’s latest sanctions over Russia’s attack on Ukraine. “Today’s decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to [Russian President Vladimir] Putin and the Kremlin,” European Commission…
EU Bans Russian Banks From SWIFT, Leaves Energy Trade Open
March 2, 2022
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Russian Central Bank to Give Banks More Cash for ATMs
February 25, 2022
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MOSCOW—Russia’s central bank on Friday said it was increasing the amount of cash it gives to banks to replenish ATM machines, the latest measure the regulator has taken in an effort to maintain financial stability after Russia invaded Ukraine. Demand for cash in Russia on Thursday stood at 111.3 billion roubles ($1.34 billion) and was…
European, US Bank Shares Recoup Some Losses; Sector Braces for Slew of Sanctions
February 25, 2022
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FRANKFURT/LONDON—European and U.S. bank shares on Friday clawed back some of the previous day’s steep losses as the sector starts to get to grips with a slew of sanctions unveiled this week in retaliation for Russia’s invasion of Ukraine, with more due from the European Union imminently. Shares got off to a jittery start as…
World Bank Preparing Finance Options for Ukraine: Malpass
February 25, 2022
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WASHINGTON—World Bank President David Malpass said on Thursday the lender stands ready to provide immediate support to Ukraine amid “shocking violence and loss of life,” and is preparing options for fast-disbursing financing. Malpass said in a statement he has mobilized the World Bank Group’s Global Crisis Risk platform to coordinate a response to the invasion…
UniCredit Shares Open Down 8 Percent on Ukraine Crisis
February 24, 2022
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MILAN—Shares in UniCredit, whose Russian arm is one of the largest lenders in the country, fell as much as 8 percent on Thursday, before triggering an automatic trading suspension, hit by the escalation of the Ukraine crisis. Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday. By…
ECB Could Raise Rates in Summer Before Ending Bond Buys: Holzmann
ZURICH—The European Central Bank could begin increasing interest rates before ending its bond purchasing programme, ECB policymaker Robert Holzmann said, challenging the bank’s long-held view on the sequence of its upcoming policy moves. With inflation hitting fresh record highs in recent months, the ECB recently walked back on a pledge not to raise rates this…
Fed’s Brainard Sees Case for US Central Bank Digital Currency
Federal Reserve Board Governor Lael Brainard on Friday laid out a case for the role a U.S. central bank digital currency could play in bolstering financial stability as the use of stablecoins and cryptocurrency grows and other countries issue their own CBDCs. “It is essential that policymakers, including the Federal Reserve, plan for the future…
JPMorgan Raises Annual Forecast for Net Interest Income to $53 Billion
JPMorgan Chase & Co. expects its net interest income to grow to $53 billion in 2022, up nearly $3 billion from its prior forecast, Chief Financial Officer Jeremy Barnum said on Friday at a conference hosted by Credit Suisse.
US Fed Should Act Soon and Decisively to Raise Rates: World Bank’s Reinhart
WASHINGTON—The U.S. Federal Reserve should tighten monetary policy soon and decisively head off what could become “quite persistent” inflation, World Bank Chief Economist Carmen Reinhart told Reuters in an interview. Reinhart, who has been warning for some time that supply chain shocks could result in sustained inflation in the United States and elsewhere, said any…
Credit Suisse Flags Weak 2022, Ends a Torrid Year with $2.2 Billion Quarterly Loss
ZURICH—Credit Suisse on Thursday capped a scandal-ridden year with a $2.2 billion quarterly loss and said 2022 earnings would be weighed down by restructuring and compensation costs. Though Switzerland’s second-biggest bank had flagged a large fourth-quarter loss, it was still steeper than expected with analysts pointing to slides in revenue across most of its business…
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