Business Bank of America Corp's co-head of consumer and business banking said on Tuesday he expects the consumer banking unit's efficiency ratio to remain flat or improve further as it cuts more costs tied to moving physical checks and cash. 12 Jun 2018 10:46PM Bookmark REUTERS: Bank of America Corp's co-head of consumer and business banking said on Tuesday he expects the consumer banking unit's efficiency ratio to remain flat or improve further as it cuts more costs tied to moving physical checks and cash.Speaking at a conference, Dean Athanasia said the closely watched figure measuring expenses per dollar of revenue would remain below 50 percent for the unit but did not provide a specific time frame for the outlook.The unit's efficiency ratio fell to 49.6 percent in the first quarter of this year, compared to 51.5 percent for full-year 2017 and 61.1 percent in full-year 2014.The company earlier this year launched an artificial intelligence-based digital banking app and … [Read more...] about Bank of America executive sees consumer unit’s efficiency ratio flat to down
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India is facing a new cash crunch, similar to the one the country faced in the aftermath of demonetization. In November 2016, the Narendra Modi government demonetized 500- and 1,000-rupee notes in order to destroy black or unaccounted wealth, which was supposedly stored in the form of cash. The Ministry of Finance had said in a press release back then: “Use of high-denomination notes for storage of unaccounted wealth has been evident from cash recoveries made by law-enforcement agencies from time to time.” The irony was that data from the Income Tax Department showed that only around 5% of the black wealth recovered during tax raids was held in the form of paper currency. The decision to demonetize more than 86% of the currency in circulation created a huge cash shortage. The dailyReport Must-reads from across Asia - directly to your inbox Over the last few days, automated teller machines have been running dry across large parts of the country. The Finance Ministry in … [Read more...] about Is India’s latest cash crunch a legacy of demonetization?
caption A customer holds an iPad displaying a picture of Steve Jobs, during the opening of a new Apple Store in Nanjing, Jiangsu province, China. source Reuters/Stringer China The US saw less multinational repatriation than some expected in the first three months of 2018. Bank of America Merrill Lynch analysts expect a portion of the $3.5 trillion in corporate cash abroad to flow back into the US over the coming quarters. The lag in repatriation in the first quarter could have been because companies were busy preparing. While sweeping changes to the tax system were widely expected to encourage multinational companies to bring cash back to the US, the first fiscal quarter under the policy didn’t see as much repatriation as some envisioned. But the tax law’s effects are just getting started, according to analysts at Bank of America Merrill Lynch. They predict repatriation will pick up in the next … [Read more...] about BANK OF AMERICA: Massive amounts of overseas cash are about to pour into the US — and provide a boost to the dollar
caption Bank of England Governor Mark Carney has a lot to think about. source REUTERS/Peter Macdiarmid The Bank of England hinted that it is set to hike interest rates in May, but there are signs it could change its mind. A rate hike in May is, in the words of bond market guru Mohamed El-Erian “far from a done deal.” The wording of the committee’s statement is far less explicit than that in the Bank of England’s statement in September last year, the meeting prior to its November rate hike. This suggests some reticence to hike on the bank’s part. The make up of the vote of bank’s Monetary Policy Committee also raises concerns. LONDON – As expected, the Bank of England left interest rates on hold on Thursday, but signalled – in the eyes of most commentators and many in the markets – that a rate hike at the next … [Read more...] about 2 reasons why the market is fundamentally misjudging the Bank of England’s next step
TOKYO: Japan’s parliament approved Haruhiko Kuroda for a second term as central bank governor on Friday, with a mandate to battle deflation and pep up the world’s third-biggest economy. Handpicked by Shinzo Abe to steer the former economic powerhouse out of a dangerous cycle of falling prices, Kuroda has guided the key monetary plank of the prime minister’s vaunted “Abenomics” economic policy. Now 73, the ex-president of the Asian Development Bank (ADB) is on course to become the longest-serving Bank of Japan (BoJ) governor if he completes a full second five-year term. Kuroda took the helm in March 2013 with a mandate to deploy what was called a monetary “bazooka” to stoke life into the moribund Japanese economy. He has overseen a policy of ultra-aggressive monetary easing, adopting in January 2016 the BoJ’s first-ever negative interest rates, effectively charging lenders to park their cash at the central bank. The BoJ has also pledged … [Read more...] about Kuroda wins 2nd term as Bank of Japan chief