Industry is slow in adapting to global warming, Boissinot says The financial risks for banks are becoming ‘very material’ Before it’s here, it’s on the Bloomberg Terminal LEARN MORE September 26, 2023 at 11:01 PM PDT Banks that underestimate the financial fallout of the climate crisis are exposing themselves to regulatory and investor backlash that includes bigger capital requirements and more lawsuits, according to a senior official at the Bank of France. Jean Boissinot, deputy director for...

Central bankers could explore more tools, top economist says The new global head of macro research at Nordea Bank AB says it’s now clear that the historically low interest rates that followed the global financial crisis have led to “wealth gains” for the rich while others are more indebted. Kristin Magnusson Bernard, who used to work with financial stability at the European Central Bank, says the lessons learned from cutting interest rates to historic lows mean policy makers may well look to...

In the world-record holder of negative rates, there’s been another eye-catching development. Danes are richer than ever before, according to central bank data on savings and home equity. But they’re spending less, in relative terms. The gap between private consumption and household wealth is the biggest it’s been in three decades. The development has economists scratching their heads, in part because it’s cheaper than ever to borrow after six years of negative interest rates. “It’s clearly...

Nordea Bank AB is reorganizing its wealth management business to step up its focus on digital services. Gustaf Unger, the bank’s new co-head of wealth, says the change means Nordea will move 40 people into a new unit. The intention is “to put even more emphasis on the digital deliveries to our customers,” he said by phone. “Their demands on that side are only increasing.” Nordea won’t hire, or fire, people as part of the reorganization, according to Unger, who was previously head of Life and...

The Nordic countries have grown considerably richer thanks to decades of policies designed to improve gender equality, according to the Organization for Economic Cooperation and Development. The region, which consistently tops world happiness indexes, has spent the past 50 years bringing more women into the workforce in a shift that has added as much as 20 percent to economic growth per capita, the OECD said in a study published this week. The Paris-based organization says continued progress...