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Lenders in US, Asia and Europe hit by exposure to sector struggling with lower occupancy and higher interest rates

Second-largest US bank’s stock is up just 2% over past three years

The Wall Street bank has grown the business this year as others have shrunk — but its shares lag behind rivals’

Tiff Macklem signals central bank will step up pace of rate reductions should economic conditions worsen

Slowdown prompts shift to 50bp reduction, with rate-setters saying borrowing costs are likely to fall further

Latest reduction comes amid weak growth and pressures on housing affordability

Central bank has slashed borrowing costs five times this year in an effort to combat unemployment and boost growth

Choice extends trend of senior ex-Treasury officials moving to the UK’s central bank