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LATEST ARTICLES
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Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.
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Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.
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Donald Trump is now likely to win the US presidential election after a disastrous debate performance by incumbent Joe Biden. Trump 2.0 may bring complications as well as benefits for Wall Street.
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Derivatives structurers are thriving, but regulators aren’t convinced the biggest Wall Street banks have a firm grasp of their complex exposure.
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It is getting tougher for investors to execute block trades of more than €2 million in Europe’s fragmented equity markets. Matching buyers and sellers needs a return to negotiation and away from pure electronic trading.
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The absence of staking and the earlier approval of spot Bitcoin exchange-traded funds have sucked much of the excitement out of the SEC’s surprising decision to greenlight spot Ethereum ETFs.
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For the US to come out in support of voluntary carbon markets even while arguing for their reform is an important step in the drive to seek better standards for what are vital – albeit flawed – mechanisms. But more guidelines on how to certify and trade offsets are no substitute for the real thing.
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John Mathews, head of UHNW Americas for UBS in New York, tells Euromoney why the US’s private banking model is so successful, why the Swiss firm is really in the life counselling business, and explains why it has targeted US ultra-high net worth clients.
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As securities markets shift to T+1, repo is already going intraday with DLR the first of what may be many digital trading platforms to offer JPM Coin for the cash leg.
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The prospect of interest rate cuts from the Fed in 2024 is disappearing. Japan and Korea are among those feeling the heat.
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Anything except a brief stay on as chairman would cast a baleful shadow over the chief executive’s successor at JPMorgan.
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Naz Vahid is to leave Citi after nearly four decades as one of the US bank’s most effective and innovative wealth managers.
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UOB’s acquisition of Citi’s consumer assets in four southeast Asia markets strengthens its status in one of the world’s fastest growing regions. The Singapore lender’s CEO Wee Ee Cheong talks to Euromoney about why this matters and what comes next.
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Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.
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Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.
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The body responsible for settling about $6.5 trillion of global daily FX trades has decided against extending its deadlines to accommodate non-US participants who still want to use its next-day settlement service. But it expects the impact to be limited – far too limited to justify the complexity that a change would impose on its members.
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Direct lenders to risky borrowers take comfort from their seniority in the creditor hierarchy. But stressed borrowers could jeopardise this as they struggle to attract new funding.
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A private credit market growing so fast, away from the oversight of bank regulators, may be a new source of systemic risk. With smaller investors taking greater exposure to an asset class whose high returns and low losses look almost too good to be true, there could be trouble ahead.
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Junior bankers should relax about the threat to their jobs from AI and lean into opportunities to bluff their way to Wall Street glory.
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
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The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
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Asset managers and industry regulators face operational challenges around the tokenization of private assets.
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The Basel committee is shocked – shocked! – that some banks might be reporting inflated leverage ratios.
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The Fed chair has made a remarkable, virtually unconditional surrender to opponents of his plan for Basel III implementation in the US. The tactical withdrawal is embarrassing, but it makes strategic sense.
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Luring star bankers from rivals – like Citi’s appointment of JPMorgan veteran Viswas Raghavan – can bring hidden costs beyond the expense of replacing stock options for the lucky new hire.
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Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.
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Chief executive Jane Fraser has been true to her promise of a marquee hire to run Citi’s banking division, with the appointment today of JPMorgan veteran Viswas Raghavan. He brings a wealth of both transactional and operational management experience, but the symbolism of his arrival may be just as important.
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Even after the rally on its latest restructuring plan, investors still value the UK bank at such a wide discount to book that management must consider radical action.
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Direct lenders commanded generous terms on leveraged buyout financing last year, but volumes were low and, now that they show signs of revival, the banks are competing once more.
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One of the first edicts handed down by Citi’s wealth head is to tell all private bankers to track and record client calls. It has ruffled feathers at the US lender, but if it transforms the unit into the powerhouse CEO Jane Fraser wants it to be, then so be it.
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Corporates continue to exhibit worrying levels of complacency when it comes to the implications of rate rises for their bottom line.
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Former bank examiner Alessandro DiNello stresses resiliency of deposits as NYCB strives to build capital after higher provisions and ratings downgrades.
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Investors will be hoping that the fall in the value of Bitcoin since US regulators approved the listing and trading of spot Bitcoin exchange-traded products is not a sign of things to come.
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After a dire couple of years, the hope had been that the only way was up for US regional bank M&A. But this week’s trauma at New York Community Bank has demonstrated some of the problems that can catch out the unwary as expansion takes them into new regulatory territory.
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Losses on commercial real-estate loans at US regional banks should surprise no one; risk at the heart of the US financial system thanks to weak regulation should shock us all.
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Management changes expand the responsibilities of Marianne Lake and Jennifer Piepszak, lead candidates to one day head JPMorgan, but there is another contender.
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The SEC wants us to be thinking about special purpose acquisition companies again.
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Wall Street bankers tempted to pick a fight with the Federal Reserve should take a lesson from the insider trading plea deal by investor Joe Lewis.
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Opposition to the proposed Basel III endgame for US banks is now so widespread that a climb down by the Federal Reserve is likely. Wall Street bankers like Jamie Dimon can stop crying wolf about increased capital requirements and think carefully about publicly threatening their regulators.
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While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function.
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It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement.
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Corporates are adopting a variety of approaches to mitigate the impact of uncertainty in foreign exchange markets caused by divergence in economic policy and performance.
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They already dominate the investment banking business in Europe, and now the leading US banks have their eyes on an even bigger prize. They see their vast investments in the digital technology transforming payments and transaction services and their retained global presences as the keys to winning even greater revenues from Europe’s midsize corporates.
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Regulators are making more mileage out of their settlement with Morgan Stanley than the outcome really deserves.
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Morgan Stanley has for years touted its expertise and adherence to confidentiality as reasons to choose it over rivals for equity block trades. But charges brought by regulators over leakages of confidential information by the bank’s former head of US equity syndicate and another employee now make its historic claims look embarrassing.
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Outside Switzerland, European banks largely escaped the banking turmoil last March. That hasn’t prevented supervisors using it as an excuse to ratchet up the pressure. Ahead of its 10th anniversary as a supervisor, is the ECB – as some bankers suggest – getting too intrusive?
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Siemens is anchor client for a new rules-based approach to banking.
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The annual Senate quizzing of US big bank chief executives threw up all the usual favourite partisan arguments, but little else. If this is oversight, it often lacks insight.
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The chief executive of Newton Investment Management is a forthright believer in the power of active investors to effect change at the companies they invest in, and thinks tinkering with market rules is unlikely to boost the appeal of London-listed equities.
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More and more bond trading is automated. As volatility now shifts from rates to credit that will provide a stern examination of new trade execution tools.
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Instead of boasting about the billions extracted from the crypto exchange, the US Departments of Justice and Treasury should have closed it down.
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Markets jump on the news that Javier Milei will be Argentina’s next president. A large devaluation is needed, but that leads to the risk of deposit flight.
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Andy Sieg is back again from Merrill Lynch, and has big plans for Citi’s new global wealth franchise.
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Big banks are scrutinized on environmental, social and governance matters today as never before and they must often walk a tightrope between competing interests. Citi is no exception.
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Exiting consumer banking in a range of markets around the world was one of Jane Fraser's first steps when she became Citi’s chief executive. The immensely complex task would need the safest of hands.
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The AFX marketplace provides a new venue for US regional and community banks to lend and borrow from each other overnight. It could be the foundation for a new credit-sensitive benchmark rate.
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Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.
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The controversy surrounding My Forex Funds has reinforced the view that tighter regulation of foreign-exchange proprietary trading firms is inevitable.
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It took five years for the invoice finance specialist Accelerated Payments to advance its first €1 billion, but just nine months for the next €500 million.
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More banks have announced partnerships with asset managers to place loans into private debt funds that offer investors better risk-adjusted returns than bank equity.
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Private foundations were once the preserve of a narrow group of the monied elite. Today, they are the fastest-growing source of private-sector philanthropy in the US and across the developed world.
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BlackRock joins Allfunds initiative to distribute new variants of private equity and credit funds to wealthy individuals.
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A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.
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The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.
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Borrowers that financed cheaply in 2021 will soon hit a maturity wall. Many will struggle to refinance at higher cost. Some will default. Private credit managers – still magnets for institutional capital – are set to step in and bridge some of the financing gap left by the banks.
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Beneath the Great Game geopolitics of US-Vietnam relations, there are some intriguing possibilities in the detail.
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Should we take Vivek Ramaswamy literally or seriously?
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Financial market practitioners might be forgiven for reflecting on a job well done now that the final Libor panel has ended its submissions. The journey has been immense, but the focus is turning to loose ends, including the argument that just won’t go away: is there a place for credit-sensitive rates in a post-Libor world?
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As other investment banks cut staff, HSBC has been hiring to build a leading bank in tech and healthcare.
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Banks and investors opposed to European Union derivatives clearing plans have made an astonishing charge: the EU is worse than the US in jealously guarding its own markets.
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A tactical retreat on crypto regulation might help SEC chair Gary Gensler to avoid being bogged down in a war of attrition for the rest of his term.
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With a new proposal for long-term debt issuance, US banking regulators have launched the next phase of their war against the lack of confidence that shook the industry in March 2023. But it is becoming increasingly clear that the approach is less about precision strikes and more about a carpet-bombing campaign.
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The manner of the campaign against chief executive David Solomon risks causing the lasting damage that his internal opponents presumably wish to avoid.
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The second-quarter earnings season saw more detail from US banks on how they are preparing for the worst in commercial real estate exposures. We look at how the data shapes up for the super-regional sector.
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Moody’s took a swing at US banks last night. The moves might have seemed indiscriminate, but it’s hard to argue with the conclusions. After the scares of March, the sector is far from out of the woods.
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The investment firm founded by securitization experts in 2015 has grown to an $8 billion portfolio of 60 companies without managing any third-party funds and still sees big potential returns, notably in football clubs, from applying the discipline of structured finance to operating businesses.
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Banks including NatWest and JPMorgan are struggling to put out reputational risk-management fires.
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Analysts are looking beyond China for clues as to where the main Asian currencies will go over the remainder of 2023 as they try to second-guess Japan’s monetary policy plans.
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All private banks are different: in how they project their brand, build business, serve clients and generate fees. But they all seem to have two things in common. They love lending to rich people with big art collections and chatting about ocean preservation.
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Only the biggest and soundest of the US regional banks were able to come through the wreckage of March 2023 unbowed. None did so better than Citizens, a bank that was already consolidating two fine strategic moves at the start of the awards period and was able to consider another at its end. It wins the award for the country’s best super-regional bank.
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The most striking thing about this year’s winner of the US best super-regional investment bank award is that PNC Financial Services Group prides itself on not really having an investment bank.
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Good banks do not collapse in times of turmoil. But the best banks do more than that – they are so buttressed against stress that when it strikes, they not only emerge unscathed but can act decisively in support of the whole sector. JPMorgan was that bank in March 2023, able to play that role because of its consistently superior performance.
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Moribund primary equity capital markets and a rising interest rate environment meant that investment banks were tested more than ever in the past 12 months as they sought to give clients the options they needed in spite of poor conditions.
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Jamie Dimon puts a limit on staff travel to one of JPMorgan’s more exotic branches.
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The two chief executives should be on the undercard for the Musk/Zuckerberg cage fight.
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Banks are not waiting for loans to stop performing before they sell them.
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Rising default rates will soon separate the smart private credit managers from the mediocre. This offers opportunity for the winners to scale up.
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Veteran banker Tom Montag is to join the board of Goldman Sachs in a bid to bolster support for embattled chief executive David Solomon. Weak second quarter earnings could make this task harder.
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Could trading of US sovereign credit default swaps trigger a global systemic meltdown? Probably not, but default swap shenanigans aren’t helping to calm jittery markets.
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Inflation is not beaten and rates may rise further. But high-grade bonds can still provide steady income and low risk, playing a new old role in investor portfolios.
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Leading firms join a new network of networks, but crypto natives see just another walled garden.
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Banks keep up on the record commentary on the rules.
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Fears were already growing about dangers lurking in US commercial real estate even before the wave of turmoil that has hit banks in the last two months. After the pandemic and a rush of rate hikes, there is little debate that the sector is at a turning point – the question is whether something worse is on the horizon.
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As the drumbeat of bad news from the US regional banks grows steadily louder, Euromoney talks to market veterans about the lessons that can be learned from the event that started it all: Silicon Valley Bank’s collapse in March.
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The US regional banking system has just sustained its third bank collapse this year. Following an initial sharp slump in reaction to the news, bank stocks have continued to fall as short sellers target perceived weakness. Can the sector stabilize as the impact of rate rises on many of these lenders’ business models becomes apparent?
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The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.
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US banks have seen $1.1 trillion in deposits flee the system over the past year. Much of this wound up in money-market funds that offer higher returns and the promise of safety and stability at a time of rising uncertainty. How dangerous is this for US lenders, and what can they do to convince flighty deposits to return to the banking system?
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The collapse of Silicon Valley Bank has fuelled an abrupt end to venture-capital exuberance. There are vital implications for fintech and for the banking industry.
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JPMorgan has cleaned up in a deal that sees the regulators waive their own cap on 10% deposit ownership.
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JPMorgan’s AI model to interpret central bank messaging came out just as it emerged that Jerome Powell had been pranked into discussing policy with Russian provocateurs. Euromoney’s distinctly obvious heuristics model (D’Oh!) might be needed.
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Relative winners after a year of interest rate hikes include Bank of America and Citigroup. Losers are led by regional US banks, while alternative asset managers argue that higher rates present a historic opportunity.
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How on earth, in this environment, did the bank deliver one of its best-ever quarters in Asia?
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The recent spate of deposit flight that spread panic through the banking systems of the US and Europe opens a chance for non-bank lenders to seize more of the core businesses that banks want to retain. Central bank emergency measures may have prevented the crisis from spreading, but a new phase of disintermediation has begun.
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Disagreement over where US interest rates are going has split opinion on overall prospects for emerging market currencies.
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Rethinking liquidity regulation would be better than a regulatory backlash that imposes an even greater liquidity burden on banks. History offers some lessons on how that might be done.
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The last broker-dealer was always going to feel the pain of a continuing capital markets slowdown, but sales and trading has provided a useful fillip.
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Citi’s Wealth at Work, which delivers wealth services to white-collar professionals in sectors from law and asset management to private equity, is less than two years old. Its founder and global head Naz Vahid talks to Euromoney about the concept and where the division can go from here.
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The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.
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As well as higher capital requirements for regional US banks, the policy response to the Silicon Valley Bank collapse will likely include increasing the Deposit Insurance Fund, which bigger banks will have to pay for.
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Recent events call into question most of the core assumptions behind the rules designed to keep banks safe through a liquidity squeeze.
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Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.
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Short-term government bonds have re-emerged as a viable option for corporate treasurers seeking returns on their cash, but recent events in the US banking sector highlight the risks of long-dated exposures.
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Solar thermal technology could offer cheap carbon-free heat for manufacturers. But tech developers are stuck in a financing gap between venture capital and project finance that will be harder to fill after recent bank failures.
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Interest rate risk management has been complicated by the fall in yields after the US bailout of SVB’s depositors. Clients may feel that hedging chiefly benefits Wall Street dealers rather than themselves.
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It is not clear how the SVB collapse will change banking; but it is clear that the lack of supervision of smaller banks allowed systemic risk to spread worryingly fast.
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HSBC runs towards the storm as others are fleeing it.
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Patents are a high-profile demonstration of a bank’s commitment to innovation, but they are not the only option for those looking to encourage new ways of thinking.
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The notion that different businesses can produce healthy results by being under the same roof underpins Goldman Sachs’ diversification strategy. After failing to make that work at the first time of asking, its second attempt looks more derivative – but is perhaps likelier to succeed.
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Tokenization is spreading fast. Regulated finance is finally embracing blockchain technology just as most cryptocurrencies stand revealed as overleveraged Ponzi schemes. The institutional herd is moving, but can the blockchains they are shifting onto bear the load?
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Big transaction banks are responding to corporate customer demand for sustainability linked supplier-finance programmes by extending the geographical availability and range of the products they offer.
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For the past few years, Goldman Sachs has dangled the promise of something new – a diversification in its business mix that would give shareholders a reason to finally re-rate the stock. But while the firm still has the glint of Goldman on the surface, disappointing earnings are revealing something less valuable underneath. Can its second investor day now fix the legacy of the first?
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While no one is willing to bet the farm on anything other than dollar depreciation in 2023, mixed messages from the Fed, and economic and political uncertainty elsewhere mean the greenback could yet defy expectations.
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A report by a US short-seller hammered the stock of India’s Adani Group companies just as one of them tried to raise $2.5 billion in a follow-on. It was not just Adani under attack here, but Modi’s vision of corporate India.
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A decade ago, the bank opted to go long on more durable sources of income – notably wealth management. Its standout 2022 financials are a clear sign of the benefits of long-term planning.
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The billionaire Winklevoss twins and DCG CEO Barry Silbert have been squabbling over $900 million of frozen customer assets. The SEC has just banged their heads together.
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The regulated US bank lost 70% of its deposits in a few weeks. But while that run shows the risks of banking the crypto industry, the key lesson is how it is still standing.
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After years at zero, rapid Fed hikes last year led to sharp increases in NII and NIM. But it is not all good news.
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The US Securities and Exchange Commission has lifted the lid on some eye-popping charges against the former CFO of a special purpose acquisition company.
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FTX founder Sam Bankman-Fried faces the full wrath of US authorities, as rival agencies compete to make the most hyperbolic charges against the former crypto exchange head. Death by metaphor could be his provisional sentence.
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Societe Generale and AllianceBernstein may look like an equities odd couple. Leveraging Societe Generale’s derivatives franchise is key to the new joint venture, as is maintaining AllianceBernstein’s reputation for independence.
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State Street’s Chip Lowry, a board member and former chair of the Foreign Exchange Professionals Association, talks to Euromoney about his new role on the Commodity Futures Trading Commission’s market risk advisory committee.
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The chief executive of JPMorgan’s Onyx blockchain business explains why it has been a long slog, and where the interest lies today after the crypto collapse.
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Daniel Zelikow, chairman of JPMorgan Development Finance Institution’s governing board, on private-sector development finance, EM policy risk and funding bankable assets.
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Vocal members of the US political right are not happy, creating new laws that ban state investors from backing companies with an ESG agenda. Several fund managers have been quick to take up their cause.
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European banks have raced far ahead of their US peers on sustainability. But the continent is now facing an energy emergency, creating pressure from some corners to reverse investment declines in oil and gas. Can Europe’s banks remain frontrunners in sustainable finance in today’s fragile geopolitical environment?
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Elon Musk is full of praise for his bankers at Morgan Stanley. It’s a shame his $44 billion Twitter deal is set to cost the bank money rather than earning a tip for good service.
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The weakness of the pound and strength of the dollar has implications for companies on both sides of the Atlantic.
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UK pension fund hedges have failed the first real stress test in a new era of rising interest rates. Bankers are surprisingly relaxed about the implications for other threats to global systemic stability.
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David Solomon is having to field some scepticism as he changes Goldman Sachs’s approach to its loss-making consumer banking operation and restructures the firm. But nothing that has been developed is going to waste, and recognising that a business might sit better elsewhere is simply good sense.
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Regulators often rely on giving relief when market participants or products fall between different jurisdictions or certification is unavoidably delayed. But one US regulator is getting fed up with having to do the same thing over and over again, and is calling for rules to be fixed instead of being endlessly patched up.
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The curious case of the cows that didn’t exist.
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Kotak Investment Advisors, the special situations arm of Kotak Mahindra, could have $9 billion under management by early next year. It is led by Srini Sriniwasan, who has applied skills learned at Goldman Sachs to develop the business to where it is today.
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SEC chair Gary Gensler’s literally getting vibes that there’s something sus in the crypto wave.
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The things that attracted Lone Star to Bank of Cyprus are present in banks in Greece and elsewhere in peripheral Europe. If other private equity-like investors take an interest, domestic political blessing could be the key to success.
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Removing UK bonus caps and undermining the BoE could exacerbate a sterling crisis while entrenching US IB dominance.
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An extraordinary series of data protection failures at Morgan Stanley’s wealth management business has seen the SEC fine the company $35 million.
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If you want to get ahead in investment banking it is time to hit the beach.
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Anti-ESG boycotts are unlikely to cross the Atlantic.
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Bank of Cyprus has its quirks – such as a sanctioned oligarch as a large shareholder – but it is far from the only European bank with good potential still shunned by mainstream investors.
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China’s decision to let US regulators audit its New York-listed corporates is a shock. It’s a U-turn, a climbdown and a sign, more than anything, of China’s enduring financial frailty.
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The $100 million line of credit from Dai holders to a Pennsylvania community bank to support commercial loans should have been a breakthrough, but further deals are on hold as the crypto purists fight back against the pragmatists seeking more exposure to real-world assets rather than digital ones.
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Bank shares have failed to close a valuation gap with fintech competitors despite the prospect of higher interest income from rate hikes. Will the Fed’s newly tough stance on inflation-busting finally give bank stocks some respect?
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A US climate bill filled with green credits will create business for banks and provide relief from the backlash against ESG products.
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West Virginia state treasurer Riley Moore has opened another front in a campaign by Republican officials in the US against banks that promote ESG policies.
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UN CFO Taskforce member Jill Klindt talks to Euromoney about ESG disclosure challenges for SMEs and the need for all firms to produce consistent, auditable data.
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Supposedly disappointing second-quarter earnings should have surprised no one and Morgan Stanley’s were quite good.
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China’s support for Russia is part of its strategy to reduce the world’s dependence on the greenback – might it work?
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For PNC Financial, the US’s inaugural best super-regional bank, 2021 was a landmark year in a decade-long national expansion under chief executive Bill Demchak.
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Bank of America is thriving. In its home market, it has led the way in retail banking with a distinctive preferred rewards programme that offers retail customers preferential rates across a full range of products from credit cards to mortgages.
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Goldman Sachs’s investment bank division excelled during the awards period thanks to a targeted focus on growth sectors such as healthcare, technology and financial sponsor business. This paid off handsomely on its home turf, where the bank dominated the Americas M&A league tables during the awards period, working on 582 deals with a total value of $1.6 trillion for a 30.72% market share. This is slightly ahead of the same period last year where it took 29.52% market share from 408 deals worth $1.15 trillion together.
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Truist Securities, the corporate and investment banking division of Truist Financial Corporation, wins Euromoney’s inaugural award for best super-regional investment bank in the US. The award reflects the key role it plays in the domestic financial system, providing critical funding and extending capital-raising services to large corporates and small and medium-sized enterprises.
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By hiring two private bankers from outside the industry to power its Asia family-office business, Citi offers further proof that its peers should take its ambitious regional wealth management plans seriously.
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Banks want to capitalize on the surge in green capex borrowing as corporates rush to decarbonize. Cost inflation has increased the risks involved but not the long-term benefit of carbon reduction.
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Markets are trading interest-rate expectations over actual rate decisions – proving the power of market sentiment.
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By making Valentin Valderrabano COO of Citi Global Wealth, the US bank demonstrates its willingness to think outside the box when promoting from within.
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Euromoney speaks to Benjamin Seal, vice-president of treasury at US-based Cenveo, about how accurate cash forecasting has helped to address the supply-chain challenges posed by the global pandemic.
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A new approach to crypto derivatives could signal big structural shifts for traditional financial derivatives away from intermediaries and central clearing.
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The US government’s case against Archegos Capital sets up a contest to guess which of the fund’s prime brokers was the most gullible at any given time. To keep the game interesting, the answer might not always be Credit Suisse.
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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Rate increases in major economies away from the US, as central banks battle spiralling inflation, have weakened the momentum the dollar might otherwise have garnered from a hawkish Fed.
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Credit intelligence specialist OakNorth is working with a consortium of US banks to assess physical and transition climate risk in loan portfolios. The motivation for the banks is clear: self-preservation in the face of growing climate-related disruption.
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Credit Suisse is making heavy work of meeting its obligations under a 2017 RMBS settlement with the US Department of Justice. If it wants to make real progress, it will have to bite the bullet soon.
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Aggregate investment banking and markets revenues fell 12% at the big five US investment banks in the first quarter of 2022. Their chief executives were confident that dealflow will return, but were also united in their uncertainty over how central bank responses to inflation will play out in markets.
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While Amundi’s new ECM desk seeks the best investor roles from lead banks, Bernstein Research sees the chance for a new kind of ECM business.
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Global capital markets deal volumes have fallen not just from their pandemic highs but also from the start of 2019. Undaunted, bankers remain upbeat about prospects. While aggregate activity is down, the detailed picture is certainly more nuanced.
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When a group of leading banks were unable to source the roubles needed to deliver in settlement of FX swaps, compression trades saved the day. The episode serves to highlight how fragile very large, complex and interconnected financial markets have become.
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Sovereign wealth funds, other investors and banks will soon have to use cryptocurrencies to buy equity in companies building the decentralized web.
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Explore Euromoney’s infographic on activity by special purpose acquisition companies over the last two years.
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Higher yields and better protections compared with public bonds draw buyers to private placements even as investors cut duration and credit spreads widen.
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The last big Wall Street broker-dealer has had a spectacular run in the last 20 years. It now wants to build ‘the best world-class global investment bank’.
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Jane Fraser can front Citi’s investor day with good news about consumer divestments in Asia. It is hard to see a Russia sale now, though.
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Wyoming is wild, rugged and libertarian. It is now also America’s leading crypto state, home to thriving digital asset banks like Avanti, run by Wall Street veteran Caitlin Long. Can these young firms now get much-prized master accounts with the Federal Reserve?
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Energy price volatility driven by war in Ukraine could deliver a windfall to banks such as Goldman Sachs that retain scale in commodity trading. Profits from dealing can also be made without triggering ESG or sanctions-related pain.
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The spectre of 2003’s global research settlement is looming over the world of equity block trades.
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The rates sell-off is making it more expensive for high-yield and high-grade borrowers to access the bond markets. Maturities on offer are shortening, and it could be about to get much worse.
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JPMorgan is named the world’s best wealth manager in Euromoney’s latest private banking and wealth management survey. It is testament to the US bank’s global strength in serving the wealthiest families, along with its drive to constantly transform itself and boost diversity as it hires the most talented relationship managers in core markets.
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Citi’s global head of private banking Ida Liu sits down with Euromoney to discuss her journey to the top of the industry, the value of wellbeing and the importance of eliminating friction from client engagement.
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Facebook never recovered from the regulatory hostility that first greeted Libra. It is now selling what is left of Diem while building the very metaverses that might make its stablecoin useful.
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A stellar period for the independent investment bank, including its largest-ever acquisition, has set the scene for a strong future, according to CEO Scott Beiser. Its relentless focus on the mid-cap arena and its naturally hedged balance of businesses have created a firm that has quietly become one of the biggest advisory names in the world.
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Falls in bond and equity prices that followed the Fed’s hawkish pivot may just be the start, with the key test still to come in new issue markets.
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Wall Street firms such as Goldman Sachs, JPMorgan and Morgan Stanley are muscling in on the booming market for private share trading – and potentially disrupting existing technology platforms.
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The former CFTC chair who first authorized bitcoin futures sees regulatory complexities ahead for crypto, blockchain and DeFi companies.
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Analysts are keeping a close eye on regional as well as US monetary policy as they attempt to plot a course for the currencies of the countries that form the Association of Southeast Asian Nations.
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Big numbers don’t always tell a story, but January saw one pop up in three different places. How they connect is intriguing.
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Having closed its onshore private wealth businesses in Brazil and Mexico, the US firm had a standout year in its Latin American private bank in 2021.
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Equity capital markets and advisory revenues were the standout numbers at Jefferies in 2021, and the firm says its pipeline remains strong.
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The decision to sell Citibanamex ends the ‘Mexican exception’.
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The acquisition of Bank of the West by Bank of Montreal is complementary and affordable, argues BMO’s chief executive Darryl White.
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Bond markets must quickly adapt to a likely much earlier and faster reduction of central bank balance sheets.
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A spat among directors of the Federal Deposit Insurance Corporation has led to the resignation of its chair and thrown the prospects for domestic bank M&A into murky waters.
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In the face of fierce regulatory pressure in Washington and Beijing, it is hard to see many, or any, Chinese firms going public in New York next year.
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Asset managers are following the well-trodden route of bankers in shifting from finance to politics.
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Chief executive Brian Moynihan will be hoping that a management reshuffle has set the bank on track to finally make good on the promise of its sprawling reach.
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Consent orders provide a perfect excuse to shareholders for spending on the better risk management and controls that Citi’s businesses need.
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After setting ambitious targets in its 2020 investor day, Goldman Sachs has been making good on its promises across all areas of the firm.
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The bank hopes to profit from the normalization it expected in 2021, if borrowing picks up and rates rise in 2022.
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More than five years after succumbing to one of the biggest consumer abuse scandals in history, Wells Fargo still faces significant regulatory challenges.
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The firm’s old businesses shone in 2021, but what was once the ballast to stabilize their volatile earnings is now the growth story.
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The transition of most of the global financial markets away from Libor and the adoption of risk-free rates is finally upon us. As the clock counts down to the demise of Libor for all new contracts, the focus is firmly on where the sticking points remain: the ‘tough legacy contracts’ and the US dollar loan market.
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OTC Markets shows that both medium-size domestic companies and large overseas ones can be publicly quoted in the US without exchange listings.
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Chief executive of commercial banking Doug Petno says advanced payments technology rather than lending is the key to winning mid-market clients.
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A new venture capital investment firm targeting private technology companies is deploying a multi-directional strategy that it hopes will make money from start-ups that are overvalued as well those on the rise.
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The Japanese currency continues to slide as traders anticipate interest-rate movement in the US, but even the Fed's hawkish tilt does not guarantee that this direction of travel will be sustained.
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Bank of America’s global and Asia-Pacific heads of receivables tell Euromoney how their artificial intelligence-powered intelligent receivables service has slashed client-matching error rates.
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Andrew Cohen, executive chairman of JPMorgan Private Bank, talks to Euromoney about the war for talent, why diversity and inclusion have never mattered more, and what markets the private bank has in its sights.
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Intense competition for assets means that risk is being mispriced.
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JPMorgan Chase can be a winner in global digital retail banking according to Sanoke Viswanathan, the bank’s head of international consumer growth. With European expansion starting in the UK under the Chase brand and growth in Latin America through a stake in Brazil’s C6, Viswanathan insists his firm is in this for the long haul.
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A lawyer with a specialism in helping Chinese companies to float in the US is among the cast of characters working on Donald Trump’s Spac.
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Citi hopes to gain an edge in the highly competitive – and lucrative – securities services market by teaming up with data cloud company Snowflake to improve information flows across transactions.
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Analysts press chief executive Jane Fraser on why returning capital to shareholders isn’t a higher priority given the returns gap to peers and Citi’s low stock price.
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Speakers at the IIF’s annual meetings play down worries over inflation, even as they recognise the short-term disruptions of the pandemic.
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JPMorgan’s chief executive packs just as much of a punch online as in person.
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The only way banks can fully embrace the blockchain technology now transforming finance is by dealing in cryptos.
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Global investors shrug off Evergrande’s woes and welcome a new link to China’s onshore bond market.
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Derivatives could turbocharge environmental, social and governance markets, with a related boost to bank revenues. However, they could also make it harder to monitor exposure.
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President Joe Biden’s next round of regulatory nominations might make this year’s surge of regional bank M&A short lived.
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Adewale Ogunleye was rich and already retired from American Football when he learned what a basis point was. He’s now head of a new UBS wealth segment called Athletes & Entertainers that helps sports icons and singers plan their financial future.
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Neobanks are targeting less wealthy people in both developed and developing markets – a constituency that has traditionally been neglected by incumbent banks because of legacy costs. But it’s an increasingly political issue and where does this leave people who still need access to cash and branches?
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Appetite for emerging market risk is much lower in the wake of Covid-19 than it was after the global financial crisis. This is the result of a mix of technical and fundamental factors, but it is primarily driven by the spectre of the emerging markets’ Achilles heel: inflation.
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Kevin Sneader’s next move has been widely discussed since it became clear he would serve only one term as global managing partner at McKinsey. Now that he has turned up at Goldman, it seems a logical move.
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The US bank has launched the next generation of its global virtual account management solution to clients in the UK, Ireland and the Netherlands.
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The latest strategic move by Citizens aims to help it meet its goal of servicing bigger clients with more products.
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Barclays wants to be compared with the big five US investment banks. So let’s do that.
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The big six US banks are releasing the loan loss reserves they built up in the pandemic. Where might this end? The answer could be surprising.
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There’s a clear role model for US-Japan tie-ups in New York investment banking. Can the new partnership between Jefferies and SMBC follow it?
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In a market of more than 5,000 banks, competition in the US is fierce. But among the clutch of sizeable regional banks, one firm has seen a remarkable transition since its IPO in 2014, under the steady leadership of chief executive Bruce Van Saun. Citizens wins the award for the US’s best bank.
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The period of this year’s Euromoney Awards for Excellence, covering almost exactly the complete market cycle of the pandemic, exposed the need for an investment bank franchise to be unusually adaptable if it was to serve clients over that period.
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Beijing made clear this week that it is determined to stop its firms from selling shares in New York. A simultaneous crackdown on ride-hailing firm Didi also offers a timely reminder to global investors that China is no longer committed to market reforms but to ideology and sovereignty in the Xi Jinping era.
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New platforms that underwrite and process invoices due from large creditworthy payers may encourage bank and institutional financing for small and medium-sized enterprises.
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That distant sound is the warning bell as bond investors’ desperate search for yield leads them down ever-risker paths.
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Banks received a mostly clean bill of health from the Federal Reserve’s latest stress tests. After a catastrophe like Covid, does that mean the sector is now safe?
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What worries the wealthy most? It is a question that provides answers the rest of us would be wise to heed.
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We are at the peak of the hype cycle for central bank digital currencies, now being touted as one of the most fundamental innovations in the history of central banking. It is time for central banks and governments to be honest with unenthused populations. CBDC can’t deliver all the many promised improvements. As we come to design choices, there will be trade-offs. We might get improved payments but less credit. We could see greater financial inclusion but will lose privacy. Are the few benefits really worth the risk of disrupting the financial system?
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Buying robo-adviser Nutmeg is a bold and telling first step for the US bank’s new digital banking venture in the UK.
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With the acquisition of 80 east coast branches and a slug of online deposits, Citizens has added even more firepower to its national expansion ambitions.
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The US Federal Reserve has been clear that its policy of quantitative easing will only change when the data on unemployment and inflation changes. Meanwhile pressure from this policy is building in the banking sector, as well as the treasury and repo markets. As bank chief executives prepare to make their case to the Senate banking committee, is it time for Fed chair Jerome Powell to think again?
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The asset cap imposed on Wells Fargo in 2018 has forced the bank to operate as efficiently as it can. Jon Weiss, CEO of corporate and investment banking, tells Euromoney that risk management remains his priority.
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Most speakers at Isda’s annual meeting avoided mentioning the Archegos Capital Management blow-up. IOSCO head Ashley Alder didn’t get the memo.
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The ongoing market and economic impact of Covid-19 is likely to trigger a more active approach from corporates to their cash strategies.
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The implosion of Archegos has ripped away the veneer of conservatism and safety that the family office has long enjoyed. It has also emphasized the lack of clarity about what the industry is and its lack of oversight.
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2020 was a breakout year for China’s financial and capital markets. The next 12 months could be just as busy, as regulators rush to approve a host of licences lodged by global financial institutions.
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US hedge funds have cleared the way for more activist-style investing in European financial institutions. Now some home-grown activist funds are targeting banks too. They will need to adapt their tactics, but underperforming bank chief executives have another reason to be worried.
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European football is hardly a model of sustainability at the best of times, but JPMorgan is to be commended for its noble attempt to make it even worse.
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Banks are refining their sustainable cash-management offerings, seeking to align their corporate sustainability strategies to financing and treasury actions.
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The US investment bank sidesteps an avoidable reputational own goal as a planned football European Super League collapses.
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As US Spac deals start to slow after an extraordinary first quarter, any new growth must come from outside the US
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The Israeli fintech grew fast through the pandemic turmoil. As it prepares a full launch in the US, it will be listed on Nasdaq, but not through an IPO.
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Buying a 10% stake in China Merchants Bank’s wealth management arm for $415 million gives JPMorgan greater access to China’s vast private wealth market. It is a deal that benefits both parties, and underscores JPMorgan’s quiet but concerted success story in Asia’s largest economy.
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Siebert Williams Shank is a top-10 lead manager for municipal issuers. Chief executive Suzanne Shank explains how a merger and building capabilities in commercial paper, share buybacks, corporate bonds, ECM and Spacs show the firm’s determination to keep growing.
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Non-fungible tokens are the inevitable end-product of the current everything bubble.
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The former head of Credit Suisse has a network of wealthy investors to provide patient capital to a target and a vision for growth from his time at Prudential.
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Black-owned broker-dealers have largely been excluded from the mainstream of corporate debt and equity capital raising. The bulge-bracket banks are now working to correct this, inviting firms owned and staffed by racial minorities, women and veterans to lead their own deals and showcase their capabilities to corporate clients.
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The data-cloud company has laid down an intriguing marker for its peers
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Deliveroo’s pending stock sale gives London a much-needed financial boost, but the global IPO market is becoming a straight fight between China and the US.
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Citi’s new CEO Jane Fraser set out her vision statement this week. It was solid stuff, but Euromoney suggests some bolder moves for the US bank in Asia, including a secondary local listing, and the creation of a new position of co-CEO, to be installed in a region vital to the bank’s future.
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The February sell-off in US treasuries was short-lived, but it highlights the dangers in long-dated bonds.
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Heads of research are seeing increased demand from clients for FX market intelligence, as a focus on reflation has created a complex investment environment in which investors are grappling with the question of when reflation becomes inflation.
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Citadel founder Ken Griffin may have felt more annoyed than threatened by his day testifying to Congress about volatility in GameStop and other stocks popular with retail investors, but scrutiny of market making and clearing is set to increase.
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The link between share ownership and voting rights has been weakening for a long time. With dual-class share structures more popular than ever, is the struggle to resist their rise now over?
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IPO volumes for special purpose acquisition companies have been extraordinary since the start of 2020, but looking at them through the lens of future M&A is when they start to look most shocking.
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If bankers and investors thought they were having a hard time navigating the never-ending flow of Spacs, they should spare a thought for the regulators.
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The dinosaurs of the banking world have recognised the threat from crypto. While there is no simple choice yet for fast and cheap cross-border payments, near instant domestic payments are the new reality.
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More companies are preparing to accept payment in crypto as the number of customers with digital wallets swells. But a confusing proliferation of payment methods means that innovation has made collecting payments harder, not easier.
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The Churchill Capital deal for electric vehicle maker Lucid was long rumoured. The share price fall when it was confirmed raises questions for regulators.
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Just when you thought the Spac market couldn’t get any hotter, news emerges that it is now backed by its very own rap artist.
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The Australian financial services company has announced a profit guidance upgrade prompted by a win from its commodities business thanks to the crisis in Texas. It’s a bad look, but it illustrates both a complex and flawed market, and a bank with a great eye for a niche.
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Investors modelling prices from data across fragmented and illiquid bond markets find that cloud computing brings speed, while AI offers precision.
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Mid-market specialist DC Advisory has come a long way since its days as a unit of Close Brothers. UK chief executive Richard Madden reckons its acquisition by Daiwa and subsequent build-out of a more coherent international franchise has stood it in good stead.
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Defining the boundaries of accuracy is crucial to useable financial forecasts. Experts are, nevertheless, reluctant to advocate omitting data that has previously proved of no value.
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Crypto enthusiasts have hailed the electric car company’s announcement it will accept payment in bitcoin as a ringing endorsement – but not everyone is convinced.
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Mobilization of angry hordes is easy: those wishing to keep order are already being left behind.
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Anchor investors usually come into a Spac through a pre-merger Pipe deal. But the latest Europe-focused vehicle has brought them in from the very start.
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When Robinhood stopped retail investors from buying more GameStop shares in their battle with the hedge fund short-sellers, it put itself squarely in their sights.
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The wild markets of March 2020 revealed the capacity for severe dysfunction in what should be the soundest market of all – US treasury bonds. Can any market be expected to cope with such conditions without extraordinary help?
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When the panic of March 2020 hit, did corporate debt fare better than Treasuries?
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The bubbles in crypto and small-caps look obvious, but most markets are over-inflated and it is a fantasy that banks are immune to the risks.
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Goldman’s chief executive David Solomon isn’t impressed by Spac deals from Credit Suisse and Citigroup.
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The US president’s prompt action in rejoining the Paris Agreement has given encouragement to environmentalists at home and abroad. What should be next on his green hit list?
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An abundance of low-cost finance and soaring stock market valuations are driving M&A towards record levels. But as M&A fever spreads, so riskier deals based on more dubious logic are appearing.
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SoFi had plenty of options, so its choice of a Spac validates that structure for listing and raising capital. Can it now challenge the biggest US banks?
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Gary Gensler could start his tenure running the Securities and Exchange Commission with a dramatic flourish by taking steps to burst the bubble in special purpose acquisition companies.
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More Asian entrepreneurs are going to New York to raise money for Spac listings. Should Singapore’s SGX seek to intercept these listings?
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The latest move by an asset class that just can’t keep out of the news is less surprising than it might appear.
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In creating a single wealth management platform, called Citi Global Wealth, the US bank is recognizing its shortcomings and planning for the future.
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It’s a new year, but Spacs are still facing the same old debates – with a few new twists.
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A ban by the Office of the Comptroller of the Currency on banks denying services to whole sectors could hit their corporate responsibility efforts
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In publicly breaking with Trump, banks and corporates are set to make scrutiny of their choices more intense, not less. This is a good thing.
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The broker-dealer posted stellar investment banking and markets numbers for 2020 – and reckons this is just the start.
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Agreement on the long-awaited US coronavirus relief bill has created further downward pressure on the dollar at the start of a year in which analysts expect economic headwinds to devalue the greenback.
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A strong year means chief executive Bruce Van Saun is in the enviable position of having options.
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As government debt burdens keep rising to fight the virus, so do the chances of sudden sell-offs that could suck all markets into a vicious downward cycle.
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The investment bank profited in markets and capital raising, as acquisitions set it up for the future
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A drastic management overhaul will please some, but chief executive Charles Scharf still has much to do – especially after Covid-19.
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The US firm is changing in subtle ways that are proving to be productive.
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Its cautious approach means the bank underperforms in some areas, but its management prefers it that way.
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The ICG managed price and counterparty credit risk well, but regulators see control deficiencies across the bank that they demand be addressed.
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Banner year for CIB helps pay for big provisions, while bank sticks to strategy of investing for growth.
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Selling its US bank to PNC fixes BBVA’s capital problem and allows it to consolidate in Spain. Arch-rival Santander’s similar troubles may be harder to solve.
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The chief executive of PNC Financial Services is making good on his plan to deploy the proceeds from this year’s sale of its stake in BlackRock in support of its national strategy.
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Fear of Chinese advances with programmable money and Facebook’s Libra are pushing central banks to digital currencies, which may transform financial markets.
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Corporates borrowed their way through the crisis of 2020. What might happen next? Seven months after the first lockdowns began in Europe and the US, is coronavirus now priced into debt markets?
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Whoever eventually wins the US election, stock markets will likely do well thanks to Fed QE enabling fiscal stimulus, but polarization itself is a threat.
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An SEC-registered transfer agent buying an SEC and Finra-registered broker dealer and alternative trading system may boost trading of private equity security tokens.
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Within three years a quarter of Europe’s bank branches could be closed – more if the rising M&A wave strengthens. When banks shout about investing in digital for their customers, they want investors to hear they are cutting costs. In the rush to become tech companies could they lose what keeps customers loyal?
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Politicians in the US and China warn of decoupling, but at a financial level the two countries are closer than ever. China needs US money and help to build its capital markets. US funds are snapping up mainland securities as they tap into the great investment opportunity of the 2020s. It’s a perfect match.
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A dispute with investors means that adding capital raising to direct listings won’t happen as quickly as stock exchanges would like.
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For an IPO alternative designed not to give a first-day pop, liquidity is the real measure of success.
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A specialist calculation agent reckons now is an ideal time to break into a busy region for equity-linked deals.
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Private banks are having a good pandemic, streaming Covid-themed webinars to high net-worth clients. Now they’re competing with each other to hire the biggest names in US politics to explain to wealthy investors what Trump or Biden will do.
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As the second wave of the coronavirus hits, The Hut Group may win from new lockdowns after completing the biggest UK IPO in five years and largest ever for a tech company.
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There’s no point attacking banks for filing suspicious activity reports as they are required to, but they must work better together with law enforcement to fight financial crime.
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Multi-dealer platforms may remain bullish about their prospects, but if other banks follow Citi’s lead and pull away from them, market share may continue to fall.
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China’s new ‘dual circulation’ economic system aims to slash imports while keeping export growth high. Analysts say it is simple protectionism and will only lead to more trade conflicts.
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Everything points to intense pressure for Hong Kong’s markets: global pandemic, geopolitics, local unrest. Yet HKEX just had a record first half. Its chief executive explains why.
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Large banks have spent billions on IT to efficiently process standardized products, leaving an opening for local lenders that offer a banker to talk to.
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Brazilian bank set to take in US firm’s domestic bankers and clients.
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The bank’s new Development Finance Institution could move the needle in helping developing economies meet the UN’s sustainable development goals. Euromoney talks to managing director Faheen Allibhoy and chair of the governing board Daniel Zelikow.
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It seems odd that a good soldier like Mike Corbat should hand to one of his colleagues the tough task of leading Citi through the Covid battlefield.
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APFC chief executive Angela Rodell sees opportunity in the Covid market disruption.
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Environmental, social and governance (ESG) investing is moving beyond a compliance-focused cancel culture, giving US banks an undeserved chance to win market share from European firms.
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The prospectus for the defence technology company’s stock listing contains some extraordinary claims.
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By clinging to the rhetoric of protecting fossil fuel jobs, Trump is helping no one.
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The US and China are growing apart by the day, and whether Trump or Biden is in the White House come January may make no difference. What does this mean for financial institutions everywhere?
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Unprecedented oil volatility and gold at a record high may tempt banks back into commodity trading, but conflicts of interest with ESG goals could quickly emerge.
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Goldman Sachs’ chief executive David Solomon could become a symbol of Wall Street indifference to the plight of others.
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JPMorgan chief executive Jamie Dimon indicated that trading revenues could fall by 50% from their current elevated levels, but the boom has already helped to offset Covid-related loan provisions.
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To succeed, you have to be national: for Bill Demchak, chief executive of PNC Financial Services, it’s the mantra that has guided his strategy since taking over the reins of the firm in 2013.
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Goldman Sachs’s first ever investor day in January 2020 might have left more questions than answers around the firm’s forays into the brave new worlds of consumer and transaction banking. But one thing was unshakeable – its investment bank franchise. This year it is our choice as the US’s best investment bank.
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Income, racial and gender inequality have been at the top of the news agenda for months. The financial sector now needs to go beyond programmes, initiatives and box-ticking and embed diversity and inclusion into all it does.
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How one US health-insurance plan looked after itself and the providers its policyholders rely on when routine treatment demand started to dry up.
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A quick reaction to warning signs in Asia meant Atlantic Natural Foods was better positioned than some to deal with Covid-19 – but it still needed flexibility from its bank
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Bill Demchak, CEO of PNC Financial Services, has spent years building the firm into a formidable force; its exit from BlackRock now sees it on the cusp of a new era.
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Goldman Sachs has launched its transaction services business in the US, trusting that its superior tech will be enough to beat the incumbents.
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The US investment bank is finally enjoying the fruits of a decade of investment in Asia. It has spent big to hire the bankers and analysts it needs to drive deal activity in China, Japan and Australia. Now the hard part starts – making money.
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Goldman Sachs chief executive David Solomon’s decision to back a rival to Democratic politician Alexandria Ocasio-Cortez may come back to haunt him.
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The Hertz share sale saga has baffled many in the industry, but it has illuminated a new type of feral retail investor that is winning grudging respect from some of the financial industry’s aristocrats.
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US users see weaknesses in transaction cost analysis and order management integration.
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Will forcing all foreign firms to comply with US audit standards be the straw that breaks the camel’s back in Beijing?
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BlackRock’s contract with the Federal Reserve to support the corporate bond market leaves the world’s biggest asset manager with no room for governance error.
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Investors looking to profit from – and hedge against – credit deterioration due to Covid-19 will need to pick their spots when fighting the Federal Reserve.
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Companies never want to sell equity at rock bottom prices, but bank lenders will often only relax covenants and hold off seizing assets if new capital comes in below them. Enter private equity managers with dry powder, snapping up big preferred stock deals to help cash-strapped issuers bolster their capital structures.
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Appetite for Special Purpose Acquisition Companies is growing as investors find comfort in their new structure. Market participants expect more to come this year along thematic lines, with the first ESG Spac launched in May.
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Central bank intervention has delayed the deluge of insolvency that Covid-19 lockdowns will cause, but it can only plug the dike for so long. Lenders face the grim prospect of deciding who to save and who to let go.
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JPMorgan is in discussion with more global banks, corporates and third-party service providers to join its Interbank Information Network.
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Bank of America has seen mandates increase in the last month as digital solutions become increasingly important to overcome isolation and social-distancing rules.
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After brief illnesses, JPMorgan’s Jamie Dimon and Morgan Stanley’s James Gorman were back on form in this month’s earnings calls.
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Some parts of US investment bank earnings in the first quarter of the year looked more like boom than bust as record trading and debt issuance helped offset weakness elsewhere. Now the banks are building reserves to prepare for coming out of lockdown
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Alternative data can tell in near real time the story of economic and financial market disruption now playing out, but asset managers need artificial intelligence to read it.
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With offices deserted across the world as coronavirus takes its toll, a virtual dataroom and online M&A software service company may be more relevant than ever
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Private lending vehicles that are structured to maximize fees are looking dangerously fragile, and mismarking of asset values could spark legal disputes.
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The world’s community banks, credit unions and CDFIs have been taking concrete action to help their clients, communities and employees respond to the coronavirus Covid-19 crisis.
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The Federal Reserve’s expanded bond buying commitment underscores that the safest hedge at the moment is a security that can be sold to a government.
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Digital asset manager Wave Financial may have found just the right moment to launch its whiskey fund.
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Warren Buffett can take his pick from public companies with beaten down stock prices at the moment, but he may be interested in buying privately held Bloomberg.
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Investors, governments and central bankers are using new sources of data to understand the impact of the Covid-19 pandemic.
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The Fed has provided abundant financial support to the core government bond markets to little effect and may now need to ease rules on dealer banks.
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In giving aid to the US, the Jack Ma Foundation has an important message for Trump: close borders to contain a virus, not to contain China.
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The economic collapse now spreading as fast as the coronavirus requires credit channels to be kept open, but it needs precious funding to flow through them even more.
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UPDATED March 20: Corporate bond market volatility returned with a vengeance in early March as the coronavirus struck. Will the growth in ETFs, together with advances in portfolio trading, mean the market is better able to cope with crisis than before?
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True innovators look for new data points to predict delinquency, as traditional credit raters load more transaction history into their scoring models.
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It has taken the climate crisis to bring our collective focus onto the role of financing and the role of banks.
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The big acquisition makes strategic sense as a bet on convergence between high net-worth financial advisory and self-directed trading, but M&A deals can founder on culture.
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JPMorgan doesn’t do things by halves; it has just moved almost everyone at the top of its investment bank and created what amounts to an internal boutique.
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Should spirituality be one of the lenses through which the wealthy manage their money? Faith-based investors certainly think so. Euromoney talks to funds and wealth advisers who believe that positive energy or religion-driven strategies can bring enhanced returns.
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The Federal Reserve’s current balance sheet expansion is handing trading profits to big banks.
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The 150-year old bank looked inspired by Apple.
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The investment bank will no longer IPO firms without diverse directors.
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The investment banking co-head is proud of his RoE, while the securities team seems subdued about the task ahead.
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In applying for exemption to the requirement to disclose an ETF’s portfolio, Goldman Sachs joins a small group of firms testing a new approach.
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Expect the unexpected with the former PM at a Vegas bunfight.
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FASB chair grilled by US lawmakers over implementation cost of new accounting rules.
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Dealmakers are optimistic about a pick-up in large deals and outbound M&A from Europe this year, but the need for regional consolidation is more urgent.
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Calm in the money markets over the new year will not silence growing calls for the Federal Reserve to provide a standing repo facility.
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The premium price for its acquisition of Plaid shows Visa’s determination not to be left behind in the fintech-led transformation gathering pace across financial services.
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The global bank has refreshed its senior management but needs to start demonstrating its platform can deliver best-in-class returns.
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The world-leading bank aims to stay big with long-term investments, no matter what difficult conditions the market throws up.
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The investment bank’s move into new business lines is proving tougher and more expensive than expected.
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Backed by a powerful domestic franchise, Bank of America is performing well through turbulent markets.
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Italy’s biggest bank has surpassed expectations; higher dividends and share buy-backs could maintain its appeal.
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With wealth management outperforming even its senior management’s expectations, the US firm is looking to build in other areas.
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After a stellar year for emerging market bonds in 2019, the world’s largest EM bond house says returns don’t look so rosy for 2020.
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Exchange-traded funds (ETF) replication together with growing automation could be set to transform bond market liquidity.
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The US firm is cutting just under 2% of its workforce, a reflection of what could be coming in 2020.
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Excitement at the prospect of Goldman’s first investor day is mounting.
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Could the direct listing format withstand an injection of primary capital-raising? Yes, but not without complications.
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Cross-border instant payments gain traction, although the trend is not moving fast enough, say industry experts.
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When RBS floated Citizens Financial in 2014, it was the biggest bank IPO since the financial crisis and investors were sceptical of its prospects ‒ five years on and RoE and EPS have doubled, the stock trades at a premium, and the bank has shown it can compete with bigger US banks and non-banks alike. Chief executive Bruce Van Saun discusses what comes next.
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Concern is again growing over unsustainable lending to over-leveraged borrowers, financing vastly overpriced assets that are subsequently securitized; only this time it isn’t mortgages – it’s student loans.
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A deep and sustainable private-label RMBS market has always eluded the US thanks to the insuperable competitive advantage enjoyed by the GSEs; that could change if plans to remove these guarantees for higher-risk mortgages go ahead.
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Elizabeth Warren is showing a unique ability to get under the skin of Wall Street leaders as the US presidential election season heats up.
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Wall Street leaders alarmed by the prospect of a populist anti-finance president such as Elizabeth Warren or Bernie Sanders were given some hope when Michael Bloomberg declared his candidacy for the Democratic nomination.
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A $30 billion bond from AbbVie has given US dollar investment-grade corporate debt volumes a boost late in the year, but net issuance is down and the outlook is mixed. Little visibility on large M&A financings is combining with liability management and late-cycle caution to mean that 2020 might be worse
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Why does the tech behemoth want to provide current accounts for users? It’s the data, stupid.
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Santander targets US retail deposits, as Goldman's Marcus finds online lending tougher than expected.
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The benefit of banking digitally is that customers have an immediate record of their spending, but they don't want an app that judges them at the same time.
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New proposals by the SEC have shaken the investor community, threatening the ability of smaller shareholders to file resolutions and potentially preventing ESG issues from being heard.
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The US private label RMBS market is set to surge if Fannie and Freddie stop guaranteeing higher debt-to-income mortgages in 2021, but eager investors should approach the sector with care.
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Thoughts of a possible Democrat victory in 2020 are already giving some concern to investors.
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The ridesharing company’s foray into financial services is a questionable decision given the company’s dismal financial results.
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The political and regulatory backlash has driven leading payments companies out of the Libra association, but a new version of the revolutionary stablecoin may yet appear.
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The desire to bring secondary-market trading to illiquid private equity is growing.
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The failure of the We Company IPO and the poor performance of Uber and Lyft suggest that investment banks have lost their ability to price IPOs. But it also raises deeper questions. Were the elevated paper valuations of private companies a fantasy of wealth creation that could never be realized? Is the new private equity capital market, which seemed to be maturing into institutional-grade infrastructure in the last 18 months, broken?
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While the IMF highlights mispriced corporate debt as a systemic danger, so too is misvalued unlisted equity.
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The SoFi co-founder’s second act involves eliminating ‘rent seekers’ from the capital markets. Securitizing blockchain-originated loans will go some way towards demonstrating if it can be done.
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A mixed third-quarter earnings result showed how Goldman Sachs’ investments in new ventures are dragging on returns, but CEO David Solomon argues they will pay off over time.
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A new approach to going public has so far been tested by only two firms, but the people who did those deals see them as the start of something bigger.
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The EMEA treasury director at CBRE says: 'Treasury can be truly transformed by introducing technology.'
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The bank's head of treasury and trade solutions, EMEA, says: 'In transaction banking, we see exponential growth.'
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The head of channels, analytics and innovation for treasury services and head of blockchain initiatives for corporate and investment banking at JPMorgan says: 'The boundaries between technological innovation and product development are blurring.'
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Sustainable finance initiatives are great, but now is a good moment to take stock of the progress on commitments already made.
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Carbon markets, particularly offsets, are shaking off their past and becoming a vital instrument for reaching CO2 reduction goals, protecting and conserving biodiversity at scale, as well as meeting many of the UN Sustainable Development Goals. They need to succeed.
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As in financial advisory, so too in asset management: data scientists are the new talents Lazard is seeking to bring in alongside its portfolio managers and analysts.
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The winners in M&A advisory are supposed to be the firms with the best-connected and most-knowledgeable industry experts to advise chief executives, but Lazard’s CEO wants more data scientists to help advisers upgrade their tools for predicting how shareholders will respond to takeover deals.
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It was just what the regulators didn’t want: another surge in Sofr just as the timetable for transition away from US dollar Libor enters its critical phase.
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It might not happen, but if the US president were to stop Asian firms listing in the US, it would help a sector that has watched business slip through its fingers.
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Europe’s banking sector’s investment in fintech and ESG merits more confidence than their exposure to negative European Central Bank rates might suggest. On these counts, the US banks may be lagging.
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The US Business Roundtable has changed its statement of purpose to indicate that shareholders’ ambitions for profits have to be balanced with society’s goals, but what is it that these chief executives plan to do?
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The retirement of Goldman Sachs securities co-head Marty Chavez leaves trading veteran Ashok Varadhan looking isolated.
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To date, the transformation of financial services through new technology has been a success story, but regulators are becoming more nervous.
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A lack of regulation and standardization creates opportunities for businesses that can create a one-stop shop for all blockchain trade finance needs. So who is doing it?
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Fifth Third is the latest US regional bank to grasp an opportunity to build out its investment bank, by bolting new expertise on to an area in which it already has a strong presence.
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Lower yields on 10-year US government bonds than two-year notes may presage recession and further pain for equities, credit bonds and currencies.
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The regulators want overnight rates to become the norm in all markets after Libor – that could be wishful thinking.
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There is far more financial risk in the system resulting from climate change than we fully understand. The sooner we bring it to light, the better for all of us.
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Libra is designed to improve on the slow, costly and painful process of transferring money across borders through the banking system, but Facebook faces a long fight to launch it.
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If there is one refrain that crops up when some Morgan Stanley executives talk about their business, it is “critical judgement”. It refers to those key moments in a deal when the firm’s advice will be the defining factor in determining success. Time and again in the last year it has got these moments right, making it the US’s best investment bank.
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Superlatives seem tailor-made for JPMorgan Chase. It is the most profitable bank in the US, with record net income and record revenues in 2018 – a feat repeated in the first quarter of 2019. And its extraordinary overall performance is built on the unshakeable foundation of its US franchise, making it our choice this year as the US’s best bank.
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The Bank of England and Federal Reserve begin to build the bulwarks against Facebook's cryptocurrency Libra.
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The field of contenders in the race to succeed Mark Carney as governor of the BoE is widening to include some unlikely names.
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The first global banker, from the 1970s.
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The technology pioneer of the 1980s.
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2018: Euromoney was involved in the succession planning at Goldman Sachs and proposed a bold experiment in digital banking recruitment (from the imagination of Jon Macaskill).
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1998: As the 1990s came to a close, Euromoney spent time in the US with Sandy Weill and Jamie Dimon, watching as LTCM imploded and the Glass-Steagall laws were repealed (from the imagination of Jon Macaskill).
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2006: In the approach to the 2008 global financial crisis, Euromoney became concerned about hidden risks and complications in the structured credit markets (from the imagination of Jon Macaskill).
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Veteran investor Carl Icahn has filed a lawsuit accusing Occidental Petroleum chief executive Vicki Hollub of being played by Warren Buffett in accepting aggressive terms for a $10 billion financing from Berkshire Hathaway to complete an agreed bid of around $56 billion for Anadarko.
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Wealthy clients increasingly need international products and services. The opportunities are clear for those who can stomach the regulatory hurdles of cross-border business and who can leverage their retail or investment banking connections. Technology investments are crucial, but the competitive landscape is opening up.
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A case by Hong Kong’s ICAC against an individual on bribery charges is another example of Asia-Pacific regulators targeting the person as well as the institution.
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Move adds offshore platform for private clients; bank argues BAC Florida Bank deal adds to its story as the momentum play in the market.
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Long-standing fears that the business model cannot work have hit Uber’s post-IPO performance.
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Greater consideration has to be given to financing conservation. That includes questioning the financing of firms that produce pesticides and herbicides.
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Ten years on from the crisis, Morgan Stanley was already a different animal, with a shift to half its revenues generated from wealth management – what will it look like in another 10 years? Maybe more like Bank of America or JPMorgan…
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TNC aims for $1.6 billion impact of blue bonds by 2025; Morgan Stanley commits to financing plastic reduction for oceans.
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Non-profit organization Virtual Enterprises International held its annual gala at Cipriani in New York City in April.
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Expectations of the valuation investors are likely to put on Uber when it lists are falling in line with the shares of its closest competitor that beat it to public ownership.
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Big pools of private capital, led by sovereign wealth funds, private equity sponsors and family offices, now dominate capital formation in the key growth industry sectors of technology and biotech and the expanding markets of Asia. New tech will let networks of private investors connect and exchange it more easily.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Closure of second investigation brings embarrassing episode to an end.
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Protectionism is undermining an otherwise moderate global outlook as growth continues, labour markets tighten and geopolitical crises calm.
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Firms are funding social and environmental projects on the one hand and fossil fuels on the other – it’s time to show they care.
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JPMorgan Chase to stop financing private prisons; Aspiration shows values-based banking model.
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Macro and monetary policy factors are affecting some currencies more than traditional commodity triggers.
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The rationale to accelerate cuts in its US investment bank is obvious, but an orderly withdrawal will be hard to execute.
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JPMorgan is trying to advance its master plan for global fintech domination with a discipline that is often lacking in a sector better known for wildly over-promising than actually delivering practical solutions.
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$500 million bond for affordable housing and CDFI loans.
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JPMorgan says that its new dollar stablecoins are collateralized against client dollar deposits but it also emphasizes its own strong balance sheet as surety.
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Even though this business is notoriously sticky, Goldman Sachs’ entry into cash management business could shake up the industry.
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Tired of paying what they view as exorbitant fees to the incumbents, some large US brokers, banks and financial services firms have now decided to take the US equity exchanges on at their own game. The names involved and the amount of order flow that they now control mean that – this time – it could just work.
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Tired of paying what they view as exorbitant fees to the incumbents, some large US brokers, banks and financial services firms have now decided to take the US equity exchanges on at their own game. The names involved and the amount of order flow that they now control mean that – this time – MEMX could just work.
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Wealth management was built by men for men, but now that women will become the largest beneficiaries of the $30 trillion intergenerational wealth transfer, the industry needs to overhaul itself. If it doesn’t, it will be letting down more than just its female clients.
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President Donald Trump has pulled off the almost impossible task of making America’s banks look good, if not exactly great, again.
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On January 25, after a record-breaking 35-day shutdown, a deal was finally struck to fund US government activity until February 15, but without another agreement, state agencies will again close down on that day. Equity capital markets bankers could face further disruption and precious few options for getting IPOs out of the door.
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Equity capital markets bankers are having to get more creative with their advice to flotation candidates as the US government shutdown drags on.
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Companies waiting to complete securities offerings while Washington remains deadlocked have few options – and more risk.
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The deadline looms for SEC-regulated investors to report on the liquidity of individual bond positions, but the more pressing question is the accuracy of fund valuations.
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Like most of its big US peers, Citi had a strong run in 2018
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Management is confident that its long-term positioning will serve shareholders well.
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When a plan comes together, there is a danger that complacency can creep in at any bank.
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The bank has gone from strength to strength and its tech firepower makes it hard to dislodge.
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Goldman aims to grow in consumer banking and corporate cash management.
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Collapsing equity and credit markets have little to do with a coming recession, but show a high and worrying correlation to the disappearance of the central bank bid.
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To bring about fundamental change and to find long-lasting solutions, isn’t always pretty and it is certainly not always a win-win in the financial sense.
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The US market is due a shakeout as recession looms.
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Analysts believe Virtu Financial’s acquisition of ITG is largely a positive development for customers of both firms and the wider FX market, despite lingering concerns over access to institutional customer data.
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Over the last two years, Bank of America has been overhauling its low-to-moderate income business, redesigning branches and products, improving employee retention and working with community partners, but will the bank get the credit its actions deserve?
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Analysts are reflecting uncertainty over the fallout for Goldman Sachs from the 1MDB affair, but with the stock taking a rare tumble below book value, markets seem to be pricing in much more bad news to come.
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At the tail end of 2018, banks still seem to be a long way from equality.
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$2.4 billion in dedicated mandates; expectations to reach $20 billion to $30 billion by 2023.
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Credit Suisse’s CEO says his firm stands out in Europe: the numbers suggest he’s right
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JPM wants to become the top transaction bank in the world – Takis Georgakopoulos, global head of treasury services, tells Euromoney how the bank will do it.
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Founders claim existing meat-production business model at risk from stranded assets as interest in meat-free diet grows.
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When the financial crisis hit and retail banks – desperate to cut costs – closed less profitable branches, they did so chiefly in rural towns, or low- to moderate-income (LMI) communities.
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Investors throw money at cash-burning issuers as concern over leveraged finance grows.
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A strong third quarter from Morgan Stanley was the highlight of a mixed bag of numbers, while Goldman Sachs’ incoming CFO offered more glimpses of the future.
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Morgan Stanley looks best in the third quarter, but was just pipped by Goldman over a longer term analysis
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A Greenwich investor survey projects continuing growth in fixed income ETFs as the likely response to deteriorating bond market liquidity.
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The Swiss bank is pushing into new territory by taking automated trading into a more complex and less liquid market.
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Jon Macaskill profiles the two new co-heads of investment banking at UBS.
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Investment bankers hope for an autumn thaw after a spring freeze.
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Is former ECB chief Jean-Claude Trichet the real villain of the piece?
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Strategic tensions as much as short-term underperformance brought about BAML investment banking head Christian Meissner’s departure, but the corporate and investment bank remains in a strong position
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Following a recent warning from the US Federal Bureau of Investigation (FBI) that banks were facing the possibility of an imminent global cyberattack targeting ATMs, banks are being urged to review the operating systems used to run the machines and the security measures in place to detect and prevent cybercrime.
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Without a robust mechanism for handling chargebacks, merchants will continue to face sizeable losses from both misguided and malicious fraudulent claims.
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Citi is mostly playing catch-up with its new corporate and investment banking (CIB) structure: it makes obvious sense, but despite coming later than many rivals it is still a work in progress.
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New efforts to execute equity transactions on blockchain are emerging, for now concentrated in private equity, as disruptors seek to build investor and regulatory confidence in security tokens.
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As the 10th anniversary of the failure of Lehman Brothers arrives, I have been asked to share my reminiscences of when I realized a global credit crisis was looming and why so many senior financial figures ignored my warnings.
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Delusional clients are complicating the business of collecting fees for advising on mega trades for customers such as Saudi Aramco and Tesla.
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Traders have been staying away from the Turkish currency this year as they watched a steady decline in its value against the dollar, but the recent deterioration of relations between Turkey and the US sent the currency spiralling into a full-blown crisis.
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Undeterred by the SEC’s recent disapproval of bitcoin ETFs or cryptocurrency price falls, Circle is intent on building a framework for the tokenization of finance with its stablecoin as the next big step.
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The smooth chief executive transition at Goldman Sachs will increase scrutiny on the potential succession to Jamie Dimon at JPMorgan.
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If JPMorgan CFO Marianne Lake becomes the banker most likely to succeed Jamie Dimon as chief executive before mysteriously deciding to pursue interests outside the group, she will be in good company.
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Retail investors are pulling out of ETFs – or are they?
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Stock coverage to double, says partner; hiring spree turns to the US.
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Just ten years after the crisis, banks' confidence about regulatory easing is worrying
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US asset manager sets sights on Germany with new direct lending fund.
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The case for smaller deals is clear, but pressure is building higher up the food chain as well.
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Euromoney was an accredited reporter at the Trump-Kim North Korea-US summit in Singapore in June.
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Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.
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One big deal might kick off a new round of mergers, but the risk of over-paying remains.
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Deutsche Bank’s failure of the recent Federal Reserve stress tests drew attention, but while the regulator was happy to kick the battered European bank while it is down, this was in stark contrast to its treatment of favoured home-town players Goldman Sachs and Morgan Stanley.
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Europe may not be enough after Trump’s withdrawal from the Iran deal.
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A wave of regional mergers will be the nail in the coffin of the small banks and credit unions.
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Morgan Stanley’s journey to the very top of US investment banking has been built on a fairly simple principle: to give the best advice and execution to its clients. There will be few firms that do not claim to have a similar ambition, but the difference at Morgan Stanley, under president Colm Kelleher, is just how much of the business is set up and run with precisely these objectives in mind.
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Another year, another record. TD Bank clocked up its eighth year of record earnings in fiscal 2017 and has already posted a 20% increase in pre-tax profits for the first half of fiscal 2018, indicating that it is on track for yet another triumph as it continues to build across its whole franchise. It is once again Euromoney’s pick for Canada’s best bank.
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The eighth biggest bank in the US is on a roll. It has absorbed multiple acquisitions aimed at rebalancing its franchise, broken into corporate banking and wealth management, continued its digital development but at the same time espoused a philosophy that does not consider the branch to be dead. And it has done all this without losing sight of its corporate responsibility goals. Euromoney’s choice this year as the US’s best bank is BB&T.
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A mature economy and limited room for domestic growth tends to push Canada’s biggest firms into foreign forays. And fortunately for RBC Capital Markets, they often choose to do that supported by Canada’s best investment bank.
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Having stabilized the bank after the financial crisis, Bank of America’s management conceived a simple plan for its future: maintain a diverse set of businesses but deal with less risky customers; provide them with fewer, simpler products; automate for efficiency; and then grow by doing more for these customers. Easy to say, but hard to do – it took time and billions of dollars of investment. With results now shining through, the bank that once looked too big to succeed has a shot at domination.
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Private equity house takes stake in UK payments processor
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As treasurers and banks grapple with the arrival of real-time payments and open banking, tech companies are looking at the next phase of payment developments.
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Higher merchant fees are creating issues for corporate treasurers, who are concerned with the lack of alternatives in the market.
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Goldman Sachs delivered strong first-quarter trading results that were followed by a reorganization of the management of its securities division.
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The coming move towards a Volcker Rule 2.0 that relaxes monitoring of proprietary risk taking by bank dealing desks has been portrayed as a result of president Donald Trump’s administration finally placing its preferred officials in key regulatory positions.
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Banks face a payments dilemma of either collaborating with fintechs or developing systems in-house, and the same issue is now arising in the approach to regulation and the best way to digitize compliance.
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…if you’re big, fast or specialized in modern foreign exchange. That has led to dramatic changes in the volume-based rankings in our annual survey. Meanwhile, new customer satisfaction ratings give a different insight into the banks’ relationships with their clients.
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As cities around the US see populations increase, so the smaller banks that serve low- to moderate-income urban families are being squeezed out. New York is no exception. Financial inclusion is at risk of becoming an urban myth.
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With six months to go before money market reforms are imposed on all funds in Europe, treasurers hoping to earn a return on their cash are scoping out the best options available.
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A soybean trade between two arms of Cargill using letters of credit from HSBC and ING shows the R3 Corda platform is finally set to scale up.
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The only assets CFIUS will allow the Chinese to buy are the ones China doesn’t want and won’t allow. What next?
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The challenges of regulatory compliance and cyber protection are making financial institutions think more creatively. Machine learning and greater data sharing might be the future of digital banking security.
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WeWork’s debut in the high-yield bond market was helped by investors effectively turning a blind eye to its costs of sales.
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An unusual move by a US regulator threatens to widen a conflict over potential manipu-lation of Hovnanian default swaps by Blackstone’s credit arm GSO.
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If the Securities and Exchange Commission (SEC) does decide to weigh in on the issue of whether or not Blackstone’s trading in Hovnanian debt and default swaps constitutes market manipulation, it will revive questions about SEC chairman Jay Clayton’s ties to Goldman Sachs.
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The prime brokerage market will be hoping for a boost from the imminent launch of BNY Mellon’s new service, which will represent a reversal of the trend for larger banks to leave the space.
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The threatened imposition of US-China trade tariffs this week is the most obvious sign of increasing protectionism, resulting in a push towards regional trade, but with consumers prioritizing speedy delivery, the move to source locally has other drivers.
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February’s volatility has shown that the markets may not always be there for the financing that corporates want to do and that the borrowers may not always be there for the financing that the markets want to do. Financing could be about to change – a lot
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The plight of the unbanked in the US’s poorest regions is a modern-day scandal in the world’s richest nation. Southern Bancorp is one bank seeking to address the problem. Euromoney goes to the heart of the battle to beat financial exclusion in rural America.
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It has been the busiest first quarter ever for M&A announcements. Deal makers are becoming exuberant amid strong growth synchronized across the developed markets. But rising protectionism in the biggest M&A market of all could yet turn a banner year into one to forget. Should investment bankers fear the new Trump effect?
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Ride hailing app raises over $1bln directly; banks may test regulation with lower-rated credits.
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The cat is out of the bag: the public is aware that if you want to stop something, you have to stop the financing. Right now in the US, that something is guns.
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Finance ministers and central bankers at the G20 have called for greater global coordination in their approach to cryptocurrencies, but that looks a remote prospect when different regulatory bodies in the same country cannot agree a strategy.
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New sole president’s success in building non-traditional strengths put him ahead of rival Schwartz
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Comments at Las Vegas conference suggest banks ‘should have the right to do the leveraged lending that they want’.
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Outsiders struggling to make sense of the investing tactics of SoftBank founder Masayoshi Son can take some comfort: his own directors often seem just as puzzled.
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Treasurers are naturally cautious investors, but in a time of low returns they are being pushed towards riskier opportunities.
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Comments made by the US regulator at an FX industry event in Miami in February have raised the hackles of some market participants over the thorny issue of ghost or phantom liquidity.
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Goldman CEO Lloyd Blankfein wants to remind everyone of the importance of non-static resource commitments – and how they can move in both directions.
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Blackstone-owned GSO Capital’s provision of financing for building firm Hovnanian, on condition that it defaults on debt in order to trigger a payout on default swaps, highlights the reputational risks for investors as they supplant banks in setting the agenda for the credit markets.
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The recent disclosure that rare wine worth more than $1.2 million was stolen from Goldman Sachs co-president David Solomon, allegedly by a personal assistant, raises questions about which other Wall Street titans may have suffered the indignity of losses they would rather not discuss.
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With just under half of Bank of America’s staff reporting to her, Cathy Bessant is one of the most powerful people in banking. She sees technology now developing faster than banks’ ability to implement it – or work out what to do with it – and believes cyber security to be the most important challenge of all.
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Big data concerns and growing protectionism mean many Chinese deals will stumble.
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Changes to the US corporate tax code are aimed at driving more onshore investment. For treasurers, this will mean reassessing their current global cash management structures.
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The spectre of collusion may not hang over the US wealth industry for much longer.
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Initiatives designed to attract investment to conservation got a boost at the end of the year.
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Under Brian Moynihan, responsible growth is starting to look exciting
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US firm is firing on all cylinders - even if its returns are nothing to write home about
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Stock buybacks are a landmark moment in Citi's resurgence
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Blankfein still needs to fix FICC, but the firm has other challenges
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No one doubts JPMorgan's global influence, but it still needs to fill some holes in its corporate bank
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Outgoing chief executive was determined to leave HSBC without the deferred prosecution agreement (DPA) continuing to loom over the bank’s entire business and reputation.
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It has been over 10 years since the start of the global financial crisis, which means we are overdue another one.
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Jon ‘Mystic Mac’ Macaskill looks ahead at possible highlights for markets in 2018.
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Investor Access, the electronic book-building initiative run by US-based fintech Ipreo, celebrated its first year of operation in early November with some healthy usage statistics.
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After a surprise move to make reports more transparent in the US, investors will finally have the chance to scrutinize some auditors’ decisions
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The 2017 US proxy voting season was historic: the world’s two largest asset managers backed shareholder resolutions on climate-risk disclosure. BlackRock and Vanguard, with $10 trillion in AuM between them, are becoming more transparent about their voting. They will play a crucial role in the future of ESG.
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WisdomTree Investments is the latest acquirer of an ETF specialist looking to boost its credentials in smart beta, even as analysts urge end-investors to question the validity of this new so-called asset class.
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SEC action just delays a final reckoning on the rules.
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Banks face lawsuits over pay inequity as regulators now take diversity into their own hands.
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The conviction of former HSBC trader Mark Johnson for front-running a customer FX order could transform the way dealers hedge client trades – and how they communicate with each other.
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Banks’ third-quarter results show fixed income trading still depressed and CIB revenues mostly down, but UBS is looking remarkably perky, especially in equity capital markets. What’s up?
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From integration to level playing fields: the discussions at this year’s IIF meetings in Washington were dominated by talk of combating divergence. Other familiar complaints were still present, but the overall tone was less fearful than in 2016.
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Bankers see European capital markets union as more needed than ever to help drive growth in the region, but are fretting about slow progress and a scope some feel is too narrow – however, an EU official attending the Institute of International Finance meetings in Washington defended the bloc’s approach.
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The more mainstream banks pour scorn on cryptocurrency, the greater their investing clients’ interest in new investment products for taking exposure in regulated markets.
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The lead candidate, Fed insider Jerome Powell, promises continuity and investors would no doubt be relieved to see him step up, but they might swoon if Trump nominates persistent Fed critic John Taylor.
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The level of understanding around the implementation of Payment Services Directive II (PSD2) is lacking for both corporates and consumer alike, although they are the parties that are meant to benefit.
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A lack of cooperation and coordination among regulators is increasing systemic risk.
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Some 43% of US sub-investment grade lending in third quarter of this year was to borrowers rated just single-B. Now is not the time to revisit the 2013 guidelines.
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And the big three – State Street, JPMorgan and BNY Mellon – will only be stronger.
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While foundations may be known for their giving, their investment portfolios lack creativity when it comes to solving environmental and social challenges. Some are taking their missions further.
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In true clickbait style, Euromoney offers some highlights from this year’s IMF/World Bank meetings.
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Delegates at this year’s IMF/World Bank meetings are managing to look beyond macro concerns to present a more upbeat tone.
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Bankers might have spent much of this year’s IMF meetings fretting over where they might find growth, but the only growth worrying Washington’s cab drivers was the awesome sum being raked in by the city’s traffic cameras.
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The departure of SoFi founder Mike Cagney as CEO should serve as a warning against believing the hype about fintech firms without testing the self-interested assertions of their managers.
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The 20-year-old investment bank has jumped up the advisory league tables thanks to high-profile hires from top firms. It now regularly takes lead roles in the biggest and most complex M&A transactions. Rising revenues are funding international expansion. Its aim for the future is to become a top-five global M&A adviser. But, in many ways, Evercore is a throwback to Wall Street’s past.
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As jitters about the future of high-street retail in the US and beyond prompt property investors to pare their exposure to the sector, Brookfield Property Group, one of the world’s largest, is busy ramping up.
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CLS is looking to move beyond its image as an FX market utility offering settlement plus a few extras, reorganizing itself into three distinct units – of which settlement is one – with new products announced for each.
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Goldman Sachs has laid out a three year revenue growth plan that is nothing short of extraordinary
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An appearance by a senior Goldman executive at a forthcoming conference could herald a new strategy for its fixed income franchise
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Panic buying of altcoin offerings is an obvious bubble that hints at a far more worrying loss of faith in the world monetary system
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The US Fed’s journey to balance sheet normalization might not be as steady as many have assumed as inflation stubbornly refuses to play its part.
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A seventh year of record earnings in the fiscal period 2016 – and a first half of 2017 that promises another blockbuster year – saw TD Bank prove yet again that it is the franchise to beat in Canada. The firm’s unrivalled breadth and depth secure it Euromoney’s best bank in Canada award for another year.
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Whatever clients need to do, it is a fair bet that Morgan Stanley can help them do it. The firm’s business this year in North America was no exception, and while from a league table perspective it is in M&A advisory that Morgan Stanley truly excels, its innovation and skill in all areas make it our choice for best investment bank in the US. Morgan Stanley likes uncertain markets more than some – it reckons volatile conditions are when it can best show its prowess. Nowhere was this shown better than in the unregistered block trade that the bank executed on behalf of Abbott Laboratories, which wanted to sell 44 million shares of Mylan in what was the second largest unregistered block ever.
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Years of cutting costs, simplifying structures, settling litigation and plugging holes in its coverage have brought one bank to the position where it is now firing on all cylinders across pretty much all of its US business portfolio. ‘Responsible growth’ is the guiding mantra for Bank of America chairman and CEO Brian Moynihan, and his success in putting those words into practice is why his firm is Euromoney’s best bank in the US. Moynihan might not be the flashiest of bank chiefs, but he knows his bank and he knows what clients in its home market want from it. His focus on building up the firm’s core middle-market franchise has borne fruit – not just in increased business loans but also on coverage more broadly. He drove the creation of deeper regional structures within the US, led by ‘market presidents’ who take personal responsibility for coordinating the bank’s activities across the country.
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The revival of a franchise is always a compelling story and nowhere has it been more evident than in Morgan Stanley’s markets business. For its dramatic turnaround in fixed income trading, coupled with its continued equities leadership, the bank is North America’s best bank for markets.
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Banks consistently offer more competitive prices in spot FX than their ECN counterparts — for all but a few minutes per day — according to research conducted by Pragma, a provider of algorithmic trading technology.
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Old Lane is, to many outsiders, the biggest blot on Pandit’s career at Citi. After being forced out of Morgan Stanley in 2005 by its then chief executive, Philip Purcell, Pandit and a group of close colleagues, who included now-Citi senior executives such as John Havens and Brian Leach, joined the legion of former bankers who set up hedge funds. Old Lane began operations in March 2006.
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Citicorp suffered the latest in a series of disasters when president Richard Braddock left in unusual circumstances on the eve of a crucial capitalraising exercise. Its tendency to stumble into trouble has obscured chairman John Reed's success in reviving a bank that teetered on the brink of extinction. But ahead lies the big task of changing Citi's anarchic, competitive culture, with its hunger for revenue rather than profit.
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"The grand old man of Wall Street" is a title John Weinberg, chairman of Goldman Sachs, wears uneasily.
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Everyone within hailing distance of Wall and Broad streets on the afternoon of October 19 may have experienced the same feeling: that our lives had taken one of those profound turns that would affect us in ways we couldn’t yet know.
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When Euromoney first pointed out the dangers of the leveraged buyout (April 1984) the fashion was new and exciting – too exciting, declared Paul Volcker, who subdued the general enthusiasm for a time, but the fashion came back, with complications explained in full for the first time here.
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Banking has probably changed more over the last year than it did over the previous 20, so how should a major international bank position itself in a decade in which change will probably accelerate? Here’s a case study of one strategy – that of one of the most international of all banks, the Chase Manhattan.
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A meeting was held to discuss was the major financial question to be raised so far by the Iranian crisis: why had the $500 million syndicated loan for the government of Iran been declared in default so quickly?
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A 10th anniversary essay by David Rockefeller, chairman, The Chase Manhattan Bank NA.
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David Rockefeller is a man under pressure. At 63, he has three years before retirement rules force him to step down from the chairmanship of Chase Manhattan Bank. That is not a lot of time for the tasks that confront him.