Why the Bank of England and Fed could welcome Credit Suisse and Silicon Valley Bank failures March 28, 2023 There’s been reams and reams of wild predictions about whether we’re slipping into another financial crisis, triggered by the collapse of US tech lender Silicon Valley Bank (SVB) and Credit Suisse’s arranged marriage with its crosstown rival UBS. Blackrock chief Larry Fink even warned in his annual letter to shareholders we’re slipping into a slow [...]
Deutsche Bank shares recover as market nerves settle, for now March 27, 2023 Deutsche Bank’s share price gained 5.3 per cent during Monday morning’s trading after tanking on Friday as the cost of insuring the company’s debt against default soared. The banking sector has been extremely volatile since the collapse of Silicon Valley Bank (SVB) and the emergency acquisition of Credit Suisse by UBS, with many wondering which [...]
City moves: Citi’s head of UK investment banking on the move March 27, 2023 Citi’s head of UK investment banking Andrew Truscott has been appointed CEO of John Laing Group. John Laing, which is backed by private equity firm KKR, is an investor and manager of core infrastructure assets. Truscott has been at Citi since 2018, and will join John Laing in early summer. Before joining Citi he spent [...]
Saudi National Bank chair resigns after bank loses $1.2bn in Credit Suisse investment March 27, 2023 Chair of Saudi National Bank (SNB) Ammar Al Khudairy stepped down today after the bank chalked up a $1.2bn loss on its investment in Credit Suisse. SNB said in a statement that Al Khudairy had resigned for “personal reasons” and the current chief executive, Saeed Mohammed Al Ghamdi, will takeover as chair of the lender. [...]
First Citizens Bank to acquire Silicon Valley Bank in attempt to stem turmoil March 27, 2023 First Citizens Bank announced on Monday that it will acquire large parts of the loans and deposits of collapsed Silicon Valley Bank (SVB) from the Federal Deposit Insurance Scheme (FDIC). Under the deal, First Citizens will assume SVB assets of $110bn, deposits of $56bn and loans of $72bn. The FDIC estimates the cost of SVB’s [...]
HSBC bows to Hong Kong shareholder pressure and tables Asia breakup vote March 26, 2023 Britain’s largest bank HSBC has bowed to pressure from a group of shareholders in Hong Kong and will table a vote on a proposal to revamp the business, including carving out its Asia arm. First reported by The Sunday Times, the lender revealed the vote on Friday in an update to investors. The poll was [...]
‘If all prices try to beat inflation we WILL get higher inflation’: Bailey pleads with firms to be considerate to low earners March 24, 2023 The Governor of the Bank of England has pleaded with companies to remember that inflation will drop sharply later this year when they are setting prices or risk hurting those on the lowest incomes. Andrew Bailey said that if companies set prices that help embed inflation in the economy it will not benefit anybody and [...]
What will it take for business leaders to understand the true value of cybersecurity? March 24, 2023 Business decision makers (BDMs) and IT leaders have rarely seen eye to eye. Back in 2020, an analyst report revealed that 69% of execs perceived cybersecurity to be an entirely or mostly technology area. Yet this attitude is increasingly unsustainable in a world where businesses must fight for every last contract and every last staff [...]
Cloud migration: mitigating misconceptions and genuine security risk March 24, 2023 | Sponsored Sometimes it seems like the whole world is migrating their critical data and applications to the cloud. The latest Gartner forecast estimates spending globally on public cloud services will hit $592bn by the end of 2023 – a near 21% year-on-year rise. Yet security is a persistent concern. Research reveals that it is a barrier [...]
‘When markets are weak, that’s the time to strike’: FinnCap poised for deal offensive after Cenkos tie-up March 24, 2023 The boss of London-listed investment bank and brokerage FinnCap said the firm was gearing up for a deal offensive this year after announcing a £42m tie-up with rival Cenkos Securities yesterday. FinnCap is among a host of the City’s broking and advisory firms hit by a slowdown over the past 12 months as markets were [...]