HSBC boss hopes ‘brave’ last-minute call to buy Silicon Valley Bank UK pays off April 20, 2023 HSBC’s UK boss Ian Stuart today defended the bank’s decision to buy Silicon Valley Bank UK, arguing the bank needed to be “brave”.
‘We need a new rulebook’ because ‘times have completely changed’, Blackrock’s Wei Li says April 20, 2023 The global economy has entered a “new regime” as a series of major changes transform the global economy, Blackrock’s global chief investment strategist said. Speaking at TheCityUK’s international conference, Wei Li said “the times have completely changed and we need a new playbook.” Li suggested the global economy is being affected by a series of [...]
FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
After AI update, Bloomberg looks to boost terminals with more alternative data April 20, 2023 Bloomberg will expand its alternative data offering on its terminals this summer, the company’s chief technology officer told City A.M., after the firm announced that it plans to integrate an ChatGPT-like AI model into its software. Shawn Edwards said the financial data vendor aims to bring new sets of data to its terminals alongside the [...]
Mark this Earth Day by investing in green finance skills April 20, 2023 This year’s Earth Day on Saturday should serve as an urgent call to action for businesses. As a community, we must rapidly reduce our greenhouse gas emissions and help our society adapt to human-caused climate change. If businesses are to deliver on their sustainability strategies and fund essential innovation, they also need access to well-priced [...]
Better together: HSBC defends status quo as Ping An pushes for break up April 19, 2023 The ongoing row between HSBC and Chinese insurer Ping An continued today as HSBC hit back to defend its position that spinning off the bank’s Asia business would weaken the lender. Ping An, which holds an eight per cent stake in the bank, has long argued in favour of hiving off HSBC’s Asian unit, which [...]
Credit Suisse files $440m claim against SoftBank from Greensill’s collapse April 19, 2023 Credit Suisse formally filed its $440m lawsuit against SoftBank earlier this month as it seeks to claim back funds which were locked in Greensill Capital when it collapsed in 2021. The legal action is the first since it was taken over by UBS last month. The bank said it “continues to prioritise maximising recovery for [...]
Smaller US banks still at risk from deposit outflows as investors spread their cash April 19, 2023 Smaller US lenders have so far faced a torrid earnings season as many have seen an exodus of deposits as their larger rivals rake in profits from higher interest rates. Over the course of the week a series of smaller banks have seen deposits drop. On Monday, Charles Schwab, State Street and M&T reported that [...]
Credit Suisse accused of limiting scope of probe into Nazi-linked accounts April 19, 2023 US senators have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts – including some open that were until just a few years ago. The US senate budget committee said an independent ombudsman initially brought in by the bank to oversee the probe was [...]
Morgan Stanley boss talks down banking crisis as deal-making slump hits profits April 19, 2023 Morgan Stanley’s chief executive James Gorman told analysts “we are not in a banking crisis” as he discussed the bank’s first quarter earnings. Gorman dismissed concerns that the US banking sector could face a widespread banking crisis, saying conditions were very different to 2008 and that the largest US banks were now part of the [...]