JPMorgan’s dealmaking flurry being scrutinized by US regulator – reports April 7, 2023 JPMorgan Chase is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter. The Office of the Comptroller of the Currency (OCC) in the U.S. scheduled a specific audit of JPMorgan’s deal making after the bank [...]
Analysis: After the Silicon Valley Bank collapse, is it time for tighter liquidity rules? April 7, 2023 Experts have suggested that the global banking system needs tighter liquidity rules after the largest bank run in history felled Silicon Valley Bank (SVB) last month. The impact of mobile banking, new technologies and social media means it is easier than ever to move money around. More than $42bn flowed out of SVB in just [...]
Barclays shareholders urged to vote against excessive executive pay package after ex-CFO cost bank millions April 6, 2023 Glass Lewis has recommended that Barclays’ shareholders vote against a pay plan for its executive team, citing excessive pay for its former finance chief who was in charge when a trading blunder ended up costing the bank hundreds of millions. While Barclays docked £1m from the pay of its top executives in February, proxy advisor [...]
US regulators call in Blackrock to sell stricken Silicon Valley Bank and Signature portfolios April 6, 2023 US regulator the Federal Deposit Insurance Corporation (FDIC) has called in investment giant BlackRock to sell the securities portfolios of Signature Bank and Silicon Valley Bank after their collapse last month.
UBS: Credit Suisse deal poses a ‘major challenge’ – but it won’t alter bank’s strategy April 5, 2023 UBS chair Colm Kelleher said the bank’s $3.25bn acquisition of Credit Suisse would not force it to change its strategy over the next few years, but admitted the integration represented a “major challenge”. Speaking at the bank’s AGM in Basel today, Kelleher said the acquisition was “a new beginning” and brought “huge opportunities ahead for [...]
Meet the KPMG dealmaker putting the Big 4 firm in the green energy mix April 5, 2023 Hardly a week goes by without a new survey showing the slump in M&A activity in 2022. By some estimates M&A dropped 18 per cent after the flurry in 2021. However, looking a little closer reveals a more nuanced picture. Mid-level M&A remained fairly consistent while certain sectors saw continued growth. One of the most [...]
Sketch: Nutty shareholders provide comical end to Credit Suisse’s scandal-ridden history April 4, 2023 Credit Suisse’s final AGM was a suitably bizarre event for a firm that has become the byword for corporate scandal in recent years. As many disgruntled shareholders said, the bank’s collapse has been long in the making with a reliable string of wrongdoing slowly eroding trust in the 167-year old institution. Fortunately, a slightly less [...]
Gupta-linked bank Wyelands escapes £8.5m fine for series of failures April 4, 2023 The Bank of England has said it would have fined Sanjeev Gupta-connected bank Wyelands more than £8.5 million for a plethora of failures at the winding-down lender. Wyelands was far too exposed to just one client in the form of Gupta’s group of companies – which bought the bank in 2016 – the Bank of [...]
JP Morgan boss Jamie Dimon warns ‘crisis not yet over’ and against ‘knee-jerk’ response from regulators April 4, 2023 Jamie Dimon said today that the banking crisis is not yet over as he warned the regulators against making a “knee-jerk” response to the crisis. In a letter to shareholders, he wrote “the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to [...]
Credit Suisse chair Axel Lehmann apologises to angry shareholders at fractious final AGM April 4, 2023 Credit Suisse chair Axel Lehmann apologised to angry shareholders at the bank’s last annual general meeting today in Zurich for failing to turn around the beleaguered bank that was forced into a rescue takeover by UBS last month. Lehmann told shareholders that he understood the “bitterness, anger and shock of all those who are disappointed, [...]