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☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

Where does the economy go from here? Consumers are feeling better, expecting that the economy will do well and inflation will subside in the coming 12 months. While the economy ended last year on a strong note, the expectation was that it would cool down as the calendar turned to 2024. Last week, the International Monetary Fund boosted its projection for global growth to 3.1% from its October estimate of 2.9%, citing “greater-than-expected resilience” in the U.S. economy. The Federal Reserve Bank of Atlanta’s GDPNow forecast has the U.S economy growing at a 4.2% clip in the first quarter.

Persons: ”, Jerome Powell, Powell, ” Powell, Lightcast, Rachel Sederberg, “, That’s Organizations: Federal, Labor Department, ” Comerica Bank, Fed, CBS, International Monetary Fund, Federal Reserve Bank, Atlanta’s, Santander Bank, ” Locations: U.S, ” Santander

☆ Santander readies sale of bad assets worth 5 bln euros- Cinco Dias
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The Polish unit of Spain's Santander (Santander Bank Polska) logo is pictured in Warsaw, Poland, May 10, 2021. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsMADRID, Oct 30 (Reuters) - Spain's Santander (SAN.MC) is planning to sell toxic real estate assets with a nominal value of up to 5 billion euros ($5.28 billion), Spanish daily Cinco Dias reported on Monday. Cinco Dias did not mention the price or potential discount on the sale of the assets, while Santander declined to comment. Spanish banks were very active in the past in shedding real estate assets that went sour in the economic slump that followed the bursting of the country's real estate bubble at the end of 2007. ($1 = 0.9469 euros)Reporting by Jesús Aguado, editing by Inti Landauro and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Cinco Dias, Jesús Aguado, Inti Landauro, Kim Coghill Organizations: Spain's Santander, Santander Bank Polska, REUTERS, Rights, Santander, Thomson Locations: Warsaw, Poland, Rights MADRID

☆ Santander raises interim cash dividend 39%
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMADRID, Sept 26 (Reuters) - Spain's Santander (SAN.MC) said on Tuesday its board had approved an interim cash dividend of 0.081 euros ($0.0856) per share against its 2023 results, up 39% from a year ago. The cash dividend is equivalent to around 25% of the group's attributable profit in the first half of 2023, or 1.31 billion euros, the euro zone's No. In February, Santander raised its dividend pay-out policy to 50% from a previous 40% of the group's profit, equally split into cash dividend payments and share buybacks. The dividend was backed by an attributable profit of 5.24 billion euros in the first half and will be paid on Nov. 2. Terms of the share repurchase plan will be set out before it starts.

Persons: Dado Ruvic, Glenn Hutchins, Hutchins, Bruce Carnegie, Brown, Jesús Aguado, David Latona, Richard Chang Organizations: Santander Bank, REUTERS, Rights, Spain's Santander, Santander, Carnegie, Thomson Locations: Rights MADRID

☆ Santander creates two new global businesses for retail, consumer areas
▼ + stars: | 2023-09-18 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

Santander Bank logo is seen in this illustration taken March 12, 2023. The new Retail and Commercial unit and Digital Consumer Bank will join Santander's other global operations in Corporate and Investment Banking, Wealth Management and Insurance and Payments, it said in a statement. The bank is benefiting from higher interest rates in Europe as it seeks to expand its investment banking business. Global heads will define the common business and operating model based on global platforms, said the bank, with all operations aligned under five global business areas. The Digital Consumer Bank will be led by Jose Luis de Mora.

Persons: Dado Ruvic, Ana Botin, Daniel Barriuso, Jose Luis de Mora, Javier San Felix, Matias Sanchez, Jose M ., Victor Matarranz, Jesús Aguado, Joan Faus, Richard Chang Organizations: Santander Bank, REUTERS, Rights, Spain's Santander, Digital Consumer Bank, Corporate, Investment Banking, Wealth Management, Insurance, Santander, Corporate & Investment Banking, Thomson Locations: Rights MADRID, Europe

☆ Polish central bank stuns with 75 bps rate cut, zloty plunges
▼ + stars: | 2023-09-06 | by ( Anna Koper | ) www.reuters.com time to read: +3 min

WARSAW, Sept 5 (Reuters) - Poland's central bank cut its main interest rate by 75 basis points to 6.00% on Wednesday, in a shock decision ahead of October elections that sent the zloty currency tumbling against the euro. The National Bank of Poland (NBP) said it took the decision because it expects inflation to return to target faster than originally expected. It said that the adjustment to interest rates would be "conducive to meeting the NBP inflation target in the medium term". NBP Governor Adam Glapinski had previously signalled that a rate cut could come in September if inflation fell to single digits. "We have already said that it is too early for a rate cut, and certainly such an aggressive rate cut, when the prospects (of a slowdown) in inflation are still distant," said Piotr Bielski, director of the economic analysis department of Santander Bank Polska.

Persons: Adam Glapinski, Piotr Bielski, J.P, Morgan, Wojciech Paczos, Jaroslaw Kaczynski, Anna Koper, Pawel Florkiewicz, Alan Charlish, Anna Wlodarczak, Karol Badohal, Marc Jones, Justyna Pawlak, Nick Macfie, Sharon Singleton, Marguerita Choy Organizations: Reuters, National Bank of Poland, Santander Bank Polska, Cardiff University, Justice, Thomson Locations: WARSAW, NBP, Poland, Pawel

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☆ Biden taps CEOs of 3M, CVS, FedEx, Citi, others to join his Export Council on trade
▼ + stars: | 2023-02-28 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden has appointed the heads of Citigroup , United Airlines , CVS , 3M and FedEx , among other top executives, to sit on a White House advisory committee overseeing international trade. The President's Export Council gives recommendations and insight into the ways government policies impact U.S. trade performance. The group also provides feedback on how Biden's trade policies are affecting businesses across sectors from industry and labor to agriculture. She previously served as chief operating officer and group president of Starbucks and CEO of Sam's Club. The Export Council features expertise from labor, real estate, national security and law, and leaders of Fortune 200 companies.

☆ Santander Bank Polska plans to share profit with shareholders - CEO
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 (Reuters) - The chief executive of Poland's Santander Bank Polska (SPL1.WA) said on Thursday the lender plans to share profit with its shareholders through "a solid dividend". The Polish arm of Spain's Banco Santander (SAN.MC) reported a net profit of 2.8 billion zloty ($654.3 million) in 2022, up 152% year on year, helped by high interest rates. "I am optimistic, because all indicators show, the huge capital surplus plus meeting all criteria to pay a solid dividend," CEO Michal Gajewski told a post-earnings media call. The bank paid a dividend of 2.68 zlotys per share on 2021 results. Chief Financial Officer Maciej Reluga added the bank expects its net interest margin to stabilise this year, provided there are no further interest rate hikes.

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