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UPDATE 1-EU excludes major banks from bond sales
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
It fined banks including Bank of America, Credit Agricole, Natixis, Nomura, Natwest Markets (formerly RBS) and UniCredit for breaching antitrust rules by participating in bond cartels in two separate cases in April and May this year. Deutsche Bank also participated in one of the cartels but was not fined as it revealed the cartel to the Commission. Those banks are among the EU’s 39 primary dealers, which manage syndicated debt sales for the bloc -- where they sell the debt directly onto end investors -- for lucrative fees. Spokespeople for Nomura, BofA, Barclays, Natixis, Credit Agricole, NatWest, Deutsche Bank, UniCredit, Citi and JP Morgan all declined to comment. The European Union on Tuesday raised 20 billion euros ($24.25 billion) from the first bond backing its recovery fund on the back of near-record demand.
Persons: Nomura, Spokespeople, JP Morgan, Intesa Sanpaolo, Morgan Stanley Organizations: European Union, European Commission, Reuters, , Bank of America, Credit Agricole, Natixis, Natwest Markets, RBS, Deutsche Bank, Commission, Barclays, Citigroup, JPMorgan, Natwest, BofA, NatWest, UniCredit, Citi, Financial Times, BNP, DZ Bank, HSBC, IMI, Intesa, Danske Bank, Santander Locations: AMSTERDAM
JPMorgan, Other Major Banks Excluded From Landmark European Bond Program
  + stars: | 2021-06-15 | by ( Anna Hirtenstein | ) www.wsj.com sentiment -1.00   time to read: +1 min
The European Union excluded some of the world’s largest banks from working on a massive new debt issuance program, citing recent cases in which regulators punished them for forming cartels in the bond and currency markets. The banks include Barclays PLC , JPMorgan Chase & Co , Nomura Holdings Inc. , UniCredit SpA , Bank of America Corp. , Citigroup Inc. , and Credit Agricole SA , according to an EU official. Pending the assessment’s completion, these institutions “will not be invited to tender for individual syndicated transactions.”JPMorgan, Nomura, Citigroup and Bank of America declined to comment. The EU was set Tuesday to begin issuing bonds to fund its fiscal spending plans to support member states to recover from the pandemic. The program, the first major pan-European debt program, will eventually raise around 800 billion euros, equivalent to nearly $1 trillion.
Organizations: European Union, Barclays PLC, JPMorgan Chase & Co, Nomura Holdings Inc, UniCredit, Bank of America Corp, Citigroup Inc, Credit Agricole SA, EU, European, JPMorgan, Nomura, Citigroup, Bank of America Locations: UniCredit SpA
Britain urges EU to 'expedite' financial services talks
  + stars: | 2021-06-15 | by ( Huw Jones | ) www.reuters.com + 0.00   time to read: +3 min
Tolga Akmen/Pool via REUTERS//File PhotoBritain's finance ministry has called on the European Union to open talks on financial services after the London Stock Exchange urged the bloc to avoid a retreat into protectionism. Britain left the EU in December, largely cutting off the City of London's financial services centre from the bloc. A pressing issue for Britain is that EU permission for the London Stock Exchange to keep clearing euro derivatives for EU customers expires in June next year, potentially fragmenting a major market. The EU wants to directly supervise euro clearing and bolster its "strategic autonomy" to avoid reliance on the City in financial services. "I think it's critically important for the EU to remain open and to resist the protectionist temptation," London Stock Exchange Chief Executive David Schwimmer told a separate European Financial Services conference.
Persons: David Schwimmer, Tolga, Banks, Katharine Braddick, Schwimmer, Braddick Organizations: London Stock Exchange, Change, Guildhall, REUTERS, European Union, EU, European Commission, Britain, Deutsche, City, Financial Services, Thomson Locations: London, Britain, Europe, Frankfurt
Big Banks Required to Fill Board Seats With Women Under ECB Proposal
  + stars: | 2021-06-15 | by ( Patricia Kowsmann | ) www.wsj.com sentiment -0.99   time to read: +1 min
The European Central Bank wants to include gender diversity as a criteria to approve bank board members and executives, a step that would put further pressure on a sector where the vast majority of senior posts are still held by men. It added that only a fifth of the positions in the management bodies of Europe’s largest banks are held by women, and while European law requires banks to have a diversity policy, less than two thirds do. The new criteria will be used when the supervisor reviews new or current board members or executives, a process known as a “fit-and-proper” assessment. “Whenever targets are not met, we will issue recommendations to remedy such imbalances,” Elizabeth McCaul, a member of ECB’s supervisory board, and a colleague said in an opinion piece published on the regulator’s website. “If there are manifest breaches of diversity strategies, we may need to obligate banks to comply with these strategies,” they added.
Persons: Elizabeth McCaul Organizations: European Central Bank, European Banking Authority
In Peruvian capital Lima, fear is spreading among the city's small but powerful urban elite about the likely election win of a little-known socialist teacher. Llona said that fear and bias was driving some of the push-back against Castillo, the son of peasant farmers from Peru's rural north. "I strongly belief that there is a component of racism at play here... fear that a person from the Andes might win." Whereas 88% of residents in the capital's San Isidro, Peru's richest neighborhood, voted for Fujimori, in Peru's poorest Andean region, Huancavelica, 85% supported Castillo. Castrat also said her friends pressured her to support Fujimori.
Persons: Pedro Castillo, Keiko Fujimori, Castillo's, Fujimori, Castillo, Alfredo Thorne, Venezuela's Hugo Chavez, Banks, Ramiro Llona, Alberto Fujimori, Llona, Ursula Castrat, Castrat Organizations: Marxist, Leninist, Reuters, Fujimori, Thomson Locations: Peruvian, Lima, Venezuela, Peru, San Isidro, Peru's
WASHINGTON — Republican Rep. Marjorie Taylor Greene and Democratic Rep. Ilhan Omar will be the target of dueling resolutions expected to be filed this week admonishing them for remarks that critics said were antisemitic or inappropriate. Rep. Brad Schneider, D-Ill., is expected to unveil a resolution Wednesday that would censure Greene, of Georgia, for remarks last month comparing House mask rules to the Holocaust. Rep. Jim Banks, R-Ind., is leading an effort to craft resolution to censure Omar. In 2019, the House voted to condemn antisemitism in response to statements made by Omar, but the resolution did not name her. And Tlaib said Republicans had mischaracterized remarks she made about Israel and the Holocaust.
Persons: WASHINGTON, Marjorie Taylor Greene, Ilhan Omar, Brad Schneider, Greene, Schneider, Omar, Jim Banks, Alexandria Ocasio, Rashida Tlaib, Mike Waltz, Florida, Claudia Tenney, Cortez, Tlaib Organizations: Republican, Democratic, House Democrats, Hamas, Democratic Party, Rep, Banks Locations: Georgia, Minnesota, Israel, Cortez, U.S, New York, Ocasio, Palestinian
Top G7 development banks pledge $80 billion for African firms
  + stars: | 2021-06-14 | by ( Marc Jones | ) www.reuters.com sentiment -1.00   time to read: +2 min
LONDON, June 14 (Reuters) - Top development banks from the world’s richest countries made a landmark joint pledge on Monday to pump $80 billion into African companies and projects over the next five years. The International Monetary Fund has estimated sub-Saharan Africa will need an additional $425 billion between now and 2025 to fight COVID-19 and reduce poverty levels now being exacerbated by the pandemic. The region is also being hit hard by climate change and Monday’s $80 billion pledge was the first time the Development Finance Institutions (DFI) from the United States, Europe and other Group of Seven wealthy nations have made a collective commitment to the African continent. Monday’s pledge followed the G7’s weekend promise to provide 1 billion COVID-19 vaccine doses to poorer countries over the next year and news that they were also looking at reallocating another $100 billion from the IMF’s war chest to help with the economic fallout. The scheme has faced setbacks though: production glitches, a lack of support from wealthy nations and a recent move by India, the biggest vaccine manufacturer, to curb its exports following its own massive spike in cases.
Persons: COVID, David Marchick, Biden, Werner Hoyer Organizations: Monetary Fund, Finance, U.S . International Development Finance Corporation, European Investment Bank, World Health Organization, WHO Locations: Saharan Africa, United States, Europe, Africa, India
Southeast Asia banks 'well-positioned' on rising interest rates
  + stars: | 2021-06-14 | by ( ) www.cnbc.com + 0.89   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSoutheast Asia banks currently 'well-positioned' as interest rates set to pick up: JP MorganHarsh Modi of JPMorgan says Singapore and Thailand banks are at the "top of the pecking order" to reap the benefits in a rising interest rate environment.
Persons: JP Morgan Harsh Modi Organizations: JPMorgan Locations: Asia, Singapore, Thailand
EU hires banks for first recovery fund bond - lead managers
  + stars: | 2021-06-14 | by ( Yoruk Bahceli | ) www.reuters.com + 0.88   time to read: +1 min
REUTERS/Regis Duvignau/File PhotoThe European Union on Monday hired banks for a 10-year bond sale, the first to finance its recovery fund, according to two lead managers, a crucial step in financing the bloc's economic recovery from the coronavirus pandemic. The sale will be launched on Tuesday, subject to market conditions, memos from the lead managers seen by Reuters said. The bond will raise 10 billion euros, France's junior minister for European affairs said on May 31. The EU has said it expects to issue 80 billion euros of debt this year. The bloc hired BNP Paribas, DZ Bank, HSBC, IMI-Intesa Sanpaolo and Morgan Stanley as joint lead managers for the debut deal, while Danske Bank and Santander will act as co-lead managers, according to the memo.
Persons: Regis, Intesa Sanpaolo, Morgan Stanley Organizations: BNP, REUTERS, Union, Monday, Reuters, EU, DZ Bank, HSBC, IMI, Intesa, Danske Bank, Santander, Thomson Locations: Paris, France, EU
Bank of America's Moynihan says the Fed can pull back on policy help
  + stars: | 2021-06-14 | by ( Jeff Cox | ) www.cnbc.com sentiment -1.00   time to read: +2 min
"I think the reality is the accommodation is not needed at the same level, clearly," Moynihan told CNBC's Becky Quick during a "Squawk Box" interview. And the great debate is when is [inflation] transitory or not transitory." With consumer price inflation running around 5% year-over-year, the Fed is well ahead of its 2% inflation goal. Banks are awash in deposits and reserves while the Fed holds rates down and keeps buying Treasurys and mortgage-backed securities each month. For small business, "Six months ago it was all about pandemic, pandemic, pandemic," Moynihan said.
Persons: Brian Moynihan, Moynihan, CNBC's Becky Quick, we've, Banks Organizations: of America, Federal Reserve, CNBC, Fed Locations: U.S
More than a third of US consumers used a buy now, pay later offering by July 2020, according to Insider Intelligence. Much more than just another payment option, buy now, pay later services have evolved into consumer-facing companies, keen to establish their own brands. Armed with existing credit businesses and balance sheets, banks have the financial resources to manage the buy now, pay later loans. For smaller retailers, a buy now, pay later provider might be an attractive way to boost sales and increase conversions, especially if they don't have the tech budget or talent to build out their own buy now, pay later plans. For Uplift, which was founded in 2013, working within its customers' existing loyalty schemes was key.
Persons: BNPL, Brian Barth, Klarna, Adam Hughes, they've, Max Levchin, Barth, BNPLs, Macy's, Jeff Gennette, Gennette, Denny Nealon, Nealon, It's, Goldman Sachs, Val Greer, Greer, We're, Michael Linford, we've, Linford Organizations: Barclays, Alliance, Intelligence, New York, Klarna, Barclays US Consumer Bank, WestCap, American Airlines, JetBlue, Inc, Alliance Data, Card Services, Southwest, Southwest's Locations: North America, Macy's, Avant
Mark Cuban says 'banks should be scared' of cryptocurrency-based DeFi
  + stars: | 2021-06-14 | by ( Taylor Locke | ) www.cnbc.com + 0.00   time to read: +4 min
Billionaire investor Mark Cuban is very bullish on the future of DeFi, or decentralized finance, and DAOs, or decentralized autonomous organizations. DeFi applications aim to recreate traditional financial systems with cryptocurrency, while DAOs can govern and oversee DeFi applications and other projects. This, of course, is part of what makes DeFi so risky. Though DeFi loans are collateralized with other crypto assets, borrowers using DeFi protocols cannot be held accountable otherwise if they are unable to effectively pay back a loan. More than $60 billion is currently locked in DeFi protocols, according to DeFi Pulse.
Persons: Mark Cuban, Cuban, DAOs, CoinDesk, DeFi Organizations: DAOs, Dallas Mavericks, Cuban Locations: DAOs, Aave
Regulators Tell Banks It Is Time to Stop Using Libor
  + stars: | 2021-06-13 | by ( Julia-Ambra Verlaine | ) www.wsj.com sentiment -1.00   time to read: +1 min
Regulators are ramping up efforts to end Libor trades by year-end. The Commodity Futures Trading Commission last week told brokers that facilitate derivatives trading among large banks that they should stop using Libor, or the London interbank offered rate, as a reference rate by July 26. SOFR is the alternative preferred by regulators and many major banks. As of July 26, big banks like JPMorgan Chase & Co. will see certain derivatives priced in SOFR rather than Libor on dealer screens. “We face a reality of no new Libor contracts by the end of this year.
Persons: , SOFR, , Tom Wipf, Morgan Stanley Organizations: Futures, Commission, London, Authorities, JPMorgan Chase &
In April, Insight Partners' Jeff Horing hopped on a flight to Israel for a breakfast with tech CEOs. They're actually coming to ring the bell on the Nasdaq, as Israel's high-growth companies line up to hit the public markets. Last week, collaboration software-as-a-service (SaaS) vendor Monday.com held its IPO and closed on Friday with a market cap of $8.2 billion. The firm owns a 43% stake in Monday.com and controls 32% of WalkMe. Monday.com ranks fifth and WalkMe is poised to crack the top 10.
Persons: Jeff Horing, They're, Horing, Monday.com, WalkMe Organizations: Insight Partners, Nasdaq Locations: Israel, New York, Monday.com, IVC, Herzliya
Japanese shares end lower as cyclical stocks drag; Toshiba slips
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, June 11 (Reuters) - Japanese shares ended marginally lower on Friday as losses in cyclical stocks, as well as banks and property firms, offset gains in heavyweight technical firms. The Nikkei share average closed 0.03% down at 28,948.73, while the broader Topix slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%. Banks and property firms declined the most among the 33 industry sub-indexes. Technology firms advanced, with a medical platform M3 Inc rising 3.12%, Advantest gaining 0.61% and Tokyo Electron rising 0.65%.
Persons: management’s, , , Jun Morita, Banks, Drugmaker Eisai, Junko Fujita, Ramakrishnan Organizations: Nikkei, Toshiba Corp, Chibagin Asset Management, Recruit Holdings, Kubota, Komatsu Locations: TOKYO, United States, Tokyo
U.S. Regulators Press Banks to Transition Away From Libor by End 2021
  + stars: | 2021-06-11 | by ( Andrew Ackerman | Dave Michaels | ) www.wsj.com sentiment -0.96   time to read: 1 min
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Organizations: Wall Street
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction. The dollar index edged lower in the Asian session but picked up later in the day. The British pound, Canadian dollar, Australian dollar and New Zealand dollar are currencies that may gain against a weaker U.S. dollar, Jones said. ING strategists wrote in a note to clients that the “glut of liquidity” from central banks was driving a search for “carry”.
Persons: Dado Ruvic, Neil Jones, , Jones, bitcoin, Mizuho’s Jones Organizations: REUTERS, Federal Reserve, UBS, European Central Bank, U.S ., ECB, Mizuho, Fed, , New Zealand, ING, ” ING, Seven Locations: cryptocurrencies, Carbis
The S&P 500 is at an historic high, but investors who earlier this year overweighted their portfolios into reopening stocks like Caterpillar and banks, and away from tech and other growth stocks, appear to be rethinking that strategy. "The value trade is unwinding, and the growth bulls are winning," Alec Young, chief investment officer at Tactical Alpha, told me. "Bond yields are a proxy on the growth outlook," he told me, noting that bond investors see moderating inflation and a slower rate of growth (though still positive) in the second half of the year. The result: Investors are staying in the market, but they are rotating into defensives (health care) and growth (technology). Formerly crowded trades like cyclicals and banks that are associated with the "value trade" are now retreating.
Persons: Martin, Banks, Alec Young Organizations: New York Stock Exchange, NYSE, Whirlpool, United Rentals, Deere, Caterpillar, Industries, Martin Marietta, Mohawk, DR Horton, Huntington Bancshares, of America, JPMorgan, Cisco, IBM, Tech, Spotify, Federal Reserve, Tactical Alpha
More than a third of US consumers used a buy now, pay later offering by July 2020, according to Insider Intelligence. Much more than just another payment option, buy now, pay later services have evolved into consumer-facing companies, keen to establish their own brands. Armed with existing credit businesses and balance sheets, banks have the financial resources to manage the buy now, pay later loans. For smaller retailers, a buy now, pay later provider might be an attractive way to boost sales and increase conversions, especially if they don't have the tech budget or talent to build out their own buy now, pay later plans. For Uplift, which was founded in 2013, working within its customers' existing loyalty schemes was key.
Persons: BNPL, Brian Barth, Klarna, Adam Hughes, they've, Max Levchin, Barth, BNPLs, Macy's, Jeff Gennette, Gennette, Denny Nealon, Nealon, It's, Goldman Sachs, Val Greer, Greer, We're, Michael Linford, we've, Linford Organizations: Barclays, Alliance, Intelligence, New York, Klarna, Barclays US Consumer Bank, WestCap, American Airlines, JetBlue, Inc, Alliance Data, Card Services, Southwest, Southwest's Locations: North America, Macy's, Avant
The Texas Department of Banking greenlighted state-chartered banks to custody crypto assets in a notice on Thursday. Banks may custody crypto services as long as they effectively manage the risks, the department said. The Texas Department of Banking greenlighted state-chartered banks to offer custody for crypto assets in a notice on Thursday. The notice affirms that banks may provide customers with virtual currency custody services as long as the bank has "adequate protocols in place to effectively manage the risks and comply with applicable law." The Texas banking department noted that the custody services a bank chooses to offer will hinge on the bank's expertise, risk appetite, and business model.
Persons: Banks, Greg Abbott, Abbott Organizations: Texas Department, Banking, The Texas Department, Texas, Texas Senate Locations: Banking greenlighted, Texas
How crypto in digital banks could work
  + stars: | 2021-06-11 | by ( ) www.cnbc.com + 0.79   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow crypto in digital banks could workCaitlin Long, Avanti Financial Group CEO and founder, joins 'Power Lunch' to discuss the growing integration of cryptocurrency and digital banks.
Persons: Caitlin Long Organizations: Avanti Financial
Goldman Sachs asks U.S. employees about vaccination status - memo
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +1 min
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo(Reuters) - Goldman Sachs Group Inc has asked its U.S. employees to report their COVID-19 vaccination status by Thursday afternoon as the Wall Street bank plans their return to the office, according to a memo seen by Reuters. The New York-based investment bank, which has nearly 40,000 employees around the world, is planning to bring U.S. employees back to the office by mid-June. It said in the memo it was mandatory for employees to submit their vaccination status. Banks globally are adopting different methods to ensure a successful back to office plan, including hybrid working models and vaccination drives.
Persons: Goldman Sachs, Brendan McDermid, David Solomon, Banks Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Inc, Reuters, The Locations: New York, U.S, The New York
Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
FACTBOX-Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Alastair Borthwick, president of global commercial banking and head of wholesale credit. Mark Chancy, formerly of SunTrust Banks Inc and now a Wells Fargo & Co director. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Bank of America Corp, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Wells
"The Bank of France is convinced of the potential benefits of wholesale central bank digital currency to provide maximum security and efficiency in financial transactions," Goulard said. The collaboration between the two central banks has been dubbed Jura, after the mountain range which separates Switzerland and France. It will involve the exchange of a euro wholesale CBDC against a Swiss franc wholesale CBDC through a payment versus payment settlement mechanism. ESSENTIALThe central banks said the project was "exploratory" and was not an indication that their digital currencies would be fully introduced. Wholesale digital currencies, usually limited to financial institutions which hold accounts with a central bank, are different from retail CBDCs which are available to the general public.
Persons: Switzerland's, France's, Sylvie Goulard, Goulard, Todd McDonald, Andrea Maechler Organizations: Swiss National Bank, Bank of, Swiss, Switzerland's UBS, Credit Suisse, Swiss bourse, SIX Digital Exchange, Bank for International Settlements, of France, Bank of France's, European Investment Bank, of, Project Helvetia, United Arab Emirates, BIS, Diem, Thomson Locations: Bank of France, of France, Jura, Switzerland, France, China, United, partnership's, Hong Kong
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