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☆ Larry Fink finds way to dodge ESG crosshairs
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters Breakingviews) - Seismic events elsewhere are making it easier for BlackRock (BLK.N) to inch away from the environmental, social and governance crosshairs. The $8 trillion asset manager’s chair Larry Fink used his annual investor letter to theorise that inflation might stay around 4%, predict stricter bank capital requirements, and namecheck his favourite 80’s band, Talk Talk. BlackRock still backs these objectives, but Fink’s 2023 letter doesn’t even mention ESG. The good news for Fink is that U.S. banking collapses and spiralling inflation mean his detractors’ attention is, at least for now, elsewhere. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Fears remained on Wall Street on Monday despite the measures announced over the weekend following the collapse of California-based Silicon Valley Bank (SIVB.O) and New York-based Signature Bank (SBNY.O). Some investors have called for further action by banking regulators to reassure markets. But banking experts said regulators would likely want to see the extent of any further contagion before deciding on fresh measures. In addition, the Fed announced Monday it was doing an internal review of its oversight of Silicon Valley Bank, where it was the primary regulator. Prior to Silicon Valley Bank's collapse, banks had been lobbying lawmakers to push back against the Fed's review, arguing it could slow the economy.

☆ Jim Cramer's top 10 things to watch in the stock market Friday: Bank fallout, jobs sweet spot
▼ + stars: | 2023-03-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Pros Check mark icon A check mark. Pros Check mark icon A check mark. No minimum opening deposit Check mark icon A check mark. Eligible for new accounts after your child turns 13 Check mark icon A check mark. But if you'd like to open a savings account for your child, it only lets you open one of the bank's regular savings accounts as a joint bank account.

☆ 'Identity capital' is the key to getting your dream job and making friends in your 20s, according to Gen Z and millennials on TikTok
▼ + stars: | 2023-02-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +8 min

Young professionals on TikTok are advocating for building "identity capital" to get ahead at work and in life. Identity capital has a lot more to do with connections and relationships and community." "I think of identity capital as anything you do that adds value to who you are," Jay told Insider. "The personal resources acquired developmentally become important," Côté wrote in one 2012 paper, with those personal resources being the experiences that make up identity capital; he calls identity capital the "black box of agency" where there is none. "I don't think identity capital is only valued to the extent that it's seen as profitable," she said.

☆ We got an exclusive look at the 18-slide pitch deck hybrid working platform Cleary used to raise $4.5 million in seed funding
▼ + stars: | 2023-01-31 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

San Francisco-based HR startup Cleary has raised $4.5 million in a seed round led by Moonshots Capital. We got a look at the 18-slide pitch deck Cleary used to raise the fresh funds. A US startup that has designed a digital platform to engage and connect remote and hybrid employees just raised $4.5 million. This follows Cleary's $3 million pre-seed raise, bringing the startup's funding to $7.5 million. Check out the 18-slide deck used to raise the fresh funds.

☆ ECB rejects banking sector call for lower capital to boost lending
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Pascal RossignolLONDON, Jan 27 (Reuters) - The European Central Bank (ECB) on Friday rejected calls from Europe's banks to ease capital rules to boost lending and put them on an equal footing with U.S. rivals. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. "The largest global European banks have even slightly lower requirements than their counterparts across the Atlantic," an ECB spokesperson said. "It is also questionable that lower capital requirements would lead to higher lending: what is proven is that low levels of capital lead banks to abruptly reduce lending in a crisis, thus deepening the adverse impact on the economy," the ECB said. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements in the teeth of ECB opposition.

☆ Ease capital rules on EU banks to boost lending, banking industry says
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Banking regulation is internationally coordinated by regulators, but differences remain in how the rules work in practice, and how they are implemented, the report said. EBF Graphic 2The report said the difference in regulatory-induced costs at EU banks compared with their U.S. peers can explain 0.8-1.0 percentage points of a gap in return on equity, which is a measure of profitability. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. Banks now hold more capital after being bailed out by taxpayers in the 2008 financial crisis. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements.

☆ EU lawmakers back 'prohibitive' capital rules for cryptoassets
▼ + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - European Union lawmakers backed a draft law on Tuesday to implement the final leg of post-financial global bank capital rules, adding "prohibitive" requirements to cover risks from cryptoassets. The European Parliament's economic affairs committee approved a draft law to implement Basel III capital rules from January 2025, though backing several temporary divergences to give banks more time to adapt. EU states have already approved their version of the draft law, and lawmakers will now negotiate a final text with member states, with further tweaks expected. EU states have taken a more accommodative approach to when foreign banks serving customers in the bloc should open a branch, or convert a branch into a more heavily capitalised subsidiary, with EU lawmakers on Tuesday taking a harder line. The EU is keen to build up "strategic autonomy" in capital markets as it faces a competing financial centre on its doorstep after Brexit.

☆ India cenbank's new proposal on loan loss provisions to raise bank capital needs - analysts
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 17 (Reuters) - The Indian central bank's discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said. The potential impact of a shift to the ECL mechanism on bank capital could be significant, said the RBI, which is yet to give a timeline for implementing the new rules. The new mechanism will recognise problems ahead of time and make the banking system more resilient in the long run but could raise capital requirements significantly particularly for government owned banks, analysts at Macquarie Research said. "The problem here is that over the last 5-10 years, the probability of default would have been very high for the banking sector and that's why eventual ECL provisions could be higher,” Macquarie said. While the impact on individual banks is difficult to assess at this stage, it could be felt in 2025/26 and banks would have to start preparing in 2024/25 to raise capital, the research house added.

☆ Morgan Stanley's Q4 results show the Club holding is firing on all cylinders, as the stock soars
▼ + stars: | 2023-01-17 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Those deals — valued at roughly $13 billion and $7 billion, respectively — pushed Morgan Stanley further into the money management world. Expense efficiency ratio is a measure of efficiency that is calculated as total non-interest expenses divided by net revenue. Segment results Institutional securities net revenue of $4.8 billion for the fourth quarter missed analysts' forecasts of nearly $5.09 billion. Wealth management net revenue of $6.63 billion for the quarter exceeded Wall Street's expectations of $6.29 billion. Investment management net revenue of $1.46 billion for the quarter outpaced the $1.29 billion consensus estimate.

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

☆ UK’s Big Bang barely mitigates City’s Brexit pain
▼ + stars: | 2022-12-09 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Hence Friday’s package, long trailed as a “Big Bang”, supposed to turbocharge the City. Eventually, he could end the regime if banks prove they can safely be wound down. Hunt’s broader push is to enlist the Financial Conduct Authority and Prudential Regulation Authority supervisors in his Big Bang, giving them a statutory responsibility for boosting the economy’s competitiveness. The only way to undo the damage would be to align with European rules indefinitely or to re-join the bloc, both of which are political no-gos. The government will also introduce new statutory objectives for the Financial Conduct Authority watchdog and the Prudential Regulation Authority, which supervises banks and insurers.

☆ Explainer: How Britain is exploiting Brexit to reform finance?
▼ + stars: | 2022-12-09 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Britain has already announced an easing of capital rules for insurers and is now turning to banks. Rules on prospectuses that companies give to investors when they list on an exchange will be overhauled, along with a reform of rules for securitisation. The government will act on recommendations from a review into improving how listed companies tap investors for fresh funds. The ratings are widely used by investors for picking companies which tout 'green' credentials, but they are not regulated. Prime Minister Rishi Sunak, when he was finance minister, called for a "Britcoin" or digital pound for faster payments.

☆ Britain to lay out financial reforms to 'turbocharge' growth
▼ + stars: | 2022-12-08 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Maja Smiejkowska/File PhotoLONDON, Dec 8 (Reuters) - Britain will set out reforms on Friday to ease bank capital rules, one of 30 measures the government says will unlock investment and secure its position as the world's "foremost financial centre". The reforms which Hunt said will "turbocharge" growth in the face of recession and a cost of living crisis, take advantage of Britain's European Union exit to tailor its own rules. The EU is also updating financial rules to deepen its own capital market and reduce remaining reliance on London. Britain has already set out initial reforms in its financial services and markets bill being approved in parliament. Scrapping a cap on banker bonuses and easing capital rules for insurers had already been announced, with a public consultation on regulating crypto assets also flagged.

☆ Banks face 6% capital hike from remaining Basel rules, says Bank of England
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Applying the remaining set of global bank capital rules in Britain will increase capital requirements by about 6% by the end of the decade, the Bank of England said on Wednesday. The initial batch of Basel III rules from the Basel Committee of banking regulators from the world's main financial centres, were rolled out in the aftermath of the global financial crisis over a decade ago when taxpayers had to bail out undercapitalised lenders. The final batch, which the BoE calls Basel 3.1, will be implemented from January 2025, after a public consultation now underway, affecting lenders like HSBC, Barclays, Lloyds and NatWest. BoE director Phil Evans said given Brexit allows Britain to write its own financial rules, the consultation is a landmark event that will take account of Britain's competitiveness while aligning with strong international standards. Evans said Basel 3.1 will increase capital requirements for banks by about 6%.

☆ NY Fed paper ties reverse repo surge to bank regulation change
▼ + stars: | 2022-12-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

That had a knock-on effect on money market funds, the main user of reverse repos, which surged cash into the reverse repo facility. Meanwhile, banks reduced short-term debt offerings, constraining what money funds could invest in. The reverse repo tool offers money market funds and other firms a place to park cash at the Fed overnight and earn a return. The Fed’s reverse repo facility was largely unused into the spring of 2021 and then inflows steadily ramped up. Some have made the case that as the Fed raises rates and reduces the size of its balance sheet to combat high inflation, inflows to the reverse repo facility should decline over time.

☆ Fed’s Top Banking Regulator Signals Tougher Bank-Capital Rules
▼ + stars: | 2022-12-01 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Michael Barr, the Fed’s vice chairman for banking supervision, suggested overall capital requirements appeared to be lower than they ought to be. WASHINGTON—The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration. Michael Barr , the Fed’s vice chairman for banking supervision, said that the central bank is still conducting a broad review of its capital requirements but suggested the overall requirements appeared to be lower than they ought to be.

☆ In a tech downturn, breakout stars of venture capital are going abroad to hunt for funding. Here's why.
▼ + stars: | 2022-11-14 | by ( Melia Russell | ) www.businessinsider.com time to read: +9 min

The flow of capital motivated more investors to split from established firms and raise their own funds, but it hasn't always been easy. For years they've gone abroad to raise capital from limited partners, mostly wealthy individuals and family offices. This isn't new territory for international investors. He continues to use his personal wealth to back startups and venture funds mostly stateside, including Sequoia Capital, Andreessen Horowitz, and Brianne Kimmel's Worklife Ventures. Even those with ties to international investors may struggle to raise funds as fears of a global recession escalate.

☆ Fed boosts focus on liquidity, other risks as economy weakens: Barr
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Michael Barr, the Federal Reserve's top regulatory official, said Monday the U.S. central bank is watching for any stresses to the financial system amid a weakening economy, and signaled that stiffer oversight of cryptocurrency is in the offing. Last week Fed policymakers unanimously decided to raise their benchmark rate by 75 basis points to a range of 3.75%-4%. Barr used his speech to lay out a set of priorities for regulation that includes bank capital requirements, bank mergers, and cryptocurrencies. Crypto exchange FTX collapsed last week, sending shock waves through the industry and prompting calls for stiffer regulatory oversight. Reporting Ann Saphir and Lindsay Dunsmuir; Editing by Leslie Adler and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ EU backs watering down of final Basel bank capital rules
▼ + stars: | 2022-11-08 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

LONDON, Nov 8 (Reuters) - European Union member states have backed a temporary watering down and two-year delay to 2025 for the final leg of the globally agreed Basel III bank capital rules, the Czech EU presidency said on Tuesday. EU states will now negotiate a final deal with the European Parliament in early 2023. Most of the Basel III rules, a set of tougher capital rules for banks after the global financial crisis more than a decade ago, have already been implemented. EU ministers backed a two-year delay to the start date for rolling out the final rules, pushing it back to January, 2025. Smaller banks would benefit from simpler disclosure, and EU states pushed back against attempts at stricter EU harmonisation in checking whether top bank staff are 'fit and proper'.

Pros Check mark icon A check mark. No minimum opening deposit Check mark icon A check mark. Debit card included Check mark icon A check mark. Eligible for new accounts after your child turns 13 Check mark icon A check mark. But if you'd like to open a savings account for your child, it only lets you open one of the bank's regular savings accounts as a joint bank account.

☆ Turning City of London into the 'Wild West' would be self-defeating, says BoE's Woods
▼ + stars: | 2022-10-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Oct 27 (Reuters) - Turning the City - London's financial district - into a "Wild West" to attract more business after Brexit would be self-defeating as maintaining financial stability is key to competitiveness, Bank of England Deputy Governor Sam Woods said on Thursday. Woods said in a speech to be delivered to the annual City Dinner that financial stability is the single most important ingredient of competitiveness in the sector. "Any attempt to become a global financial centre by competitively de-regulating would be self-defeating by its nature: major international financial institutions want a safe harbour, not a Wild West." Woods has clashed with an insurance industry that wants him to go further in easing capital rules to help it invest in infrastructure. A "comprehensive" public consultation paper on introducing the final leg of global bank capital rules, known as Basel 3.1, will be published by the end of the year, he added.

☆ Mubadala, KKR to invest about $1 bln in Asia
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - KKR & Co (KKR.N) and Abu Dhabi state fund Mubadala Investment Co (MUDEV.UL) said they had entered into an agreement to invest about $1 billion in Asia. The agreement, announced on Sunday, will see the two firms investing across performing private credit opportunities in the Asia Pacific region. Mubadala, which manages $243 billion in assets, said in a joint statement it would deploy its capital alongside KKR’s existing pools of capital, including capital from the KKR Asia Credit Opportunities Fund, a $1.1 billion credit investment vehicle KKR closed in May. In APAC, KKR has deployed nearly $3 billion in credit capital since 2019. The credit business in the region is part of KKR’s about $178 billion global credit platform.

☆ This startup helps Microsoft and P&G make their products more sustainable. Check out the 14-slide pitch deck Makersite used to raise $17.5 million.
▼ + stars: | 2022-10-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

A startup that helps companies build more sustainable products just raised $17.5 million. We got an exclusive look at the 14-slide pitch deck it used to raise the Series A round. A German startup that enables companies to assess the sustainability of their products before going to market just landed 18 million euros (around $17.5 million) in its first institutional raise. Makersite uses AI to create software-based replicas of product designs using technology known as digital twins. Check out the 14-slide pitch deck Makersite used to raise the fresh funds below.

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