Bloomberg Charlotte Hogg resigned from the Bank of England after criticism from lawmakers for failing to disclose that her brother works for a bank she would help to regulate. The resignation is an embarrassment for the BOE and puts it under pressure to show it’s learned from two potential conflict of interest issues in the past few years. Hogg, ...
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Singapore bans ex-Goldman banker, seeks bar on others
Bloomberg Singapore banned former Goldman Sachs Group Inc. banker Tim Leissner from the securities industry for 10 years and said it plans to issue similar orders against three others caught up in the scandal surrounding 1Malaysia Development Bhd. Leissner, who left Goldman Sachs in February 2016, was sanctioned because he issued an unauthorized letter to a financial institution and ...
Read More »SA banks on offensive to parry political attacks
Bloomberg South Africa’s banks are going on the offensive after being criticized by some politicians over their lending practices and records in addressing racial inequality. Attacks on the lenders have been led by President Jacob Zuma, who’s accused them of monopolizing the financial services industry, and questioned whether they colluded when closing accounts belonging to members of the wealthy ...
Read More »PBOC’s Pan says market opening to let money flow both in and out
Bloomberg China’s policy makers support opening financial markets for capital and investment to flow both in and out of the country, according to central bank Deputy Governor Pan Gongsheng. China will push ahead on oversight and enforce existing regulations on foreign exchange, Pan said in an interview Sunday with Bloomberg News and Caixin Magazine. Scrutiny of foreign companies transferring ...
Read More »Europe’s bank lobby finds new lease on life as Basel deal stalls
Bloomberg When global banking regulators met in secret in a London conference room to try to clinch a deal on capital rules, European industry lobbyists were nowhere in sight. They didn’t have to be. European Union officials at the meeting in December doubled down on their call to soften rules pushed by the U.S., concerned they would penalize the ...
Read More »UK banks to seek closer US financial ties post Brexit
Bloomberg Top executives from the UK and US’s largest banks have set up a group to foster closer ties in financial services between the two countries after Britain leaves the European Union, according to two people familiar with the matter. TheCityUK, the industry lobby group, has created a steering committee led by managers at Barclays Plc and JPMorgan Chase ...
Read More »Top Myanmar bank may sell stake to foreign firm
Bloomberg Myanmar’s largest privately-owned bank by assets says it’s willing to sell a stake to a foreign lender, pending a change in the country’s law, as it gears up to expand its operations in one of Asia’s most under-banked nations. “In any emerging market, capital is important,†said Nang Kham Noung, an executive director of KBZ Bank. “For us, ...
Read More »Bank of England to lose rebel voice against Brexit consensus
Bloomberg One of the Bank of England’s (BOE) most vocal dissenters is moving on, just as Brexit’s surprises make alternative views more valuable. Kristin Forbes is leaving at the end of June to return to MIT, depriving the nine-member Monetary Policy Committee of a voice that’s consistently pushed against consensus. The American, who some say could be a potential ...
Read More »Goldman calls for patience to see commodity gains after rout
Bloomberg Goldman Sachs Group Inc. isn’t letting the biggest commodities rout in eight months shake its confidence in raw materials. The bank is sticking to its view that tightening supplies will lead to higher prices later this year, maintaining its positive outlook on the sector, according to a report dated March 12. Investors should go or stay long on ...
Read More »HSBC shares gain after bank names AIA’s Tucker as chairman
Bloomberg HSBC Holdings Plc named insurance executive Mark Tucker to succeed Douglas Flint as chairman, enlisting an outsider to oversee Europe’s biggest bank as it overhauls management. Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, will take the post Oct. 1, the bank said in a statement on Monday. AIA Regional CEO ...
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