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June 12, 2021

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French and Swiss central banks to trial wholesale digital currencies

Reuters
The Swiss National Bank and the Bank of France will trial Europe’s first cross-border central bank digital currency payments, the banks said on Thursday, a move that will be a first for two of the world’s top currencies. The experiment will focus on the bank-to-bank ‘wholesale’ lending market rather than......

Spain’s BBVA to cut 2,935 jobs, close 480 branches

Reuters
BBVA (BBVA.MC)has reached an agreement with unions to lay off 2,935 employees in Spain, around 12.6% of its banking workforce in its home market, the bank and Comisiones Obreras (CCOO) union said on Tuesday. “The adjustment plan is necessary to ensure the competitiveness and sustainability of future employment in the......

EU cautions against rushing into bloc-wide pandemic insurance

Reuters
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman/File Photo The European Union’s executive body urged caution on Tuesday in the face of calls for a public-private scheme for insuring companies against economic lockdowns in future pandemics. “This is a very complex......

Federal Reserve to release 2021 bank stress test results June 24

Reuters
Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis The Federal Reserve announced Monday that it would publish the results of its annual stress test of the nation’s largest banks on June 24. The results of the test, which examines how big bank portfolios would......

EU quizzes industry over euro clearing as LSE offers olive branch

Reuters
British and European Union flags are seen ahead of a meeting of European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson, in Brussels, Belgium December 9, 2020. Olivier Hoslet/Pool via REUTERS/File Photo The European Union is asking financial market participants to suggest legislative changesthat would help......

Banks bulk up in Hong Kong as China business overshadows politics

Reuters
A Star Ferry boat crosses Victoria Harbour in front of a skyline of buildings in Hong Kong, China June 29, 2020. REUTERS/Tyrone Siu Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a......

JPMorgan credit card spending ticks up, modestly helping loan growth

Reuters
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar Spending by customers holding JPMorgan Chase & Co (JPM.N) credit cards is up 17% year to date over the same period in 2019, bank co-president Gordon Smith......

StanChart unit to launch cryptocurrency trading platform

Reuters
A Standard Chartered PLC (STAN.L) unit intends to establish a cryptocurrency brokerage and exchange platform in Britain and Europe, targeting institutional clients, the bank said on Wednesday. The new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group (0863.HK), which......

EU to step up digital push with digital identity wallet

Reuters
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman The European Commission will on Thursday announce plans for a digital identity wallet to allow Europeans to access public and private services, prompted in part by the COVID-19 pandemic which has seen a......

Top Credit Suisse FIG banker in Europe to join Jefferies -sources

Reuters
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo Credit Suisse (CSGN.S) has lost a key dealmaker in Europe, two sources familiar with the move said, as a pay-driven exodus of top investment bankers which began in the......

Indian shares open lower ahead of GDP data

Reuters
The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui Indian shares opened lower on Monday as investors awaited gross domestic product data for the fourth quarter, with economists being pessimistic after a harsh second wave of COVID-19 hit......

Iran removes central bank head who is running for president

Reuters
Iranian President Hassan Rouhani wears a face mask during a meeting with Russia’s Foreign Minister Sergey Lavrov, in Tehran, Iran, April 13, 2021. Iranian Presidency Office/WANA (West Asia News Agency)/Handout via REUTERS Iran’s President Hassan Rouhani has dismissed the central bank governor, Abdolnaser Hemmati, one of the few moderates running......

Jailed HK tycoon Jimmy Lai sentenced to 14 months for Oct. 1 illegal assembly

Reuters
Media mogul Jimmy Lai, founder of Apple Daily, leaves the Court of Final Appeal by prison van in Hong Kong, China February 9, 2021. REUTERS/Tyrone Siu/File Photo Jailed Hong Kong media tycoon and Beijing critic Jimmy Lai was given a new prison sentence of 14 months on Friday over his......

Senator Warren attacks JPMorgan’s Dimon over ‘baloney’ overdraft fees

Reuters
Progressive firebrand Senator Elizabeth Warren on Wednesday attacked JPMorgan Chase & Co (JPM.N) chief executive Jamie Dimon after the country’s largest lender reaped $1.46 billion in overdraft fees during 2020 while borrowers were struggling to make ends meet amid pandemic lockdowns. Warren told Dimon during a banking industry U.S. Senate......

Israeli banks likely to resume dividends in 2021, regulator says

Reuters
Israeli banks will likely be able to resume dividend payouts later this year, the country’s banking regulator said on Wednesday, expressing cautious optimism that the coronavirus pandemic may be largely over for banks. Yair Avidan, the supervisor of banks at the Bank of Israel, said a decision on when banks......

Ten Turkish banks to offer cheaper loans to small businesses

Reuters
Ten private and public Turkish banks will offer loans at an interest rate of 17.5%, lower than the average market rates, to businesses with an annual turnover of less than 10 million lira ($1.18 million), the Turkish treasury said on Wednesday. Only businesses whose revenues in 2020 dropped by 25%......

European stocks stuck at peak as recovery uplift fades

Reuters
European stocks look set to hold around or inch just above current record levels as the initial boost stemming from the region’s V-shaped recovery after the COVID-19 downturn loses momentum, a Reuters poll found. The Reuters poll of 16 fund managers, strategists and brokers surveyed over the past two weeks......

Wall Street bank CEOs to tout COVID relief push, diversity efforts before Congress

Reuters
Wall Street bank chiefs will tout the role their institutions have played in getting the pandemic-hit U.S. economy back on track when they appear before Congress this week, but are likely to face tough questions on hot-button social and economic issues. The Senate Banking and House Financial Services committees will......

COVID-19 to speed up consolidation of aircraft leasing industry -SMBC

Reuters
Airplanes sit on the tarmac at the site of French aircraft storage and recycling company Tarmac Aerosave in Tarbes following the coronavirus disease (COVID-19) outbreak in France, June 19, 2020. Picture taken June 19, 2020. REUTERS/Stephane Mahe Consolidation of the aircraft leasing industry, which controls over 40% of the global......

EFG Hermes eyes start-ups after AIB deal, CEO says

Reuters
The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih Egyptian investment bank EFG Hermes Holding (HRHO.CA) is targeting minority stakes in start-ups after its acquisition of a majority......

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