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American Banker (June 21)

2022/ 06/ 23 by jd in Global News

“The Federal Deposit Insurance Corp. plans to hike deposit insurance assessment rates next year — a move that would increase costs for banks as they continue to see high deposit growth more than a year after the last round of pandemic stimulus.” On Tuesday, “the FDIC voted to issue a notice of proposed rulemaking that would raise deposit insurance assessment rates by 2 basis points for all insured depository institutions.”

 

Wall Street Journal (May 24)

2022/ 05/ 25 by jd in Global News

A “candid presentation” last week on “Why investors need not worry about climate risk” created an uproar, for which Stuart Kirk has been suspended as HSBC’s global head of responsible investing. At the WSJ, “we understand why banking regulators and businesses that hope to make money off the coming tidal wave of climate regulation might be offended by his truth-telling. But he merely said what many in his industry believe but are too timid to say: Climate change poses a negligible risk to the global economy and bank balance sheets.”

 

American Banker (March 21)

2022/ 03/ 22 by jd in Global News

“A new Securities and Exchange Commission proposal would require public companies to report climate-related risks across their value chain. That could be especially difficult if it means banks have to account for their borrowers’ emissions.”

 

CNBC (March 1)

2022/ 03/ 02 by jd in Global News

“A run on Russian banks is underway.” In the wake of “unprecedented sanctions” imposed by the EU and U.S. for the invasion of Ukraine, the ruble “dropped dramatically in Monday’s trading. Lines at ATMs snaked down sidewalks and around buildings in Moscow and at Russian banks in Europe as depositors rushed to withdraw cash.”

 

Reuters (January 24)

2022/ 01/ 24 by jd in Global News

Hong Kong’s “status as a global financial hub” is being threatened by its “zero COVID” policy and draconian immigration protocols. With no signs the government will ease restrictions, “more expats are thinking of leaving, and global banks, asset managers and corporate law firms are facing up to many of their staff exiting after annual bonuses are paid out in the first three months of the year.”

 

Financial Times (June 22)

2021/ 06/ 22 by jd in Global News

Wall Street banks “have been at the forefront of the push to convince workers to return to the office.” In the strictest vaccination policy yet, “Morgan Stanley employees and clients who have not received their Covid-19 vaccine will be barred from entering the bank’s New York offices.”

 

Financial Times (July 22)

2020/ 07/ 24 by jd in Global News

“As their booming share prices testify, technology groups have been brimming over with new business during the pandemic. For banks, there has been a special tech awakening…. After years of foot-dragging, many have been abandoning their cautious approach to cloud-based services and signing up with gusto to outsource their storage of data and other activities that demand high-intensity computing power.”

 

Responsible Investor (June 9)

2020/ 06/ 11 by jd in Global News

“Only in finance can a product lose 24% of its value and be celebrated as success. Since traditional benchmarks have lost more than ESG funds since the beginning of the year, ESG is feted by some as a success, a ‘refuge’.” Kudos, however, are not in order. “The rude fact is that, on the whole, ESG risk management frameworks did not prepare us for the inevitability of the pandemic. They did not help investors and banks anticipate the crisis, nor how to navigate it. The pandemic is a failure of mainstream risk management frameworks. Sadly, it is also a failure of ESG risk management frameworks.”

 

Reuters (May 14)

2020/ 05/ 15 by jd in Global News

Banks mainly seem to be provisioning for consumer debt, but “bad-debt risks could easily spread beyond consumer finance. Commercial real estate could face a brutal reckoning if white-collar workers in major cities decide not to return to the office when lockdowns lift.” When stimulus measures wind down, it will leave “over-indebted small and medium-sized enterprises vulnerable. Mass unemployment would lead to increased mortgage defaults.”

 

American Banker (November 5)

2019/ 11/ 07 by jd in Global News

“The closing of three banks in the span of a week should be viewed as a reason to exercise caution — though it is too early to expect a run of failures. Regulators shuttered City National Bank of New Jersey, Louisa Community Bank and Resolute Bank between Oct. 25 and Nov. 1. It had been four years since two banks failed on the same day.”

 

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