Job losses at Goldman hurt investment bank and overseas trade severely
According to a source familiar with the situation, Goldman Sachs (GS.N) started terminating employees on Wednesday as part of a broad cost-cutting initiative. The investments banking and world markets division were home to around a third of all those affected. The Wall Street giant is poised to reduce employment in the largest way since the…
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Significant rate hike by BoC, hinted to be the last of its kind for now
On Wednesday, the Bank of Canada increased its benchmark nightly interest rate by 0.5 percentage points to the top level in nearly 15 years, indicating that its historic tightening campaign was about to come to an end.To combat inflation that is far higher than its target, the central bank raised rates at a phenomenal rate…
Britain will permit banks to accept more volatility in order to remain viable
To maintain the City of London’s position as a preeminent global financial centre, Britain will reform its banking regulations to permit banks to take more risks, a government official said on Tuesday.The City of London is now more competitive due to centres like Paris and Frankfurt as well as long-time rivals like New York but…
Details of Credit Suisse’s $4 billion capital raising strategy are revealed
Embattled bank Credit Suisse (CSGN.S) on Monday provided further information about its strategy to collect 4 billion Swiss francs (about $4.01 billion) from its investors to help it combat the largest crisis in its 166-year existence. The second-largest lender in Switzerland is establishing new capital to finance a restructuring that will result in thousands of…
Before a change in strategy, Credit Suisse is in the news
With only a few days left before announcing a significant strategy rewrite, Credit Suisse (CSGN.S) is working quickly to finalise sales of business units that would lower the amount of funding it might require from investors. The troubled Swiss lender is attempting to move past a string of scandals and legal actions and may undertake…
Credit Suisse still at the centre; prior that is the change in strategy
On Monday, when markets placed Credit Suisse (CSGN.S) under close examination, the bank’s shares and bonds experienced precipitous declines.Insisting that its capital & liquidity are robust, the Swiss bank has stated that it will have more to say regarding a strategic rethink when it reports third-quarter results on October 27.Investor scrutiny of Switzerland’s second-largest bank…
U.S. fines Wall St firms a striking $1.8 billion for lacking transparency in deals
U.S. regulators punished 16 financial institutions, including Barclays (BARC.L), Citigroup, Bank of America, Credit Suisse (CSGN.S), Morgan Stanley, Goldman Sachs, and UBS (UBSG.S), for a total of $1.8 billion on Tuesday for employees’ use of personal devices and applications to discuss transactions.Commodity Futures Trading Commission (CFTC) & the Securities and Exchange Commission (SEC) have made…
Central banks increase rates once more as the Fed fights inflation
In a coordinated effort to combat global inflation that is upending financial markets and the economy, several central banks from all over the world increased interest rates once more on Thursday.Japanese officials intervened to strengthen the yen for the first time since 1998 on Thursday after traders drove the currency to a record low versus…
Congress to question the heads of major U.S. banks on consumer & social issues
This week, lawmakers will question the top executives of JPMorgan, the Bank of America, Wells Fargo, Citigroup, and other significant U.S. retail banks on various issues, such as the status of the economy and their stances on divisive themes like fossil fuel lending or abortion.According to bank officials, congressional staffers, and lobbyists, the CEOs will…
BOJ appears to be preparing for currency intervention by checking FX rates—Nikkei
As authorities increased their cautions about sudden drops in the yen, the Nikkei newspaper stated on Wednesday that the Bank of Japan has performed a rate check in what appears to be preparation for currency intervention.After the news, which cited unnamed sources, the yen slightly increased from a close to a 24-year low versus the…