As Supreme Court decisions loom, a legal assault is weakening SEC’s power
A legal assault on the U.S. Securities and Exchange Commission is chipping away at its powers to oversee Wall Street and is likely to intensify with two imminent Supreme Court rulings. A U.S. appeals court last week overturned a major SEC rule imposing stricter oversight of private funds, in a fresh blow for Democratic Chair Gary Gensler’s […]
ECB says many euro zone banks dragging their feet on loan-loss provisions
Many euro zone banks are still far from meeting accounting rules on the provisions needed to protect against loan losses, despite some progress in factoring in climate risks, the European Central Bank’s top supervisor said on Tuesday. A decade-old accounting standard designed to avoid a new banking crisis requires lenders to make an upfront provision […]
UBS and Credit Suisse’s Swiss units could merge
The merger of the Swiss units of UBS (UBSG.S), opens new tab and Credit Suisse could be completed as early, a senior executive at UBS was quoted as saying on Tuesday. UBS, which acquired former rival Credit Suisse last year after the bank’s collapse, had previously indicated the two units would be combined during the […]
Cryptoverse: Soccer tokens shine ahead of summer of sport
As football fever builds for major tournaments in Europe and the Americas, a small yet buzzy part of the cryptoverse is stealing centre stage: fan tokens. These are not your average digital assets, they’re tokens issued by national sides or individual clubs that promise supporters a tradeable way to engage with their teams. Activity in […]
HSBC adds over 300 to China headcount after Citi wealth acquisition
HSBC (HSBA.L), opens new tab said on Tuesday it had boosted its headcount in China by more than 300, as the Asia-focused lender completed the acquisition of Citigroup’s (C.N), opens new tab consumer wealth portfolio in the world’s second-largest economy. The portfolio of investment assets and deposits and clients across 11 major cities in mainland […]
Mnuchin’s Liberty Strategic Capital reports 7.7% stake in NYCB
Liberty Strategic Capital on Monday disclosed it held a 7.7% stake in regional lender New York Community Bancorp (NYCB.N), opens new tab as of June 7. Former U.S. Treasury Secretary Steven Mnuchin’s private equity firm was part of an investor consortium that invested roughly $1 billion in the bank in March.
US SEC sought additional disclosures in NYCB’s proxy statement, filings show
The U.S. Securities and Exchange Commission in April had sought additional disclosures from New York Community Bancorp (NYCB.N), opens new tab in its preliminary proxy statement, regulatory filings made by the regional lender showed on Monday. The regulator requested NYCB to revise its proxy filing to briefly discuss the reasons for its recent capital-raise including its initiative […]
SocGen struggles to strike deal for custody unit, sources say
Societe Generale (SOGN.PA), opens new tab is struggling to agree a deal for its securities services unit, with potential bidders baulking at the price the French bank wants for the business, sources close to the matter said. France’s third-biggest listed lender has been trying to offload Societe Generale Securities Services (SGSS) since last year, the sources said, […]