UK Banks Close Down 1000 Branches

UK Banks Close Down 1000 Branches

More than 1000 bank branches have closed down over the past 2 years as more customers have turned to mobile banking. HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches.

“HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches. “

~ Financial Times

Royal Bank of Scotland and Lloyds Banking Group shut 191 & 180 branches respectively. Banks have been cutting costs at a time when profits are being squeezed by record low interest rates. HSBC has seen the number of branch visits drop by 40% in the past five years and it intends to grow its mobile and online banking.

Related Reports: Financial Times, BBC

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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EU Commission Fines Credit Agricole, HSBC and JP Morgan Chase

EU Commission Fines Credit Agricole, HSBC and JP Morgan Chase

The EU Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million Euros ($520 million) for their role in fixing the price of financial benchmarks linked to the Euro. They were part of a cartel between September 2005 & May 2008 to disrupt the Euribor benchmark interest rate used to reflect the cost of interbank lending

“The EU Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million Euros ($520 million) for their role in fixing the price of financial benchmarks linked to the Euro.”

~ Reuters

Credit Agricole was fined 114.7 million euros, HSBC 33.6 million euros and JPMorgan Chase 337.2 million euros. Deutsche Bank, RBS and Societe Generale admitted guilty in December 2013. Barclays avoided a fine because it alerted the Commission.

Related Reports: Reuters, CNBC

 

About EU Commission

The Commission’s main roles are to:

  • propose legislation which is then adopted by the co-legislators, the European Parliament and the Council of Ministers
  • enforce European law (where necessary with the help of the Court of Justice of the EU)
  • set a objectives and priorities for action, outlined yearly in the Commission Work Programme and work towards delivering them
  • manage and implement EU policies and the budget
  • represent the Union outside Europe (negotiating trade agreements between the EU and other countries, for example.).

Visit: EU Commission 


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ANZ & Macquarie Employees Tried to Rig Benchmark Rate of Ringgit in Singapore

ANZ & Macquarie Employees Tried to Rig Benchmark Rate of Ringgit in Singapore

ANZ & Macquarie has admitted that some of their employees in Singapore tried to manipulate the benchmark rate for the Malaysian Ringgit. Australia’s antitrust regulator claims that the banks tried to be involved in cartel conduct.

“ANZ & Macquarie has admitted that some of their employees in Singapore tried to manipulate the benchmark rate for the Malaysian Ringgit.”

~ Wall Street Journal

ANZ has agreed that three employees unsuccessfully tried to influence the setting of benchmark rates used to settle contracts for the ringgit on 10 occasions. It agreed to a 9 million Australian dollar (US$6.7 million) penalty. Macquarie, which agreed to pay a A$6 million penalty, said the regulator acknowledged that no senior manager or other employees were involved in the conduct of its junior employee in Singapore.

Related Reports: Wall Street Journal, Australian Financial Review

 

About Macquarie Group

On 10 December 1969, Macquarie’s predecessor organisation, Hill Samuel Australia, opened its doors with three staff and an ambition to provide advisory and investment banking services of an international standard to the Australian market. Now we are a global business operating across 28 countries and with specialist expertise in areas such as resources, agriculture and commodities, energy and infrastructure, with a particular knowledge of the Asia-Pacific region. Since its inception, Macquarie has differentiated itself by focusing on new opportunities, both in product and geography, progressively building expertise in these disciplines and expanding into adjacent areas.

Visit: Macquarie Group

 


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China Curbs on Pulling Money Out of Country

China Curbs on Pulling Money Out of Country

China has added new restrictions on taking the yuan out of the country as authorities try to prevent capital outflows from destabilising the financial system. Officials will not approve request to take the yuan overseas for converting into foreign currencies unless a valid business reason is provided.

“In total, $275 billion has left the country via yuan payments this year till October compared to a $101.5 billion inflow in the same period of 2015.”

~ Bloomberg

China’s central bank has noticed that funds are increasingly leaving as yuan payments. In total, $275 billion has left the country via yuan payments this year till October compared to a $101.5 billion inflow in the same period of 2015. This has caused the yuan to weaken to an eight year low agains the dollar.

Related Reports: Bloomberg

 


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Fosun Becomes Largest Shareholder In Portugal’s Largest Bank

Fosun Becomes Largest Shareholder In Portugal’s Largest Bank

Fosun has acquired 16.7% of Millennium BCP, making it the biggest shareholder in the largest listed bank in Portugal where it already owns the largest insurer. This deal is one of the most significant acquisitions by Chinese groups who have pumped in money to buy stakes in the electricity generation, national grid, insurance, hospitals, water and other sectors.

“Fosun has acquired 16.7% of Millennium BCP, making it the biggest shareholder in the largest listed bank in Portugal.”

~Financial Times

While the number of acquisitions by Chinese company have caused discomfort in countries like Germany, Portuguese companies and government have welcomed them as means of helping businesses with capital and debt problems after the country was bailed out in 2014.

Related Reports: Financial Times, CNBC

 

About Fosun International 

Fosun was founded in 1992 in Shanghai. Fosun International (00656.HK) was listed on the Main Board of the Hong Kong Stock Exchange on July 16, 2007.

Over the last two decades, Fosun has evolved from an entrepreneurial start-up into a leading investment group taking roots in China with a global foothold. Fosun has been actively implementing its investment model of “Combining China’s Growth Momentum with Global Resources” and adhering to its “value-investing” discipline, aspiring to becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented integrated financial capability” and “global industrial integration capability taking roots in China”.

Along with the “insurance + investment” twin-driver core strategy, Fosun’s ultimate vision is to provide clients with one-stop solution integrating wealth, health and happiness.

Visit: Fosun International

 


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Agricultural Bank of China Fined $215 Million by New York State Bank Regulator

Agricultural Bank of China Fined $215 Million by New York State Bank Regulator 

Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws. The regulator said that compliance staff at the bank who discovered unusual transactions, some involving Russian, Chinese and Middle Eastern companies, were silenced when they tried to raise concerns. This has caused the bank’s chief compliance officer to resign with immediate effect.

“Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws.”

~Wall Street Journal

The investigation has also uncovered suspicious transactions involving Russia, China, Afghanistan and other countries. It shows intentional wrongdoing, including actions by bank officials to obfuscate U.S. dollar transactions conducted through the New York Branch that might reveal violations of sanctions or anti-money laundering laws.

Related Reports: Wall Street Journal, Department of Financial Services

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China

 


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Banks Passed Up Share Sale of Uber

Banks Passed Up Share Sale of Uber

The potential fees and reputation which could be gained from working on Uber’s Initial Public Offering are what ever bank looks for. However, at least two investment banks passed on selling shares of Uber to their high net work clients due to lack of financial details on its business.

“The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion. “

~Bloomberg

JP Morgan Chase & Co and Deutsche Bank turned down the chance to offer their clients the option to invest in Uber. At the end, Bank of America and Morgan Stanley sold their shares earlier this year through the private wealth divisions.  The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion.  If it were to go public at the valuation, it would have a higher valuation than almost 90 percent of the companies in the S&P 500 Index .

Related Reports: Bloomberg

 

About JP Morgan Chase & Co

JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit: JP Morgan Chase & Co


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France’s Financial Prosecutor Requests Trial for HSBC Holdings

France’s Financial Prosecutor Requests Trial for HSBC Holdings

France’s financial prosecutor has requested a trial for HSBC Holdings and its Swiss private banking unit as it suspects that it helped customers evade taxes in 2006 – 2007. HSBC has been put under formal investigation last year and it is up to the investigating magistrates to decide whether it should stand trial.

“It is estimated the Swiss private banking unit alleged fraud stands around 2.2 billion euros.”

~ HSBC

It is estimated the Swiss private banking unit alleged fraud stands around 2.2 billion euros. HSBC has also admitted failings in its controls at the Swiss private bank but has denied any wrong doings.

Related Reports: Reuters, CNBC

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation. The Hong Kong Securities and Futures Commission warned that it is intending to take action against the bank related to an IPO in 2009. It is thought to be for the share sale of China Forestry which is being liquidated.

“Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation.”

~ The Guardian

Standard Chartered had worked alongside UBS for the flotation and it is also being investigated by the SFC for its role in a number of local IPOs.

Related Reports: The Guardian, The Telegraph

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered


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Deutsche Bank Said to Consider Alternatives to Cash Bonuses

Deutsche Bank Said to Consider Alternatives to Cash Bonuses

Deutsche Bank AG is considering alternatives to paying bonuses in cash as CEO John Cryan intends to increase capital buffers and investor confidence. Some options discussed including giving some bankers shares in non core unit instead of cash bonuses.

“Since taking over in 2015,Cryan has suspended dividends, reduced bonuses, cut risky assets and have announced plans to reduce 9,000 jobs.”

~Bloomberg

The decision will probably depend on the size and timing of the settlement with US Department of Justice into the sale of real estate securities.  Since taking over in 2015,Cryan has suspended dividends, reduced bonuses, cut risky assets and have announced plans to reduce 9,000 jobs.

Related Reports: Bloomberg

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 

 


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