China’s CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, two sources said, in a rare move in the country’s financial sector as Beijing pushes to bridge income disparity.
Global equity funds saw a seventh straight week of outflows in the seven days to May 31 on global economic slowdown concerns after weaker readings from China and major European countries.
Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans’ appetite for travel is ripe.
The Bank of Canada (BoC) became the first major global central bank to pause its rate-hike campaign in January, but the economy’s surprisingly strong performance since then will test Governor Tiff Macklem’s resolve to stay on the sidelines this week.
U.S. regulators are preparing to tighten rules for large banks, which could raise their capital requirements by 20% on average, the Wall Street Journal reported on Monday, to boost the financial system’s resilience after a spate of midsize bank failures this year.
Barclays Private Bank said on Monday it has made two senior appointments in its Singapore office in a move to tap into the influx of wealth and growth of family offices in the city-state.
UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said.
UBS is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse , the Financial Times reported on Sunday.
Federal Reserve Chair Jerome Powell held a phone call with the head of UBS Group AG in the days before the bank was propelled by Swiss authorities to buy smaller rival Credit Suisse, just one of the dozens of calls and meetings Powell held from mid-March as a banking crisis unfolded.
