Credit Suisse CEO expects wealth management slowdown

September 22, 2020.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.

Libra currency co-founder leaves Facebook to join venture capital firm NFX

Last modified September 22, 2020. Published September 22, 2020.
A co-creator of Facebook’s experimental digital currency Libra is leaving the project before it fully launches to become a general partner with the venture capital firm NFX.

Apollo SPAC with growth focus seeks $750M from IPO

September 17, 2020.
A special-purpose acquisition company backed by private equity firm Apollo Global Management disclosed in a filing Wednesday that it is seeking to raise $750 million through its initial public offering, a move amid a significant jump this year in activity for such investment vehicles.

Citigroup IT director who ran popular QAnon conspiracy site placed on paid leave

September 17, 2020.
A high-level Citigroup employee was placed on paid leave after he was revealed to be the operator of a popular website dedicated to the QAnon conspiracy theory, a bank spokesperson told Fastinform on Thursday.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

Libra hires former HSBC executive as CEO of crypto payments unit

Last modified September 17, 2020. Published September 17, 2020.
The Facebook-backed Libra Association said on Thursday that it appointed former HSBC executive James Emmett as the CEO and managing director of Libra Networks, the unit tasked with developing and operating the company’s cryptocurrency payments system.

AEA Investors, Bridges Fund Management to seek $400M for ESG-focused SPAC

September 15, 2020.
AEA Investors and Bridges Fund Management are launching a blank check company in hopes of raising $400 million for environmental, social and governance-focused investment purposes.

Miami International Holdings to launch UBS-backed equity exchange this month

September 14, 2020.
Miami International Holdings will debut its first cash equities exchange later this month in an increasingly crowded field, with trading firms including UBS, Citadel Securities and Hudson River Trading as investors.

UBS, Credit Suisse exploring merger, Swiss finance blog reports

September 14, 2020.
Switzerland’s two largest banks are considering joining forces to create one of Europe’s largest banks, according to a report from Swiss finance blog Inside Paradeplatz, as the financial industry looks for ways to shore itself up for a post-pandemic world.

Goldman Sachs in talks to take full ownership of its China securities venture: Caixin

September 10, 2020.
Goldman Sachs is in talks to take full ownership of its Chinese securities joint venture, Chinese news site Caixin reported on Thursday, making it the latest major player to try to take advantage of China opening up its financial sector to foreign firms.

Crypto broker SFOX launches dark pool to lure institutional investors

September 10, 2020.
The San Francisco Open Exchange has launched a crypto dark pool, a platform the company said will attract more institutional investors to the market by removing obstacles to trading large crypto volumes.

Credit Suisse embraces digital banking with new apps for private clients, younger customers

September 10, 2020.
Credit Suisse is aiming to become a major digital banking player in Switzerland, with plans to launch a pair of new apps at the end of October that will offer services including totally digital wealth management, as the lender looks to cut costs and grow its younger client base.

UBS, Barclays-backed blockchain payments project delayed until 2021: Reuters

Last modified September 9, 2020. Published September 9, 2020.
An effort backed by UBS, Barclays, Banco Santander and a dozen other major banks to speed payments using digital coin equivalents of major currencies has been delayed until 2021 due to regulatory issues, according to Reuters.

Swiss court keeps report on ex-Credit Suisse banking star’s fraud sealed for now: Bloomberg

September 9, 2020.
Credit Suisse has won a bid to delay the release of a report on the bank’s failure to detect the high-profile fraud and money laundering by its former employee, Patrice Lescaudron, to his former clients, Bloomberg reported Wednesday.

Credit Suisse reportedly accused of spying on more employees in the US, Asia

September 8, 2020.
A Swiss financial market regulator revealed that Credit Suisse may have monitored two additional employees in Asia and the U.S., as part of its ongoing investigation into Credit Suisse's spying scandal.

Fed finds error in stress tests, lowers capital requirements for Goldman, Morgan Stanley

September 4, 2020.
The U.S. Federal Reserve has corrected stress test results for five of the country’s largest banks after discovering an error in projected trading losses, decreasing the capital requirements for Goldman Sachs and Morgan Stanley as a result.

Virgin Australia creditors OK Bain purchase, setting stage for restructuring

September 4, 2020.
Creditors of embattled Virgin Australia on Friday “overwhelmingly” voted to approve the airline’s AUD 3.5 billion ($2.5 billion) sale to U.S. private equity firm Bain Capital, administrators for the country’s second-largest airline said, despite unsecured creditors getting very little of their money back.

JPMorgan set to increase stake in securities venture in China to 71%

Last modified September 3, 2020. Published September 3, 2020.
JPMorgan Chase reportedly has first right to buy a 20% stake in its Chinese securities joint venture for CNY 177.7 million ($26 million), bringing the bank closer to gaining full control of the company as China opens up its financial market to foreign firms.

Wells Fargo put on negative outlook by Moody’s over earnings, compliance issues

Last modified September 3, 2020. Published September 3, 2020.
Wells Fargo was hit with a negative outlook by Moody’s on Thursday in light of the bank’s slower-than-expected pace of resolving its “myriad” compliance, oversight and risk-management problems.

Canadian fintech Nuvei reports first-ever profit for Q2 as it files for IPO

September 2, 2020.
Canadian payment processing company Nuvei said it hit profitability in the second quarter, along with posting strong increases in revenue and merchant volume, as it prepares for an initial public offering.