UK banks urged to crack down on remote employee conduct violations

September 24, 2020.
A U.K. financial watchdog reportedly urged banks and investment managers to more closely supervise employees working from home as financial firms scale back return-to-office plans amid a resurgence of COVID-19 in the country.

HSBC creates new leadership role focused on diversity and inclusion

September 24, 2020.
HSBC Bank USA said Thursday it had created the new position of U.S. head of inclusion and culture, a role focused on growing the bank’s diversity efforts in response to continued demands for better minority representation at major companies.

U.S. residential mortgage performance declined in Q2: OCC

September 23, 2020.
The percentage of U.S. residential mortgages that are current and performing declined to 91.1% in the second quarter of 2020, down from 96.1% during the same period in 2019, according to data released Wednesday by the Office of the Comptroller of the Currency.

BNP Paribas to shut down commodity trade financing operations in Switzerland

September 23, 2020.
BNP Paribas is discontinuing its commodity trade financing activities in Switzerland, a move that could affect 120 Geneva-based employees, the bank’s Swiss group said Wednesday.

Former HSBC executive joins UK fintech Thought Machine

September 23, 2020.
Former HSBC Chief Operating Officer Andy Maguire has joined cloud banking technology company Thought Machine as chair of the company’s board, the London-based startup said Wednesday, following the company’s $125 million Series B funding round.

Bank worker advocacy group dings major US lenders for COVID-19 mortgage policies

September 22, 2020.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

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.

Blockchain Capital becomes latest member of Facebook-backed Libra group

September 18, 2020.
Blockchain Capital, a venture capital firm focusing on crypto technologies, has joined forces with the Facebook-backed Libra Association as the group continues working to develop and manage a new digital currency.

Judge OKs big banks’ settlement with eurodollar investors over LIBOR rigging

September 18, 2020.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.

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.

Turkey’s largest banks downgraded by Moody’s over balance of payments crisis

September 16, 2020.
More than a dozen of Turkey’s biggest banks received ratings downgrades Tuesday from Moody’s, which cited risks associated with a balance of payments crisis that the ratings agency said could lead to new restrictions.

Big UK banks face impending rise in troubled loans from pandemic, Moody’s finds

September 15, 2020.
The U.K.’s biggest banks are likely to see troubled loans surge by 2022 as the fallout from the coronavirus pandemic eats its way through the economy, Moody’s said in a report Tuesday.

Influential investors seek companies’ plans to stem emissions by 2050

September 14, 2020.
More than 500 global investors with over $47 trillion in assets, including a Big Four U.S. bank unit and the world’s largest asset manager, have pushed some of the biggest corporate polluters to move to reduce their carbon emissions before they’re called out in a new benchmarking report.

Former HSBC China executive joins Bank of America: local media report

September 14, 2020.
Bank of America has wooed Zhang Wenjie, a former HSBC mainland China executive, to join as a managing director and president of China, the South China Morning Post reported Monday, a departure that comes as HSBC has made the country the cornerstone of its growth strategy.

McKinsey finds US financial sector falls far short of racial equality in C-suite

Last modified September 11, 2020. Published September 11, 2020.
People of color remain poorly represented in upper ranks of U.S. financial firms, despite roughly reflecting the population in entry-level roles, indicating that white employees are much more likely to be promoted, McKinsey & Company said.

Standard Chartered completes novel cross-bank blockchain transaction between Thailand and Vietnam

Last modified September 11, 2020. Published September 11, 2020.
Standard Chartered said on Friday that it completed the first cross-bank letter of credit transaction between Vietnam and Thailand over blockchain, in a move aimed at further modernizing and digitizing operations for the $18 trillion trade finance market.

HSBC, Mastercard partner to develop financing approach for cities’ sustainable projects

Last modified September 10, 2020. Published September 10, 2020.
HSBC has joined Mastercard’s City Possible program to accelerate sustainable urban development, with the companies saying Thursday that they plan to work together to craft an approach to green financing for sustainable projects in “net-zero” cities worldwide.

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.

HSBC USA names ESG-focused executive its new head of wealth management

September 2, 2020.
HSBC’s U.S. unit has appointed an executive who oversaw its first green wealth initiative to lead its wealth management division, showing the U.K.-based bank’s increased commitment to sustainable investing.