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.
Belgian prosecutors have launched an investigation to see if Credit Suisse helped around 2,650 Belgian residents and clients hide their money from tax authorities.
State Street has opened its first office in Saudi Arabia and hired away an executive from emerging markets investment specialist Ashmore Group to oversee its operations in the kingdom, the U.S. asset manager said Thursday.
HSBC plans to hire as many as 3,000 wealth planners in mainland China, as the bank sharpens its focus on managing high value Asian accounts, despite rising global human rights concerns over China’s treatment of Hong Kong.
Hong Kong’s capital markets regulator said Sunday that it doesn’t expect China’s new national security law to impact how financial institutions do business in the city, even as reports emerge that banks are increasing scrutiny of clients in response to the statute.
Deutsche Bank plans to boost the efficiency of messaging between its clients and employees by integrating the popular WhatsApp chat platform into its communication channels through an expansion of its partnership with Symphony Connect Solution, the bank said Thursday.
Swiss lender Credit Suisse named a chief executive officer to lead its new Saudi commercial banking business as it seeks to further establish its presence in the country.
The Libra Association, the group behind Facebook’s planned cryptocurrency, has nabbed another high-profile hire, announcing Wednesday that Credit Suisse executive Sterling Daines will serve as its new chief compliance officer.
As Beijing looks to strengthen its hold on Hong Kong with a new security law, a growing number of multinational financial firms are considering scaling down their operations in the semi-autonomous territory, while others, including HSBC, have publicly backed the contentious legislation.
A lawsuit lodged by major institutional investors against more than a dozen of the world’s biggest banks -- including Bank of America, JPMorgan Chase and Citigroup -- will proceed, a federal judge ruled Thursday, declining to throw out claims that the banks conspired to rig foreign exchange rates.
HSBC is set to acquire the remainder of its life insurance joint venture in Shanghai, the bank said Monday, making it the latest financial institution to take advantage of recently relaxed foreign ownership rules to gain a greater foothold in China.