Russia's Sberbank overhauls and rebrands itself as tech firm Sber

An hour ago.
The largest state-owned bank in Russia relaunched itself as a technology company on Friday following a spate of fintech-focused moves this year, as the firm seeks to use its fresh image to draw in new customers.

Goldman Sachs to move over 100 London staff to EU cities before Brexit: Bloomberg

An hour ago.
Goldman Sachs has reportedly asked more than 100 London-based employees to sign new contracts and gear up for a move to the European Union, in the latest shift by a financial firm related to Brexit.

Zurich, QBE among insurers who won’t deduct COVID-19 grants from UK BI payments

Last modified 4 hours ago. Published 5 hours ago.
Zurich Insurance, QBE Insurance and Hiscox are among a dozen insurers who pledged not to deduct UK recovery grants from business interruption payouts, as the industry faces pressure to cover more pandemic-related losses.

Julius Baer ordered to pay CHF 150M over transfers out of East Germany

7 hours ago.
Swiss private bank Julius Baer has been ordered to pay CHF 150 million ($161.5 million) for “unauthorized withdrawals” that occurred following the fall of the Berlin Wall, the bank said Friday, though it intends to try to recoup the money from rival Swiss lender UBS.

Swiss Re continues streamlining with reorganization of corporate solutions arm

8 hours ago.
Major restructuring at Swiss Re will continue, with the Zurich-based reinsurer saying Friday that it will follow up on the disbandment of its life capital arm with a complete reorganization of its corporate solutions business unit.

Fashion house Chanel issues industry’s first sustainability-linked bonds

September 24, 2020.
French luxury brand Chanel on Thursday raised EUR 600 million ($700 million) from bonds tied to climate targets for the company, with Paris-based bank BNP Paribas structuring and issuing the securities.

Reinsurance capital partially rebounded despite steep COVID-19 losses: Aon

September 24, 2020.
The global reinsurance industry partly restored its pre-pandemic capital in the second quarter even as COVID-19 and natural disasters lowered underwriting profits, reflecting the sector’s resilience, Aon found.

Swiss central bank keeps interest rates steady in anticipation of slow recovery

September 24, 2020.
The Swiss National Bank joined the multitude of central banks keeping interest rates low on Thursday, noting a “high degree of uncertainty” in the economic forecast despite a pickup in activity in Switzerland.

Munich Re enters green bond space with EUR 1.25B issuance

September 24, 2020.
Munich Re said Thursday that it has jumped into the green bond space with an issuance worth EUR 1.25 billion ($1.46 billion), a move that the reinsurer said is part of its effort to address climate change.

Swiss watchdog scolds Bank SYZ for money laundering breaches

September 24, 2020.
The Swiss Financial Market Supervisory Authority on Thursday reprimanded Bank SYZ for breaching anti-money laundering regulations, saying the Geneva-based private bank did not do enough to stop an Angolan client from making high-risk transactions.

Decline in biodiversity to create new business segment for insurers, Swiss Re says

September 24, 2020.
New research from Swiss Re that shows a fifth of the world’s countries are at risk of their ecosystems collapsing because of a decline in biodiversity could open the door for a new business segment for insurance, according to the Zurich-based reinsurer.

Interactive Brokers boosts margin requirements as US election nears

Last modified September 23, 2020. Published September 23, 2020.
Interactive Brokers has told its clients that they must put up more money to trade when using leverage as the electronic platform braces for a surge in volatility with the U.S. presidential election approaching in November.

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.

JPMorgan poised to become Germany’s 6th-largest bank with $233B post-Brexit asset transfer: Bloomberg

September 23, 2020.
In a change that would make it Germany’s sixth-largest bank, JPMorgan Chase is moving about EUR 200 billion ($233 billion) from the United Kingdom to Frankfurt, Bloomberg reported Wednesday.

Ex-Trump top staffer Mulvaney joins crypto lobbying group along with Goldman Sachs, Visa

Last modified September 23, 2020. Published September 23, 2020.
Mick Mulvaney, who has held several high-profile Trump administration roles including acting chief of staff, will join the board of advisors for a U.S. blockchain lobbying group which counts several major banks as members.

Insurers’ capital buffer may fall by up to 85% this year: S&P Global

September 22, 2020.
The global insurance industry may see its roughly $275 billion in capital buffer fall by up to 85% during 2020 amid financial stress caused by the COVID-19 pandemic, credit ratings agency S&P Global forecast Tuesday.

Swiss Re CEO says company may back off from casualty market amid COVID-19 uncertainty

September 22, 2020.
Swiss Re CEO Moses Ojeisekhoba said the carrier is considering reducing its casualty exposure as low interest rates and uncertainty from the pandemic increase business risk and make the market more challenging.

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.

World Economic Forum council pitches universal ESG reporting standards

September 22, 2020.
A group of global businesses led by Bank of America on Tuesday put forward a universal set of standards for measuring and disclosing environmental, social and governance factors in nonfinancial reporting for investors, laying the groundwork for alignment on an issue that has proved slippery despite widespread acknowledgement of its importance.