Credit Suisse looks to halve its mainland China investment banking unit: Caixin

Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.

Julius Baer poaches UBS veteran for new private investment unit

Julius Baer said Friday that it is creating a new unit for direct private investments for its ultra-wealthy clients, with the new division’s head joining from Switzerland’s largest bank, UBS.

Financial Stability Board, Basel Committee call for smooth transition from LIBOR

Financial authorities should nail down rigorous plans to smooth the transition away from the world’s most widely used interest rate benchmark, two major global regulatory bodies cautioned on Thursday.

Credit Suisse looks to take full ownership of China joint venture

Credit Suisse said it’s eyeing full ownership of its Chinese securities joint venture just one month after claiming a majority stake in the entity, as the lender looks to expand its presence in China.

Bank of China’s Malaysia arm adopts UnionPay QR code payments

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

DBS hires former Morgan Stanley veteran to lead greater China private bank

DBS’ Hong Kong business tapped Peter Tung, a veteran of Morgan Stanley and UBS, to head its private banking unit for greater China as financial firms compete for growth in a cooling market.

Australian banks extend loan repayment deferrals to aid borrowers squeezed by pandemic

Australia’s banks will extend loan repayment deferrals for up to four months to help consumers struggling to pay off their debt through the coronavirus pandemic and to avoid a “cliff” come September, when the original relief program was set to expire, the country’s banking trade association said Wednesday.

Bank of America to phase U.S. employees back to offices after Labor Day

Bank of America will begin the process of bringing its 185,000 employees who have been working from home back into the office after Labor Day, Sept. 7, a spokesperson said Tuesday.

UBI Banca doubles down on rejection of Intesa’s takeover bid

Unione di Banche Italiane on Tuesday fired back at larger rival Intesa Sanpaolo, further escalating the tension between the two banks over the latter’s takeover bid, saying once again that the offer does not sufficiently benefit the smaller institution’s shareholders.

Chubb estimates COVID-19 caused $1.37B pretax loss in second quarter

Switzerland-based insurer Chubb said Monday it estimates that global net catastrophe losses in the second quarter totaled $1.81 billion before taxes, with losses related to the COVID-19 pandemic accounting for nearly three-quarters of that estimate.

UBS’ UK pension scheme enters into £1.4 billion longevity hedge

UBS U.K. Pension and Life Assurance Scheme has covered £1.4 billion ($1.8 billion) of defined benefit pensioner liabilities through a longevity swap with Zurich Assurance.

Aviva names Amanda Blanc as CEO as Tulloch exits

U.K. financial giant Aviva said Monday that Board Director Amanda Blanc has been named as its new CEO, effective immediately, as Maurice Tulloch relinquished his role the same day because of “family health reasons.”

Turkish exchange bans JPMorgan, Goldman Sachs, others from short selling

Turkey’s stock exchange barred six major banks from betting against its market on Monday, the latest restrictive measure taken in the country against investors looking to short sell.

UBS launches tool to predict shareholder activism as companies seek to limit disruption

UBS launched a predictive algorithm on Monday designed to quantify the likelihood of a firm being targeted by activist investors, a tool the bank says will protect public companies from such campaigns amid market uncertainty.

Credit Suisse to add Google Pay for credit card users as Swiss mobile-payments adoption soars

Credit Suisse said on Thursday that it will add Google Pay to the mobile-payments lineup for its credit card users, noting that adoption of digital payment technology in Switzerland has grown significantly amid the COVID-19 pandemic.

US seeks nearly $100 million more assets tied to 1MDB

The U.S. Department of Justice is pursuing another $96 million in assets allegedly tied to the 1Malaysia Development Berhad bribery and money laundering scheme, bringing to $1.8 billion the amount of forfeiture sought by the department in connection with the international scandal.

CBOE to launch Dutch derivatives market, furthering shift from London to continental Europe

Cboe Global Markets plans to launch a new Amsterdam-based futures and options market in the first half of 2021, as part of the exchange operator's effort expand its reach across continental Europe, the stock exchange operator said Wednesday.

FINRA appoints former Bridgewater co-CEO Eileen Murray as chair

Former Bridgewater Associates co-CEO Eileen Murray will be the new chairwoman of the Financial Industry Regulatory Authority, putting one of the hedge fund industry’s top female executives in charge of a key Wall Street regulator, the group said Tuesday.

BIS Innovation Hub expanding through central banks in Europe, North America

The Bank for International Settlements will establish new “Innovation Hub” locations in Europe and North America as it looks to accelerate work on digital currencies and other financial technology across central banks, BIS said Tuesday.

Credit Suisse joins ICE ETF Hub as authorized participant

Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, said Monday that Credit Suisse is the latest financial firm to join its platform to support primary market activities for exchange traded funds.

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