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Michaël Haize given extra responsibility at Natixis
European and high yield chiefs to take the reins
Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon
Despite uncertainties even stringent European regulations are expected to be simplified amid global race to lighten the load on banks
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The worsening of the Covid-19 outbreak has battered equity prices and sent investors scurrying for the safety of core government bonds. Most primary markets are all but shuttered, and investors are praying for central banks to provide a glimmer of hope. -
The Bank of England turned up the heat on Libor this week with plans to publish a compounded Sonia index and averages in a move that will drive the transition to the new risk-free rate with a simpler coupon calculation methodology. It will also increase haircuts on Libor-linked collateral which is intended to accelerate the switch out of Libor FRNs maturing after 2021.
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Citi has reshuffled positions in its Europe, Middle East and Africa business, including forming a new position for crisis and climate risk and naming a new head for European businesses.
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The head of the World Bank has launched an outspoken attack on the European Central Bank’s monetary policy, saying its mass purchases of long-dated sovereign bonds was distorting markets and failed to provide short-term finance.
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Sergio Ermotti’s call for improvement in UBS’s investment bank could be undermined by the arrival of his successor as chief executive, writes David Rothnie.
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HSBC and Standard Chartered are expecting lower profits and higher loan impairments this year due to the Covid-19 coronavirus outbreak and an economic downturn in Hong Kong.
