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Syndicate and trading executives get wider responsibilities
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Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits. -
HSBC will grandfather its discounted perpetual (disco) bonds after all. Its decision last year to declare the securities to be fully eligible as tier two capital angered some investors: it has now backtracked after the introduction of new capital rules, although they will lose eligibility at a later date.
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Korea’s Financial Conduct Authority has supported the covered bond market this year with a series of new measures that aim to stimulate demand and supply. Its actions should promote local currency issuance, building on this year’s strong start.
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John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations.
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The European Commission has asked the European Banking Authority (EBA) to say how Basel IV could affect banks’ ability to meet their total loss-absorbing capacity (TLAC) requirements — work that it says is "essential" to understanding the impact of the new reforms.
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Crédit Agricole said it could start to unwind the ‘switch 2’ capital guarantee provided by its regional banking network in 2020 after it revealed a small boost to its common equity tier one (CET1) ratio in its second quarter results on Friday. Meanwhile, capital markets and investment banking operations did not perform well over the quarter.
