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Financial institutions specialist heads to German bank
New system starts with nearly 100% coverage of trading data
Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
Banks face an uncertain future as finance goes digital
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Journalists sometimes have to choose between being fast and being right. The Financial Stability Board, with its Total Loss Absorbing Capacity (TLAC) plans, has chosen to be fast, and a weaker financial system will be the result. -
The Financial Stability Board, which is chaired by Bank of England Governor, Mark Carney, has offered its thoughts on the final round of new bank capital requirements — Total Loss Absorbing Capacity, or TLAC. This capital measure includes gone-concern capital, which absorbs losses once a bank has collapsed, protecting depositors and taxpayers, as well as existing going concern capital such as equity and additional tier one.
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A senior medium term note and private placement trader has resigned his position at BNP Paribas.
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The European Central Bank took over direct supervision of the eurozone’s largest banks on Tuesday, a big step forward for what is already a powerful institution — and likely to be a force to be reckoned with for banks in its charge.
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Société Générale have posted what it called a “resilient” quarterly performance in global markets, with revenue down -12.5% against the third quarter last year, in line with other European peers. The French bank also cut operating expenses in global markets by 10.2% against the same quarter last year, giving them a return on investment of 13.9% in the period despite poor growth at home.
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Higher costs and provisions around retail business in Ukraine and Italy as well as litigation has meant that analyst predictions for Credit Agricole’s third quarter results have proved too optimistic. But the French bank’s profits rose 25.8% from the same period last year to €967m, while it is up 2% for the first nine months of its financial year with profits of €2.4bn.
