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Markus Meier and Thore Zimmermann promoted
Reforms should focus on banks' access to liquidity, not capital
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
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European banks will have longer than expected to correct the fallback language in their dollar-denominated additional tier ones (AT1s), now that dollar Libor has been given an extra 18 months to live. -
Europe's merry-go-round for senior bankers jerked forwards last week. Most dramatically, Jean Pierre Mustier is leaving UniCredit: he will not stay beyond April 2021, the end of his current mandate. The French chief executive disagreed with board members over strategy, and in particular whether the bank should concentrate more on Italy.
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UBS’s head of Asia equity capital markets Peihao Huang has resigned from her position. She will join JP Morgan’s ECM team, GlobalCapital Asia understands.
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Fitch has downgraded Malaysia for the first time since the Asian financial crisis, slashing the sovereign rating by one notch to BBB+ due to the Covid-19 crisis and political uncertainty.
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In this round-up, China posts stronger-than-expected export data for November, the banking and insurance regulator fines Bank of China over ‘irregularities’ in a crude oil product, and an Ant Group unit and a Greenland-led consortium win digital banking licences.
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This week in Keeping Tabs: attractive credit picks, physical shops adapting to online retail and a new drama about investment banking.
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