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Artificial intelligence is changing the investment banking game. But banks are divided on whether to cut costs or try and win more deals
Ex-Crédit Agricole banker to be based in Paris
Édouard Sauce had been with the firm for almost a decade
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This week in Keeping Tabs: a proposal to replace green bonds with certificates, the dramatic consequences of low rates, and a different side to viruses. -
Banco de Sabadell’s debt securities took a nose-dive in the secondary market on Friday morning, after the Spanish lender said that it had failed to agree on the terms of a merger with BBVA.
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In this round-up, China’s banking and insurance regulator decides to allow beleaguered Baoshang Bank to go bankrupt, Hong Kong’s chief executive says pre-profit biotech stocks and some Star companies will be added to the Stock Connect programme, and India moves to ban another 43 China-based mobile applications.
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There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.
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The first move has been made to consolidate the alphabet soup of industry bodies that try to raise standards in corporate reporting on environmental, social and governance issues — an essential feedstock for responsible investing. More mergers are likely as the private sector races to strengthen its influence before regulators take control.
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Enel is planning €10bn of extra renewable energy investment in Europe, as a result of the support it hopes to get from the European Union’s €750bn recovery fund. But it believes the EU should refine its aid to subsidise sustainable finance more directly.
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