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More European banks may see benefits to merging with each other as the coronavirus crisis damages profitability and the European Central Bank appears more positive on tie-ups. However, cross-border M&A is likely to remain difficult to execute.

The European Commission will meet with governments and industry this month to flesh out a plan for how to deal with a build-up of bad loans on bank balance sheets.

Voluntary efforts could bring about a global market in trading carbon offsets, even before there is a statutory basis for this, according to the leader of a new taskforce launched by Mark Carney, former governor of the Bank of England.

Hugh Hendry, the outspoken founder of former macro hedge fund Eclectica Asset Management, told GlobalCapital he sees no evidence for the re-emergence of global macro as a broad and viable investment strategy. Were volatility to rise again, Hendry says he may well get back into the financial fray but the likelihood of that is vanishingly slim.

Michael Corbat is to retire from Citigroup in February, and Jane Fraser will step up as chief executive.

European policymakers may decide to ramp up efforts to retain control of capital markets, amid rising Brexit tensions, the US-China dispute and the need to recover economic growth.

A year on from the closure of its flow equity trading business, Deutsche Bank’s investment bank is back in a bullish mood after performing well during the first stage of the coronavirus crisis.

Pemberton, the direct lender and asset manager part owned by Legal & General, has appointed Robert Wartchow as a portfolio manager and managing director.

The European bond market has lost none of its charm or interest, said one of its most experienced bankers this week, on the verge of his retirement. Hugh Carter, Commerzbank’s head of credit syndicate, is leaving the bank on September 18.

Barclays has appointed Todd Sandoz and Paul Leech as permanent co-heads of global equities.

The tension between the EU and UK over Brexit ratcheted up this week, with the prospect of the UK reneging on the EU-UK Withdrawal Agreement rearing up. Rising political tension could now boil over into talks on financial services.

Mairead McGuinness has been chosen as the next commissioner in charge of financial services, financial stability and the Capital Markets Union at the European Commission. She replaces Valdis Dombrovskis, who is taking on the trade portfolio.