United States

Colm Kelleher, president of Morgan Stanley, is retiring after three decades at the US bank. A clutch of senior staff will now report to CEO and chair James Gorman directly.

Tim Sloan, CEO and president of Wells Fargo, has announced his retirement, after several years of regulatory and legal pressure on the bank as a result of mis-selling revelations. Sloan was a Wells veteran; the US bank will now not choose one its own staff as his permanent replacement.

In this round-up the Ministry of Finance cut the subsidy for purchasing new energy vehicles by more than half, Ireland-domiciled funds gained a new way to access the Chinese interbank bond market, and China's central bank opens up

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

David Malpass, Donald Trump’s nominee to take the helm at the World Bank, has cleared two hurdles in the way of the job after holding a “positive” meeting with bank staff representatives and passing his interview with shareholder countries.

Confectionery group Mars piled up an order book of $28bn for its debut dollar bond this week, underlining the sheer weight of money pouring into high grade credit.

Canadian Imperial Bank of Commerce (CIBC) has become the last big Canadian bank to hit the dollar market with a deal to comply with the country’s new bail-in regime.

As the first quarter of 2019 comes to a close, the International Finance Corporation is taking stock, to inspect its funding needs. It is well-funded, and looking to only print on the private market to meet its targets.

An obscure but growing asset class has received a stamp of approval from one of the most celebrated investor types: sovereign wealth investment has started to flow into litigation finance.

Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.

Chinese streaming platform iQiyi bagged $1.05bn on Tuesday after tapping the equity-linked bond market for a second time, pricing the deal at the issuer-friendly end of guidance.

ABN Amro is looking for a branch licence for its US business, GlobalCapital understands, which the Dutch bank believes would allow it to be more efficient from an operational point of view.