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...A court has agreed that a Russian businessman can sue a Monaco private bank under US anti-mafia organised crime legislation from 1970 that has never been used against a bank in Europe....
...That has unnerved the lawyers who believe the state’s reputation for predictability is eroding, potentially risking its status as the premier place for US businesses to incorporate....
...Jefferies chief executive Rich Handler has sold $65mn of his stock in the Wall Street investment bank to buy a luxury yacht from longtime client Tilman Fertitta....
...A top US bank regulator is proposing new limits on big bank mergers, in the wake of the failure of Silicon Valley Bank and two other banks last year, and the recent market turmoil around New York Community...
...Instead, it will be smaller regional banks that will feel more of this pressure....
...Citigroup reported better than expected quarterly profits as the bank said it was on track to shed 7,000 jobs this year, a sign that the revamp of the US’s fourth-largest lender may be starting to pay off...
...In the US, merchants paid a record $172bn in processing fees to accept $11.2tn in card payments last year, according to the Nilson Report....
...Deutsche Bank has hired Alexandre Lotfi as head of wealth management lending for the UK and central Europe at its private bank. He previously worked for the Bank of Singapore....
...The largest US banks are set to earn higher profits from their lending businesses than expected this year as it becomes more likely that the Federal Reserve will make only modest cuts to benchmark interest...
...in losses from the implosion of Archegos — the family office run by former hedge fund manager Bill Hwang — but its investment banking business had to deal with the ripples from the banking crisis in the US...
...In a speech on Monday, the Bank of England’s Nat Benjamin reminded us that 2.2mn people in the UK work directly for private equity portfolio companies....
...Credit card delinquencies are rising in the US. There is a proposed cap on how much card issuers can charge for late payments....
...The US has announced sanctions against an individual and two organisations accused of targeting Palestinians in the West Bank....
...Email us about anything else: robert.armstrong@ft.com and ethan.wu@ft.com. NYCB gets worse It is a sign of our times that a pretty big US bank is in deep crisis and nobody much cares....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...Central banks take centre stage this week, Benjamin Netanyahu defies western allies over his strategy in Gaza, and the US National Labor Relations Board is facing challenges from some major companies....
...A Cleveland-Cliffs/US Steel combination would have created a US national champion....
...Nonetheless, James Shin, a biopharma analyst at Deutsche Bank, said the sharp increase in biosimilar prescriptions in recent weeks would be “alarming” to AbbVie....
...It has proposed Richard Anderson, the former chief executive of Amtrak and Delta Air Lines, and Mary Kathryn “Heidi” Heitkamp, a former US senator....
...The European Central Bank is likely to need extra interest rate cuts if global borrowing costs are pushed up by the US Federal Reserve maintaining its restrictive monetary policy stance, a top eurozone policymaker...
...The largest US banks lent billions of dollars less in the first quarter, in a sign that corporate borrowers are paying down debt as interest rates hover at historically high levels....
...The US does not have a specific insider trading prohibition. Rather it relies on anti-fraud statutes based on theories of theft and misuse of information....
...Most bank mergers need approval from all three of the US federal bank regulators: the FDIC, the Federal Reserve and the Office of the Comptroller of the Currency....
...DD will be there, so rustle up a team of up to six and see if you have what it takes to beat us. Details here....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
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