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...The latest iteration of its framework on bank capital, known as Basel III or Endgame, has met with fierce lobbying by US banks, which fear significant increases in their capital requirements....
...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....
...Paris has emerged as the biggest winner, with Wall Street banks such as JPMorgan and Bank of America choosing the French capital for their main post-Brexit European centre....
...The investors owned additional tier 1 bonds, or AT1s, a form of bank debt that can be converted into equity or written down when a bank runs into trouble....
...It has also ended all correspondent relationships with other Russian banks....
...The lenders, which have so far refused to extend the loan without an injection of fresh equity from Thames Water’s owners, are Chinese state-owned Bank of China and Industrial and Commercial Bank of China...
...“Banks need high yield and sustainable yield,” said Antonio Roman, portfolio manager of the Axiom European Banks Equity fund....
...biggest banks to form UBS....
...BNP still has more than half of a €7.6bn windfall from the disposal of Bank of the West, the US retail bank it sold to Bank of Montreal in 2021....
...During his speech at the bank’s AGM, UBS chief executive Sergio Ermotti said he agreed with Kelleher’s view on capital needs and said it was a “source of great concern” that the bank was perceived to enjoy...
...The capital returns have helped send the shares of European banks to a six-year high. The Stoxx Europe 600 Banks index is up 34 per cent over the past year....
...Here to talk to me about that is the FT’s Owen Walker. Hey, Owen. Owen WalkerHey. How’s it going? Sonja HutsonIt’s going well. Thanks....
...Deutsche Bank, Germany’s largest bank, last week announced a 5.5 per cent cut in its bonus pool for last year....
...“European bank fundamentals look stronger than ever,” said the bank’s head of European equity strategy Emmanuel Cau....
...But this year that will rise to SFr20mn, the bank said....
...Saffeya AhmedOwen Walker is the FT’s European banking correspondent. Thanks, Owen. Owen WalkerGreat. Thanks very much....
...,” the bank said in a statement....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...The bank’s new three-year strategy is designed to achieve that....
...But less than a year later, under a new chair and chief executive, the bank underwent another restructuring....
...At the time, Credit Suisse said a change to the contract would lead to a $600mn loss for the bank. But on Wednesday, UBS confirmed it would be a $900mn loss....
...The bank said that without that reduction, bonuses would be down 15 per cent this year. Barclays is one of the first banks to outline its cut to bonuses following a brutal year for investment banking....
...Last week, a verdict was passed down in the case of Walkers Snack Foods Ltd v Commissioners for His Majesty’s Revenue and Customs, with first-tier tribunal judges Anne Fairpo and Sonia Gable ruling against...
...It is the latest European bank to raise shareholder returns after enjoying the boost from central bank interest rate increases....
...The Bank of England’s financial stability committee met today, and the subsequent report indicates that it remains antsy about the engorged size of Treasury basis trades....
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