17 Burst results for "Laura Newnan"

"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

01:43 min | 1 year ago

"laura newnan" Discussed on FT Banking Weekly

"What for off final piece today? An unusually liked hearted theme joined by Laura Newnan, who's all US banking editor, but today, she's not going to be talking about the trials and tribulations of Wall Street's finest, instead you'll hit talk about running, Laura, you're fascinating piece for last weekend's F T about how obsessed you always running, but also obsessed so many the bankers that you meet, and you'll day job are about running as well. What is it? What turns people onto running so much in the field that you cover. I'm not sure what use the word obsessed. I think we'd more say that we do it a lot of very much enjoy doing a lot in terms of why is such a big thing. I went on interviewed a whole range of people who I already knew who were interesting, and the new people who I met to ask them. What today's about the activity they kinda guests them so into, and there was a range of responses? I mean, there's obviously the convenience factor is something that if you have a busy job, you can fit it in our neighbor, but then there's also this. That gives you something, which is your own time, every day, so they can be very hard to carve at times where you can just think about things or just be on your own and not half the demands that we all have constantly, so a lot of people really value the solitary nature of it. A lot of people also used it as something which they did with both colleagues clients, and that was a really fascinating thing. So I wrote a piece previously about people doing meetings running, which was very divisive topic as well. If we're saying that, that was something which was unfair to people who didn't run, but actually came up again, as one of these things where people try to run with colleagues. They try to Rome with Tian's, and they find that that's much healthier at a much deeper way of actually Baden with people that in the more efficient, going out for drinks, dinner, the other thing that I really like about running as an activity to bond with hollies..

Laura Newnan US editor Baden Rome Tian
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

03:40 min | 1 year ago

"laura newnan" Discussed on FT Banking Weekly

"We're joined by Laura Newnan, US banking editor, and from China where joined by Don wineland Asia Financial correspondent this week. We'll take a look at the European Banking Authority and what it's doing to tackle money laundering. I look at Chinese non-performing loans, and the hidden problem in Chinese banking sector. And finally over to learn in, in New York to talk to us about running against this week is Jose Manuel camper. The chairman of the day, and also, we have a same clip from Libya. Gaffe saw the European Commission. Official entire financial stability, I though to that story about the ABA and what is doing to tackle money laundering. Well, Caroline, you spoke recently to the new chairman of the Jose Manuel can. It was an interesting interview that you had, I think covering a lot of topics, but was understandably a lot of focus on money laundering, given that the has a new remit to look after this topic, and try to clamp down on some of the abuses that we've seen of late tell us what you found most interesting by what he has to say. Yeah. That's right. So we speak to Jose Manuel Campo last week in Paris. It was his first interview that he's done since taking up the reins from Andrea, Andrea, and the first of the has done in his new home of Paris. Miss dicamba, I think was made keen to dispel some misconceptions about what exactly the EPA's mandate is around money laundering say, you'll remember that last year was very much dominated by a number of money laundering headlines, from various countries around the EU multi, Latvia. But the biggest of which was, of course, dunce combines two hundred billion euro problem. Now, what Mr. camper is saying, is that the response? Which was to give the ABA these new powers is that she quite a narrow role that the EIB has it's very much a coordinating role. Trying to make sure that regulators in different countries are talking to each other and dansko Bank that particular problem, showed that Khan really be taken for granted the authorities in Denmark, and Lithuania really want to one another. So it's much more that focus that the bay has rather than it being a tougher money laundering authority per se. That's that ensured that dot money can be cracked down opponent, any kind of meaningful way. Well, let's hear from Mr. company, and exactly what he had to say on this need to be bruised. Nations of the Monday at the end of the has been revolution situation. We have a Monday to try to coordinate the single regulatory from Orlando, of course, trying to court trying to coordinate because the framework itself is based on directives leave a lot of room, Michael construction to match. I don't want to give the impression that we have received nothing of doing AM L protection for the European Union who have not received for Monday. Let's the crisper we have spaces you to open the commission and this aloft for us a wreck because until the results of the beginning from this that. He's so, you know, tried to this practices showed us practices, or the furthest constrain is not a Monday to harmonize a about regulation of practices, because to start that process I need to get the legislature, that to is to for the refuse to regulation into some of the regulation homogeneous, and that we have a directive. AM L activity in the European Union is regulated by directives by the face of the doesn't provide a senior..

Jose Manuel Jose Manuel Campo European Union European Banking Authority chairman ABA Mr. camper European Commission Paris Laura Newnan Don wineland Asia US Libya New York editor Andrea China legislature Caroline
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:03 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"We have David Crowe are banking editor and Laura Newnan are US banking. It's joining us from New York this week. We'll be taking a look at comets Bank. As UniCredit tries to spoil the Deutsche Bank party, also Standard Chartered pays a big fine in the US. And finally, look at USD regulation re-regulation how foreign banks I though to that comets banks story and David few days ago. We broke story about UniCredit waiting in the wings to try and bid for Germany's second-biggest listed Bank, even as talks are ongoing between comets and Deutsche Bank. Interesting cheeky from the Italians. Yes. We've known that the chief executive of unique credit pm. DA has been interested in Commerce Bank for some time. Indeed, he's made some over chores in two thousand seventeen where told and decided not to proceed then for two reasons first there was a lot of opposition among German politicians and second he had his hands full that unique credit which has been going through a pretty extensive restructuring. Now that's nearly finished. And Mr. Mista is betting that the donor Bank Commerce Bank merger negotiations could fall apart. And if they do comment Bank will then be in play. And so what once seemed unthinkable could be doable. And of course for UniCredit. They could spin this as some kind of alternative German banking champion couldn't they because they already have a big lender of their own in Germany HB, which they bought several years. Ago and combining that with comments could be an alternative champion. Yes. And I think they think this is one of the best arguments. The Deutsche Bank Commerce Bank deal is likely to result in tens of thousands of job losses..

Deutsche Bank Commerce Bank Deutsche Bank Bank Commerce Bank UniCredit comets Bank Commerce Bank David Crowe comment Bank Laura Newnan Germany New York US chief executive Mr. Mista editor Standard Chartered
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

04:06 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"The financial times with me Patrick Jenkins. Joining me in the studio today is Nick McColl retail banking correspondent an all guest from market invoice chief executive, and they'll stuck where also joined Dan the line from New York by Laura Newnan, RUS banking editor and from devil's by our banking at it's David Crowe and Arash Masudi corporate finance editor and finally from Zurich with joined by Stephen Morris or European banking. Correspondent this week. We'll take a look at US Bank. And what the latest evidence is on that. And how it tracks results? A look at UBS results as they disappoint the market. A couldn't raise a full Davos twenty nineteen and finally that interview with Stocker from market invoice as it takes on some new equity investors. I o to the US Laura you read a very instinct piece of. About a growing gap between US CEO pay in the banking sector. I'm bat of staff, and it comes on the back of last week's news that the fifty million euro package of pay that was at standing to Andrea Rochelle, the outgoing investment Bank chief at UBS as he prepared to join a CEO of Sandton dare became a kind of poison chalice and actually prevented him from going Sunday got cold feet about that tell us what's going on in the market or Bank is losing all touch with reality. Well, you can just wanted very separate. She said issue of CEO pay let me at the very top in that would also under or tell while he was not achieve executive of Anqing group. He says neurons very high men on money to their started shooting. The issue. What happens to the masses of either working for the Bank? So the PT ran at that began was basically showing that across the six largest US bonds Irish paperwork, you're increasingly three percent and. All the two years buying Steve executives who have already nine in which their payment by last year. We saw an increase of seven percent for James squirm who is the Morgantown itchy executive on an increase of five cent for Jamie Dimon, who's JP Morgan cheap spaghetti. This is what those numbers into context at this point. James Gorman his package last year would have been twenty nine million dollars. And Jamie diamonds total last year would have been thirty one million dollars. And the thing about the practices for the chief executive's is a most of it is either in shares which are deferred costs, which is deferred or payments, which can ultimately be by. So those convict common news around their neck because the problem is if these binders leader jusens as a bud leader, which basically translates to name new joins a competitor. They can define a competitor in pretty lose terms. If they lead the Bank is a DOD lever overpaid of up to seven years, they could lose an awful lot of that. That's what unveil hotel fund when he tried to leave UBS doing Fanton there because he would have had to four. A lot of compensation on give back a lot of his ear UBS compensation and dare in order to make him HOA would strike a deal with UBS not enforce us or would have acted just by humanitarian give him fun. Dare shares to replace the UBS shares and this happened all the time done the ranks of Munich. You have imagined director moving from one Bank to another Bank. It's pretty standard than we'd be as author deferred. Comp thing is a deferred comp us you moans to millions maybe defies of millions. It doesn't usually run from the mandate actually affect the share capital the Bank. I think to be seeing publicly as well to be paying someone that AMAN to join looks for your ass. The other thing about the papers she'd executives it's automated linked to the performance author in she should in the years to come. So most of it is in stock in in stations was take several years divest. I can then be restricted for several further years. So someone like Jamie Dimon, he got a total package of thirty million dollars. If they were to be club in the share price of JT Morton Jason by the time is able to sell those shares that could be worth. Open less. That's not lucky top in the case of that bite. But we've seen him. We kind of reported on the packages pay to some Deutsche Bank executives over the years by the time..

US Bank UBS Jamie Dimon executive US chief executive CEO Stocker Patrick Jenkins Deutsche Bank James Gorman Andrea Rochelle Laura Newnan editor Zurich Nick McColl JT Morton Jason Stephen Morris
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:18 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Times with me Patrick Jenkins. Joining me in the studio today are David Crowe, banking, editor and Stephen Morris. Our European banking. Correspondent joining STAN the line from New York. Rob Armstrong are US finance editor. And Laura Newnan are US banking episode this week, we'll be discussing the latest advances in US carts. Also, look at Barclays as its activist investor steps up his campaign and finally some predictions for twenty nineteen first from our guest rennet ghosts, who's the banks analysts city group and also from editors in London and New York, I though to that story about cards, and rob you Rover interesting piece in the last couple of days about how contactless cards are starting to take hold in the US. What's making the US finally catch up with Europe and the rest of the world on this. Well, it's interesting that such a large and. End wealthy market as the US should be so late to contact with cards, but it has to do with the very size and complexity of the market so with any payments solution. The trick is getting everybody to agree if a payments technology is not ubiquitous it's pretty useless and in a country with five thousand banks and zillion banking regulators and millions of merchants it was basically hard to coordinate everybody and settle on getting everybody onto the same. Chip system. That makes contact what's possible? But we've finally arrived and contactless should be coming at scale tonight'd states in two thousand nineteen a we're going to see the same advances that we've seen. I mean, the the real thing in London that made contactless broadly accepted by the population. Also, a big step was it's acceptance on the London underground we're gonna see the Neal metro as I think the New York metro. Is promising the roll out to begin this year, and that project seems to be on schedule, but it will start slowly at, you know, certain stations on the east side or on Staten Island. But the crucial thing here is as you say once consumers start using cards for small expenditures like the subway that's.

US New York Patrick Jenkins London editor Laura Newnan Rob Armstrong STAN Barclays David Crowe Stephen Morris Staten Island Europe Neal
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

04:38 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"From the financial times with me patra Jenkins. Joining me in the studio today are Stephen Morris? Our European banking correspondent and Stefania Pomme side stage correspondent joins us from New York, by Skype is Laura Newnan arduous banking editor this week. We'll be looking at Goldman Sachs's problems in Malaysia an interesting story about Credit Suisse urging customers to move money out of the UK and finally review of European banks in twenty team I though to Goldman, and I'm delighted that Stefania who's normally resident in Singapore is actually here with us in the studio. It's being another pretty bad twenty four hours for Goldman Sachs. They've finally now got the criminal charges filed against them in Malaysia. What does this mean for them? This is basically the biggest concrete action, that's Malaysia has finally issued against Goldman sin. Elections in may add there's been a massive build-up in terms of rhetoric in terms of very senior politicians demanding that Goldman returns some of the fees and some of the money thoughts when I'm to be paid them to arrange bones for the state investment fund. But this is really big news in Malaysia, it seems as if Malaysia kind of piggybacking on the charges were announced by the DOJ just recently. In fact, it's targeting and saying, but some Goldman Sachs units as well. As some of former bankers there, including two Meissner Roger were issuing false statements to misappropriate two point seven billion dollars from the bonds that were issued and these were than used to bribe some Malaysian officials, and this is exactly what's the DOJ. Also stated I guess. The main difference is thoughts Malaysia is also charging three Goldman socks units themselves in their own case. Now, Stephanie a reminders how long this dates back and also what repercussions? Slightly to have. So the one MD be soon investment fund was set up by former prime Minister Najib result in two thousand nine it was just through four years laser thoughts. There were some indications that probably some fraud. Some battlements was linked to one MD be everything sort of came crumbling down when nudged was ousted in elections this year in may, and that really was the big cost for the opposition to really kick off a very very fierce investigation. Both in the former prime minister and his dealings with one MD. But also in terms of the network that was created to allegedly embezzle something like four and a half billion dollars from the investment fund. But relieved the change in government in Malaysia was up crucial because prosecutors in other jurisdictions that are investigating this mouser because it Oviously pas international reach were really struggling to dig deeper into the affair because Malaysia was not cooperating. But now that obviously a position is now in power, really, it's a free for all investigations, or deepening and the ramifications of the Malaysia pretty profound, but does this concrete. We mean, Goldman criminal charges filed against them could be frozen out of business both in Malaysia and in of a pulse of that region in Malaysia the already slim down considerably their presence. They still technically have an office there, but sort of the investment banking end of it is virtually non-existent if anything it's mostly sort of with management, private banking in Malaysia every sort of banker or lawyer that I speak to say that essentially as of now, it would be very very hard for Oldman to do any business specially with the government, especially with any government linked companies. Those tend to be the biggest clients that you can have in Malaysia in terms of the rest of Asia, the grown considerably in places like China, and you know, number of analysts and even competitors say that it probably won't comp-. -pletely dense their rise in that part of the world. But it remains to be seen. What happens if and went the units thought were charged by the Malaysian government just yesterday, if they find these golden sex units guilty will jurisdictions where these units are incorporates than fuel obliged to act based upon the result of this case in Malaysia. That's the big question. Let's cross overnight Laura in New York for US perspective on this as defined you mentioned there, Laura to an extent the Malaysian authorities of piggybacking off the US department of Justice case, tell us how that will fit together. And what the impact on Goldman is being in the US. Yes, it is a case at the US DJ's been building now for several years on.

Malaysia Goldman Sachs Goldman Stefania Pomme Laura Newnan patra Jenkins US Malaysian government Credit Suisse DOJ New York Stephen Morris Singapore prime minister UK Minister Najib Skype Meissner Roger
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

04:07 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Joining me in the studio today is David Crowe our banking editor from Milan, we'll joined by Rachel Sanderson Italian Cooper correspondent and from the US we're joined by your spanking editor lure Newnan this week. We'll be taking a look at another busy week full. Goldman Sachs also Dominy must return hubs chief executive talks to us about getting more women into finance and finally look at carry J, the failing Italian Bank and have the system has bailed at first though to Goldman Sachs and being a busy week for Goldman. We're joined on the line by Laura Newnan, US banking editor took us through the highlights of this past week, Laura. So there is TV story last week the first was continuing foolish from the Malaysian one MTV's scandal, which really goes hasn't been able to shake, and it looks at that's going to continue to haunt the buying over the coming months. The other. The walls of the new partner class every two years. Goma's accidents is a new partner glass, that's the highest level in the firm. It's very powerful Petillo saying that day, they had a pretty good story to tell. So it was all about diversity. This was the highest number of women ever the highest number of blacks ever on one of the highest years for Asian. So they were afraid of that role surprised of the millennia representation. So in total the new class was sixty nine people millennials made up twenty nine percent. Now, if we think about the women in particular, so they're very excited about female highs ever planted, whoever resulted, can you may even with this big number on women. Twenty six percent of the total partner group are female. So it's progress, but let's not get too car. But nonetheless, Bank was pretty upbeat when they were talking with us. Well, they could certainly use a good news story like that. But what's been happening on the one MD be front just to cut depending on hasn't been following this story when I'm debating dangle Malaysia where Goldman Sachs helped the Malaysian stage investment fund will MTV to. To raise win five billion dollars in bonds. If years back on gunman charged the fund six hundred million dollars for this transaction, which is a pretty high level, by anybody standards. A lot of the money. Ultimately went missing around two point seven billion office. And there's been variously actions ran out, including two former Goldman Sachs managing directors who've been charged for bribery and money laundering. So there's a nod of pressure on Gaumont. Explain exactly what it's real Watson. This how the money could have been raised through them with FM having oversight of where it ended up on whether to move their senior executives were involved in. What was the Fernie elaborate take by embroidery skiing, which was allegedly per project by in Malaysia national who had links to the firms. That's the backdrop to it this week. It turned is that one of the things in the DOJ's charges against one of the gentlemen, who has been charged with a crime was that there were other. Goldman Sachs people. Who were involved in this? Besides just the two people who've been charged and one of the claims wasn't. There was a very senior executive who was at one point in a room with the monarch central a Malaysian Markle Jolo transport last week that the very senior executive was in fact, former goi- Axial, Lloyd, blankfein not certain yesterday things well off the chain. So we understand that while missed ranked wine was in the room. People say that it was a meeting hosted by the Malaysian Prime Minister grind line. Didn't know that this other guy Joe will be attending. And that they didn't have a meeting say there was just at the same meeting. Now, you can get for an heavily into the nuances, Sarah. But at the end of the day, the C you of the Bank was in the room with this guy. He is now at the center of a fairly big probe on it does make things uncomfortable for women, certainly perception wise, it isn't good. Then it also merged later in the week Tim life nerve, he's one of the former Goldman Sachs mind director is being charged and was actually pleaded guilty to. To a number of charges in relation to all this. We got details of one of his transcripts, and he basically is arguing that the behavior. He engaged in wall. Something endemic were in the Bank..

Goldman Sachs partner senior executive Goldman Bank MTV Laura Newnan Malaysia editor US Newnan Rachel Sanderson Italian Bank Malaysian Markle Jolo chief executive Milan David Crowe Goma Petillo
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

03:36 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"As a result of this is that the new bundle for stress tests. Well, I guess the importance banks have placed on this year rebuilding that capital buffers and issuing lots of debt. Maybe it's a testament to the success of this is one of those wonderful tests that you can't actually fail. So you can just have to get a bit of a slap on the wrist and take some corrective actions one thing that was notable though is ever almost focused on Deutsche Bank and the Italians going into this because of the idiocy Graddick problems of deutchebanks business model and the ongoing political and economic crisis in Italy the scenario that played out was pretty accurate. And what may happen in the event of a hard Brexit? But I don't think it sufficiently foreseen the problems in Italy. So I think maybe for the next version of the test. They'll get a bit tougher on that country's banking sector. I think that's always been the problem with these stress in particular is that they trail reality by significant degree Carolyn your fun and just on the way that the stress test is designed the other major difference with the EPA. And then what the UK and the US do is that the EPA takes was static. Balance sheets is essentially a snapshot at the end of last year of a bank's balance sheet and nothing, but the Bank will have done in the interim period Sasha's shore up its capital remeasure acquisition with something like that is taken into account. And I think that's another thing that the banks themselves. Find quite frustrating. The Bank of England's own stress tests. They're going to be published in a few weeks time, and I think certainly for the UK's banks and suddenly the analysts I think those are the ones that really all eyes are on particularly as there is a pass and fail in the Bank of England's tests. Very good. Well, I'm sure. You'll be in the lock in at the Bank at five AM or whatever is Caroline always with enjoyment with a big smile on my face look for to that. Very good. Thank you. So finally, let's take a look at Goldman Sachs as faces multiple challenges or certainly multiple changes on the line. We have Laura Newnan are US banking editor so Laura at the first issue that came about over the past few days is more fallout from the Malaysian one MGB scandal, which has deepened really for the Bank to former AMD's facing criminal charges, a top Asian investment banker is being placed on leave. This has pretty serious for the film. I think however, you look at it. This is pretty serious. What you have here is actively to former Goldman Sachs managing directors who were no facing criminal charges in the US in case of one Tim lice ner who was one of their star investment bankers in fuck. He's actually pleaded guilty to conspiring to commit money laundering into bribe. Foreign officials and another former emerging directions at East Asia Roger Neg. He's also being arrested on similar charges. So these are very serious charges. The fact that Mr. license has pleaded guilty as well, not they're both criminal charges certainly escalates things. I mean, certainly people I spoke at the firm couldn't recall time when someone similarly senior have been charged with these kind of financial crimes in terms of what their alleged actually have done it relates to Goldman Sachs's role in helping this aid investment fund of Malaysia will MGB to raise at six point five billion dollars in dash for which they received a fee if they've hundred million dollars some of that money. A large portion that money was ultimately miss appropriate on this being this kind of stray of investigation into that half. So it's kind of one of the spin off effects of that which Goldman Sachs has been during deep because it was the one that actually under oath the debt in terms of what the DOJ, which is the one pursuing the Casey institute, former Mogae directors and saying I mean, they have fairly widespread criticisms about the culture of Goldman act in that he's Asia..

Deutsche Bank Goldman Sachs Asia Italy US Sasha Bank of England EPA UK Laura Newnan financial crimes Roger Neg investment banker Carolyn Caroline DOJ Malaysia Casey institute
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:03 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Very transparent, ready, clear serving customers better, and the almost immediate result for them to lose quite large number of customers who wanted the teaser. But more broadly, it is a very delicate balance for banks. The moment default rates are still at pretty much historic lows and nobody wants to miss out on that. But given what happened in the less financial crisis. I think that probably particularly Cafo in these areas, but it is something that the Bank of England is increasingly aware of. They sent warnings out to every chief in the industry this year telling people to keep an eye on things. Nothing's blown up yet. There is a concern that these rate's gonna last forever and you don't wanna be relying on optimistic accounting standards when things go wrong. Yeah, consumer debt is one of the Bank of England's chief financial stability concerns. I think they've said interesting. In this whole context, though the obvious is trying to rebuild his reputation having been really hit on the SME side, particularly by this GR g unit, the global restructuring group that they had, which was accused of being pretty aggressive with a lot of their SME Klein's who got into financial difficulty over taking too much credit. Or whatever this, I suppose re imaging as be connected to that to some extent as well. Oh, certainly, yes. It's safe to say they've got a while yet to go to really recover from the amount of damage and they took, especially in the business banking side, we had the essay published lists of essentially the most popular big banks in the UK a few weeks back and obvious firmly the bottom on every measure. Great, Nick, thank you very much for that. Let's go over for our final segment to Laura Newnan. Yes, banking, it's in New York. Lord's been looking at the launch by Barclays of a new digital banking service for consumers. So Laura at Burke's is getting into online banking in the US. Birkin's already has an online Bank in the US, but it's a bit niece. It does save the knowns, but.

Bank of England Laura Newnan US Birkin New York Klein UK Nick Lord Burke
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

03:32 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Jenkins joining me in the studio today, Stephen Morris, our European banking correspondent and nickel are retail banking correspondent. We're also joined from New York by Laura. Newnan are US banking editor, and our guest this week is Ross McEwan. The chief executive of RBS this week. We'll be taking a look at Bank of America Merrill Lynch as it struggles to recover its emanate franchise. Second, they look at obvious as Ross mccune celebrates five years in the job and ten years on from the crisis that saw it bailed out by the British government, and finally look at Barclays in the US as it goes head to head with Goldman Sachs and other consumer banks. I, though to that Bank of America Merrill Lynch story, Stephen, you and others wrote what insiders have been calling a hatchet job on Bank of America. The franchise there has rather fallen off a cliff over recent months. It's been a pretty strong French as being up there among the best of them for years, but it had a four week time in the last few cool what's been going on and how important is it? Well, basically they're very concerned that losing out on their home turf over in the US last year. There were in fourth right in there amongst the biggest Wall Street banks and this year, there's been lots of concentration that they fallen down to seventh in the league tables, which used to judge who's doing well, and he's not doing well in investment banking. Now most notable is that they're fallen below Barclays Jeffries too much smaller, emanate houses over in the US, and that's really sort of kicked off a bit of a fury internally, Christine Meisner one of the heads of the investment bankers. Already left on this focus on whether some other people may follow him out the door such as Diego Georgie, who is another very senior person involved in the eight team. One of the big problems here has been losses on a loan that they made as South African company would steinhoff. They had a lot of money out to it, went bad Bank of America will be one of the banks that got quite badly hit since then they've really pulled back on their risk appetite. They're focusing on fewer clients. And so that's their argument. The reason we're not earning as much this year is because we don't want to being more focused or rather Vesey argument of some of the investment bankers when the defending performance to that she executive, but it's the c, o, they argue who's pulled back on the appetite to lend. There's been a bit of a blame game going on about whether it's the Bank is aren't being allowed to take the risks needed to win the deals. Whereas in response, the leaders saying you have plenty of leeway to win deals. You're just not doing it, which is why people being kicked out. Now they brought in quite an interesting. Chapman, Australian cooled Mr. coda who's been over in Hong Kong running some of their equity operations. We were told by some people internally. He's very fond of boot camp style, military workouts, and I'm one of his party tricks when he's out drinking with colleagues is to impress him with one aunt press. So really brought in somebody who's not gonna take any excuses to turn around this unit when he starts at the beginning of next year. So this is sort of the latest string of soul searching among some of the world's investment banks wondering why they're not doing well that really dropping off competitor j. p. Morgan's Goldman Sachs increasingly small boutiques with no balance sheet. No real relationships who seem to be eating a lot of the big banks lunches at the moment, and that's particular cause for concern at Bank of America that lending loads of money providing other financial services.

Bank of America Merrill Lynch Bank of America US Goldman Sachs Stephen Morris Jenkins New York Ross McEwan Chapman Newnan Barclays Jeffries Barclays Ross mccune RBS chief executive Laura Diego Georgie editor Christine Meisner
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:18 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"I mean, the whole messaging from David Solomon has been around conditioning the by giving going to be doing anything not. I mean, I think it makes sense for him to put more his own people around him. One of things will be closely watching the people. David has been promoting largely aside from the serious hire are people who have come up through the investment banking hikes, and then with Stephen sheriff on the consumer side, what we haven't seen a whole lot of him promoting people from the trading, and that's always being attention between Goldman Sachs. So in the run-up to venture crisis trading was very much the buying speak business. Now, you have very much investment banking lead leadership. I think they've nosy how the piece of work to convince the trading on this. He's off the bite that he's also on their side on the also values their countries into the by because I think what he does on that side of the house is going interesting if he tweets the their change of some of the strategies there. I think that's something that's going to be watched him and go. Not the moment as ready in strategic plan. And that plan is all of diversifying the revenue base. And that's part of what they're doing with the consumer buying. They have a toe in the water of off the online consumer banking market, which could be lucrative one for them, and they argue they're going to do well there because other bags have been trying to pare back the legacy call centers. We payback's Ron Goldman Sachs course that we are seeing from zero on just so they're lee-ing. They have the function of fintech. They are what they have. The big Bank knowedge then on the other hand will through with trying to do within the investment buying. It's changed the client base. Goldman traditionally relied on the very large client on the moves octave lines. They trying to get more of the corporate business because the very large knocked appliances come equipped to vote on revenue stream. They can be very active for a period of time. And then when the markets get difficult, they are active at all, nothing invested revenue being more volatile of its peers. So what they're trying to do is get more of the corporates, more of the client base of a city or Bank of America, or Jake. Morgan, even. That's something that I think David was very much aboard with the going CEO Lloyd blankfein strategy. We can expect to see him. I think exceleron us. Well, that's it for this week left for me to do is to think Multan and Stephen Hyun this Judah all guest from Credit Suisse lower born head of compliance and regulatory affairs, Laura Newnan and Rowbotham strong in New York, and also thank you for.

David Solomon Goldman Sachs Ron Goldman Sachs Stephen sheriff Goldman Lloyd blankfein Credit Suisse Stephen Hyun Multan CEO Laura Newnan Bank of America Morgan Jake New York
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

03:16 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Yeah, there is a lot going on. You mentioned the Estonian branch of Danske Bank where an investigation found that as much as thirty billion of non-resident money was flowing through the branch in a single year, much of that thought to be from Russian clients. Also, there was a big scandal in a Bank in Latvia, which was essentially shut down at the instigation of the Americans because they said that it was laundering money and breaching sanctions, and that was subsequently found to have substance to those allegations. So I think this is court. The EU and the e. CB on the hop a bit. And they're reacting by promising to beef up the powers of the European Banking Authority, which does nominally have the ability to investigate money laundering breaches at European banks. But I think it's got like two people in that unit, so not really equipped to do anything about it. They're also promising to beef up the powers of a relatively new body, the European public prosecutor's office, which will give them palace to investigate financing terrorist activities across the EU from twenty twenty-five. So the EU as usual movie quite slowly, but they are focused on this. It seems and they are determined to try and beef up the powers of pan-european institutions because up to now it's essentially being up to the individual Member States to keep watch on their own banks and clearly it makes more sense if you're looking at cross-border money flows for a pan e you regulator to have a view on this and perhaps some of these smaller countries like Estonia and. Latvia. Good question how much they have to stay on top of this kind of thing. Yeah, absolutely. Well, thanks for the updates on all of that. Martin, let's move onto our second topic and a look at women in finance and the gender diversity survey that the f. t. has just completed for a second year, Laura Newnan new US spanking. And obviously regular listeners will know she has until very recently been London-based investment banking correspondent. She's carried out this review speaking to forty seven companies and looking at the results which were marginally better than last year. It's fair to say. I spoke earlier to Laura and asked her what exactly the results showed. So Laura, this is the second year, the f. t. Kannada it's gender, diversity review this time. You had responses from forty seven companies altogether. What did the results look like? On the face of it definitely looks as if not a whole lot of progress be made in the last year when it comes to what the industry has long, third is a big priority for them. So if we look at the percentage of senior roles withdraw ccupied by women in the last year, the firm said the twenty seven point two percent of their senior roles occupied by women a year earlier. They said that figure was twenty six point, eight percent. So as we're talking about improvement of forty basis points, so that's his forging. It was a little better us. The middle level in the middle level is a crucial feeder level because if you don't have enough women coming through the mid level, you won't have enough women that you can put into senior roles. So out that mid level, that percentage of jobs occupied by women increased from forty two point, one percent to forty three percent. That's a bit more encouraging by think motif..

EU Laura Newnan Latvia Danske Bank European Banking Authority Estonia prosecutor US Martin forty three percent eight percent one percent two percent
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:03 min | 2 years ago

"laura newnan" Discussed on FT Banking Weekly

"Welcome to banking weekly from the financial times with me martin arnold the ftc banking editor joining me in studio is nncholas mogole are retail banking correspondent and mars johnson our capital markets editor while we'll also be hearing from laura newnan aren't best banking correspondent and ben mcclanahan us banking editor i will be discussing shortfall in italian equity bond markets greeted the political uncertainty coming out of rome and what this means for banks secondly will take a look at expectations of a revival in banking mergers and acquisitions and finally will hear about deutchebanks fiery annual meeting as well as the german banks bility to continue attracting thousands of graduates despite its well publicized problems so malls thank you very much for joining us malls you are capital markets editor here in london but you'll perfectly place to talk about the mock reaction in italy because you're heading to rome to be the rome bureau chief so tell us what's being the market reaction to the political events over the course of the weekend in italy well multiple zena very fast moving story the markets now reacting to developments of the last couple of days where the italian president has blocked the desired appointee for finance minister from the populace parties and this is their attempt to form a government has broken down and now italy will be facing fresh elections and two weeks ago people were basically thinking in the market this was really no big deal marginal moving toll than before the weekend people getting a little bit nervous so we started to see on thursday pretty sharp moves in talian government debt and equities and then following on from monday we've seen some very very pronounced moves where it costs more for the italian government to borrow money for two years than the portuguese government to borrow money for ten years which is really.

editor laura newnan rome london italy rome bureau chief president finance minister italian government portuguese government martin arnold ben mcclanahan ten years two weeks two years
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:00 min | 3 years ago

"laura newnan" Discussed on FT Banking Weekly

"Welcome to banking weekly from the financial times with me patrick jenkins joining me in the studio today mountain donald off banking editor laura newnan investment banking correspondent carolyn benham financial regulation correspondent and nncholas magor retail banking correspondent we also have a special guest jane croft local correspondent and from germany with joint down the line by young buyer who is a lawyer this week we'll be looking at buckley's as the crank court throws at a case against them brought by the serious fraud office secondly we looking at deutsche bank as its chairman faces possible dismissal and finally what's going on in the world of technology and banking i though to buckley's a decade ago as financial crisis gripped the city of london barclays went to qatar to raise emergency funds but of billions of pounds that it tried to raise to plug its balance sheet while a monday the crime court in the uk throughout a case from the serious fraud office against barclays which alleged that barclays engaged in improper activities in the way that it raised this money now jane croft our legal correspondent is with us jane the crank quarters thrown out this case against barclays why well it's basically dismissed the charges against barclays and these charges involved committing fraud by false representations and also local financial assistance both against barclays plc on barclays bank plc which is one of the main operating subsidiaries now barclays has put out a regulator new service announcement saying what has happened in the ruling this has happened it's also said that serious for office is likely to reinstate these charges by applying to high court judge to recommence proceedings via a new indictment of the same charges so basically it's saying to the stock market that the cases.

patrick jenkins legal correspondent qatar germany jane croft carolyn benham editor donald barclays bank plc fraud uk chairman deutsche bank buckley
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

01:58 min | 3 years ago

"laura newnan" Discussed on FT Banking Weekly

"Welcome to banking weekly from the financial times with me hundred jenkins joining me in the studio today onta banking and laura newnan our investment banking correspondent this week we'll be discussing the latest european bank results starting with sunday we'll also be looking at the implications for data management in the banking industry on the back of the facebook graham and finally over to the us where ben mcclanahan us banking editor has been talking to the head of bit peyser the african payments network i though to european banks and the results season for first quarter results has begun we've had a few results in on tuesday asante was the latest to report martin maybe we could start with you and your thoughts on these results which kind of an interesting mix generally quite good but the uk up of disappointment yes so shares in the eurozones big bank by market capitalisation fell more than two percent after it reported quarterly numbers that were a bit of a curate's egg in terms of performance good in parts i would say the good parts were brazil spain and also the us business which has been a bit of a problem child for the spanish bank but the the new problem child seems to be the large uk business that santan their own santander uk prophets were down pretty sharply down more than twenty percent and the bank blamed this on regulation it said that tattoo invest more to meet the requirements of the ringfencing rule to separate it's consumer facing operations from from other operations in the uk but also interesting is the first bank that i've heard blame a higher costs on the so called open banking regime that came into force this year.

jenkins us editor uk spain facebook ben mcclanahan martin brazil twenty percent two percent
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

01:57 min | 3 years ago

"laura newnan" Discussed on FT Banking Weekly

"Welcome to banking weekly from the financial times with me patrick jenkins joining me in the studio today laura newnan our investment banking correspondent caroline bingham of financial regulation correspondent and also we have enough storbeck joining us from frankfurt this week we'll be discussing the latest ructions at deutsche bank as one chief executive exits and another arrives we'll be looking at barclays bank where the chief executive just staley has his own problems and finally look at the euribor trial which starts this week i don't your bank which has changed its chief executive in dramatic fashion after john cryan was acted and replaced by christian seven the banks retail chief well to discuss the events and what they mean i'm joined by olaf storbeck olaf tell us how these events unfolded over the weekend it was pretty dramatic been a hell of a weekend actually so on saturday morning we got the news that the emergency boughten meeting was scheduled for sunday night and later bang admitted that the sufficient would be uncouple via gen on saturday several committees of dodge supervisory board met and talked about different options and in a fall bought meeting on sunday night eventually decided to ask mr crying and point christine vaping with immediate dissect and this came after several weeks of speculation that mr cryan was going to be ice did after emerged that the chairman plotline a at been conducting supposedly low key searches for potential external successor was that really what led to this rather sudden process that it was all out in the open they didn't wanna lose control of the process altogether your security escalator.

caroline bingham frankfurt deutsche bank barclays bank staley chief executive john cryan patrick jenkins olaf storbeck christine vaping chairman
"laura newnan" Discussed on FT Banking Weekly

FT Banking Weekly

02:38 min | 3 years ago

"laura newnan" Discussed on FT Banking Weekly

"Welcome to banking weekly from the financial times with me patrick jenkins joining me in the studio today is caroline bingham financial regulation correspondent were also joined by laura newnan aren't correspondent who's being in singaporenew and she's been talking to rohamn moghadam his the asian handing pal this week we'll be talking about barclays and the arrival of a new activist shoveled secondly the financial stability board the global regulatory body has changed tack and finally to that interview with the head of paypal asia i oh i look at barclays we've recorded this segment earlier it's activists investment fund which is quite a significant interest involves these biggest banks increasing pressure management turnaround the banks recent faltering performance let's talk about that hannah murphy spoke to martin arnold fte's banking editor and jonathan guthrie have lex she began by asking martin how much money the firm sherborne controlled by edward bramson had put into barclays and why we should care i can tell you what should born has disclosed which is that it has invested five hundred eighty million pounds in buckley shares and derivatives and as a result of that it says that it now owns just under two percent of barclays voting rights directly through shares held and another just over three point two percent through derivatives and as you mentioned at the result of that it's got between four point two percent of voting rights in pockets which barclays says if you go by voting rights makes it the fourth largest investor in prisons based banks behind capital group black rock and the qatar investment authority so that's how much they've spent and the reason we can't is because as you said sherborne is not a typical institution investor is well known as an activist investor and has carried out activists campaigns pushing for changes in management changes in strategy at several uk financial services groups including f and the management company and a couple of private equity groups electra and three i both were listed private equity groups three i never actually went ahead with the activists side of its mandate because the shares rose in the first few months of its ownership so it was able to book profit and sold fairly quickly without actually pushing for any changes now barclays is a much bigger kettle of fish it's market capitalism.

patrick jenkins uk buckley jonathan guthrie paypal singaporenew caroline bingham laura newnan sherborne qatar investment authority edward bramson martin lex editor hannah murphy barclays two percent five hundred eighty million po