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Cash sweep scrutiny threatens wealth managers’ credit ratings, Moody’s says
The spate of regulatory investigations into wealth managers’ cash sweep programs could hurt their credit ratings, Moody’s Ratings warned on Thursday, underscoring the threat to the high-margin business for firms like Morgan Stanley (MS.N), opens new tab and Wells Fargo (WFC.N), opens new tab. WHY IT’S IMPORTANT A potential ratings downgrade would increase the costs for wealth managers […]
Britain’s Revolut valued at $45 bln in share sale
Britain’s Revolut has been valued at $45 billion through a secondary share sale to new and existing investors, the financial technology firm said on Friday, cementing its position as one of Europe’s most valuable start-ups. The share sale is being led by Coatue and D1 Capital Partners, and existing investor Tiger Global, Revolut said. Source: […]
Exclusive: Deutsche Bank’s proposed Postbank case settlement offer rejected by plaintiffs
Deutsche Bank (DBKGn.DE), opens new tab has proposed a settlement to shareholders who sued Germany’s largest bank for underpaying them for the acquisition of Postbank but the offer is too low, a lawyer for the plaintiffs said on Friday. The lawyer, Jan Bayer, rejected the bank’s proposal as a “crackhead” offer that is “dead on arrival”. Any […]
Intrum reaches deal with lenders in step towards recapitalisation
Swedish debt collector Intrum (INTRUM.ST), opens new tab has reached an agreement in principle with a majority of its revolving credit facility (RCF) lenders in a step towards a recapitalisation of the company, it said in a statement on Thursday. Europe’s biggest debt collector said the deal involved lenders holding 76% of RCF debt. “This agreement supports […]
Wall Street firms to pay over $470 million to settle with US regulators over texting
Another group of broker-dealer and investment advisers have agreed to pay over $470 million to U.S. regulators to settle civil charges they violated recordkeeping rules, the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission said in statements on Wednesday. Toronto-Dominion Bank’s TD Securities, BNY and Truist were among the Wall Street firms that […]
South African Reserve Bank to cut rates 25 bps to 8.00%
South Africa’s Reserve Bank is expected to cut interest rates for the first time in more than two years – by 25 basis points to 8.00% – on Sept. 19, according to a Reuters poll of economists who had similar views to a poll taken last month. A repo rate cut would follow a period […]
EY, KPMG benefit most from PwC China’s regulatory woes
Ernst & Young (EY) and KPMG have snapped up over half of PwC’s corporate clients in China that have fled the market’s leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating PwC’s role in auditing China Evergrande Group (3333.HK), opens new tab, after the securities regulator accused the troubled […]
UBS puts $2 bln Credit Suisse real estate fund into liquidation
UBS has put a real estate fund of its former competitor Credit Suisse worth over $2 billion into an “orderly liquidation” as of Thursday, the Swiss bank said. The Credit Suisse Real Estate Fund International’s total net assets were worth 1.88 billion Swiss francs ($2.17 billion) as of the end of June, UBS said. The […]
China’s outbound investing quota crunch spurs foreign asset managers to get creative
Soaring demand from Chinese investors for offshore investments has left foreign banks and fund managers scrambling to ration outbound-investing quotas despite the recent selloff in the U.S. and Japanese markets. To cope with the surging appetite, firms using China’s Qualified Domestic Institutional Investor (QDII) programme are taking steps to get around the quota crunch, executives […]
Some euro zone banks too optimistic in valuing commercial property, ECB finds
Some of the euro zone’s top banks may be inflating the value of commercial real estate, potentially masking a deterioration of loans to a sector struggling with a sharp downturn, a European Central Bank inspection found. Commercial property prices have fallen sharply due to higher borrowing costs and poor demand as firms adjust to post-pandemic […]
