Italy’s Monte Paschi Flunks Stress Test, Plans to Raise Capital
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Italy’s Monte Paschi Flunks Stress Test, Plans to Raise Capital – Bloomberg
The world’s oldest bank is also Europe’s riskiest. Italy’s Banca Monte dei Paschi di Siena SpA was the only one of 51 lenders tested by European regulators to have its capital wiped out in the exam’s toughest scenario. The bank, which has been bailed out twice by the government since 2009, said it plans to sell as much as 5 billion euros ($5.6 billion) of stock if it can offload a bad-loan portfolio.
Barclays and British Airways Sour Over Brexit Vote
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Brexit Bulletin: Barclays and British Airways Sour Over Brexit Vote – Bloomberg
Add Barclays, real estate agent Foxtons and British Airways parent IAG to the list of companies warning about the aftershocks of the Brexit vote.
Lloyds to Cut 3,000 Jobs as Lender Braces for Post-Brexit Slowdown
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Lloyds to Cut 3,000 Jobs as Lender Braces for Post-Brexit Slowdown – WSJ (subscription)
Lloyds Banking Group PLC is to cut 3,000 extra jobs as the British bank warned that Brexit will hit the U.K. economy in the months to come.
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Democrat Clinton Makes History With U.S. Presidential Nomination
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Democrat Clinton Makes History With U.S. Presidential Nomination – Reuters
Hillary Clinton secured the Democratic Party’s White House nomination, coming back from a stinging defeat in her first presidential run in 2008 and surviving a bitter primary fight to become the first woman to head the ticket of a major party in U.S. history.
FX Committee Surveys Show Trading Was Up During April
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Top Headlines FX Committee Surveys Show Trading Was Up During April – Profit & Loss FX trading volumes were up in the UK, US, Japan, Canada, Singapore and Australia in April compared to October 2015, according to the FX Committees’ semi-annual results. |
Currency Trading Volumes Climbed in April in Japan, Australia
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Currency Trading Volumes Climbed in April in Japan, Australia – Bloomberg
Currency trading increased in Japan and Australia in April from six months earlier, led by a surge in forwards, according to the foreign exchange committees in the two nations.
US Justice Department Brings Charges Against Two FX Traders
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Top Headlines US Justice Department Brings Charges Against Two FX Traders – Profit & Loss Mark Johnson, the head of global FX cash trading at HSBC and Stuart Scott, former head of FX cash trading for EMEA at HSBC, have been officially charged by the US Justice Department with conspiring to defraud HSBC clients by front running orders. |
HSBC’s Johnson Out on Bond After Airport Arrest in Currency Case
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Top Headlines HSBC’s Johnson Out on Bond After Airport Arrest in Currency Case – Bloomberg Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York’s Kennedy airport, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction in 2011. |
Sterling Bounces After BoE Survey; UK Unemployment Rate Falls to 2005 Low
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Top Headlines Sterling Bounces After BoE Survey; UK Unemployment Rate Falls to 2005 Low – CNBC The U.K. pound surged to a session high on Wednesday morning following better-than-expected jobs data and a business survey from the Bank of England that showed a muted impact from the country’s decision to leave the EU. |
EU State-Aid Rules for Banks in Crisis Backed by Top Court
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EU State-Aid Rules for Banks in Crisis Backed by Top Court – Bloomberg
The European Union’s top court backed EU guidelines designed to prevent taxpayers from footing the bill for bailing out stricken lenders, strengthening the hand of Brussels regulators as Italy fights to shield some bondholders caught up in the nation’s banking crisis.