Top Headlines

Market Impact of Brexit Is Key Concern for G-7 Finance Chiefs – Bloomberg

The risk of Britain exiting the European Union is a key concern for Group of Seven finance chiefs amid fears a vote to leave the EU in just over a month could roil international markets.

These Dates Will Be Crucial as the Fed Nears a Possible June Hike – Bloomberg

Now that Federal Reserve Chair Janet Yellen and her colleagues have laid out what conditions could pave the way for an interest-rate increase next month, there are a few crucial dates that could determine whether they’ll take the step.

ECB’s room for rate cuts almost exhausted: Makuch – Reuters

The European Central Bank should not consider any further easing for now and if further stimulus becomes necessary, it should focus more on unconventional measures rather than rate cuts, Governing Council member Jozef Makuch said on Friday.

Banks Face Two Further Unfair Dismissal Cases – Profit & Loss

The pressure on the banking industry from the raft of unfair dismissal cases continues to ratchet up with two more claims slated for the next two weeks, one a discrimination claim.

Salaries and Bonuses at London Banks, Ranked from Best to Worst – City AM

One size rarely fits all, especially, as a study out today has discovered, when it comes to bankers’ pay.

Searchers Scour Mediterranean for Wreckage of Missing EgyptAir Jet – Reuters

Search teams scoured the Mediterranean Sea on Friday, hunting for wreckage of an EgyptAir jet carrying 66 people that disappeared in a crash that Egypt said may have been caused by a terrorist attack.

Company News

Deutsche Bank Shareholders Back CEO and Chairman, Reject Executive Pay – Handelsblatt

Deutsche Bank’s shareholders gave their backing to the bank’s managers and supervisors on Thursday night but rejected the executives’ pay packages in a non-binding vote that could put pressure on Germany’s largest bank to further cut bonuses and salaries.

Ryanair’s Seat Sale Reported to Police – The Time (subscription)

Ryanair has been accused of breaking election law and anti-bribery rules by offering cheap flights to overseas voters who want to back Remain in the EU referendum.

HSBC to Close Half of India Branches in Digital Banking Push – Bloomberg

HSBC Holdings Plc plans to shut almost half its branches in India and rely more on digital banking to expand its consumer business in the South Asian nation.

Market Savvy

Bank Fines Not a Trending Topic … Yet – Aite

My first impression upon reading about another bank fine is surprise that these two words are not a bigger trending topic in social media. After more than seven years of watching headlines with the words “bank” and “fine,” I suspect readers’ eyes glaze over and move on to the latest, truly disruptive news.

Retirements Trigger More Changes at Citi – Profit & Loss

The retirements of two long serving employees has triggered management changes in Citi’s FX sales and treasury business.

Big Chinese Banks Issue New Yuan-Denominated Debt In US – WSJ

Two of China’s largest banks are issuing new local currency debt in the U.S., offering attractive yields for investors willing to take some currency risk.

Stocks Rebound From Six-Week Low as Dollar Retreats; Oil Climbs – Bloomberg

Financial markets showed signs of stabilizing after being buffetted this week by a surge in expectations for a U.S. interest-rate increase. Global stocks rebounded from a six-week low as oil rallied and the dollar retreated against higher-yielding currencies.

Asset Managers: Creating a Strategic Response to FX Structural Change – Profit & Loss

Viewpoint from Andrew Cromie, Global Head of Product Management for Institutional Investors, 360T Group

Regulatory News

Golfer Phil Mickelson Sued, Two Others Charged in Insider-Trading Case – WSJ (subscription)

Deep in gambling debt, the former Dean Foods Co. chairman leaked inside information to legendary sports bettor William “Billy” Walters, who allegedly passed on a lucrative tip to another debt-burdened gambler, golf star Phil Mickelson, authorities said Thursday after a five-year investigation.

Deutsche Bank Probes Trades That Made Employees Millions – WSJ

Deutsche Bank AG is investigating a series of trades that may have improperly generated millions of dollars in personal profits, some at the bank’s expense, for a handful of current and former employees, according to people familiar with the matter.

HSBC’s Mackay Says ‘We’re All Stuffed’ If Basel Sticks to Plan – Bloomberg

Banks would be “pretty much stuffed” and the industry outside the U.S. would suffer if global regulators don’t tone down a proposed revamp of the rules used to determine capital requirements, said Iain Mackay, group finance director of HSBC Holdings Plc.

Bank of England Ringside Seats on Offer as Staffer Joins Goldman – Bloomberg

Wanted: Two economists for a ringside seat at Bank of England policy making.

Applications close Friday for a senior adviser and an economist to work with incoming Monetary Policy Committee member Michael Saunders.