AUD News 

Australia government says banking executives responsible for misconduct could face jail

“SYDNEY (Reuters) – Australian Treasurer Scott Morrison warned that financial sector executives responsible for widespread breaches of corporate law could face jail, as a powerful judicial inquiry heard more evidence of misconduct by the country’s top financial institutions” writes Midwest Communications Inc for 95kqds.com. The government-backed Royal Commission into Australia’s banking sector is just a couple of months into what is expected to be a year-long investigation and public grilling of senior executives in the country’s financial sector.In further testimony to the so-called Royal Commission on Wednesday, AMP executives admitted…

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Lloyds Banking Group to cut 305 jobs

“Lloyds Banking Group PLC (LLOY.LN) said Tuesday that it will cut 305 jobs primarily from its branch network as part of its strategic plan to focus on technology and staff” writes Maryam Cockar for marketwatch.com. Accord, the trade union for staff in financial services, said Lloyds plans to remove about 1,230 jobs across eight business divisions while creating 925 new roles, for a net reduction of 305 jobs.Since 2011, more than 90% of role reductions have been achieved through natural attrition, redeployment and voluntary redundancy, it said. Source: marketwatch.com Share This:

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Correspondent Banking’s Decline Disproportionately Impacts Islamic Banking

“A new report by the General Council for Islamic Banks and Financial Institutions (CIBAFI) said the decline of correspondent banking relationships disproportionately impacts Islamic financial institutions (FIs)” reports pymnts.com. Researchers found trade finance and international wire transfers were the services most severely limited as a result of fewer correspondent banking relationships.Financial institutions have limited their correspondent banking relationships as part of broader de-risking efforts, reports explained.Islamic banks in Southeast Asia added that cash management services were most impacted for them.Reports in Reuters on Monday (April 16) said CIBAFI’s analysis reinforces concerns…

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FinTegration: Citi and Qantas brought the future of banking to SXSW

“We caught up with Citi and Qantas at their SXSW panel to learn more about how open APIs and global collaboration are fueling the future of FinTech” writes Mashable Brand X for mashable.com. A large financial institution and a national airline are not the usual suspects on the forefront of tech innovation, but that makes their global collaboration even more impressive. Source: mashable.com Share This:

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News Regulators 

Trump to nominate Clarida, Bowman to Fed’s Board of Governors

“Bowman, the commissioner of the Kansas State Bank Commission since 2017, is expected to fill a position at the Fed reserved for someone with community banking experience” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – U.S. President Donald Trump on Monday said he would nominate Richard Clarida, an economist who advises fund manager Pimco, and Michelle Bowman, a Kansas banking regulator, for two key positions at the U.S. Federal Reserve. That seat has remained open since 2014, when the U.S. Congress passed a bill requiring the Fed to reserve…

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News Regulators 

ECB asks Deutsche Bank to gauge investment banking exit costs: source

“FRANKFURT (Reuters) – Deutsche Bank has been asked by European Central Bank supervisors to calculate the potential costs of winding down its investment banking operations, a source told Reuters on Sunday” writes Midwest Communications Inc for 95kqds.com. Deutsche Bank is already in the middle of a global review of the investment bank, known internally as Project Colombo, to determine the way forward as revenues shrink and clients and staff leave.The point of the exercise is to estimate how the value of Deutsche Bank’s capital market and derivatives business would develop…

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Activist investor Ed Bramson steps up campaign to force Barclays shake-up

“It is understood that Bramson instead wants Barclays to turbocharge returns in investment banking by fine-tuning its activities” writes Liam Halligan for telegraph.co.uk. The renowned activist has told major investors that he wants to see Barclays overhaul its investment banking arm, ramping up returns and stepping up one-off payouts.Such a confrontational move would also set up a ferocious tussle with chairman John McFarlane, who is determined to see Barclays remain a force in investment banking. Source: telegraph.co.uk Share This:

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Why European investment banks are falling further behind their US rivals

“European investment banks have been suffering death by a thousand cuts since the financial crisis” writes Ben Marlow for telegraph.co.uk. Christian Sewing, the new boss, wrote to the lender’s 98,000 staff that his priority was scrutinising the investment banking unit’s “revenue, cost and capital structure”. The lender was once seen as Europe’s best hope of taking on the US investment banking… Source: telegraph.co.uk Share This:

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Markets News Stocks 

Dow’s 150-point stumble in late-afternoon trade driven almost entirely by JP Morgan, Boeing stocks

“The Dow Jones Industrial Average was slumping on Friday, with a little over an hour remaining in regular trade” writes Mark Decambre for marketwatch.com. The Dow industrials DJIA, -0.86% were off about 150 points, or 0.6%, at 24,339, with about 85 points of that downdraft produced by declines in JP Morgan Chase & CO. JPM, -3.46% and Boeing Co.BA, -3.01% The slide for JP Morgan came even as the banking behemoth released results for the first-quarter that were better than expected, along with a number of other upbeat earnings reports…

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