Russia’s banks will need a wider recapitalization, Andrey Kostin, CEO of No.2 lender VTB, has told the TASS news agency, with the scale of it to be determined later this year once there is a clearer picture of the losses the sector faces. “I don’t know yet where the capital boost will come from but…
Russian Banks Need to Be Recapitalized as Losses Loom, VTB CEO Says
April 5, 2022
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China’s Largest Banks Signal Tough Times Ahead
SHANGHAI—Five of China’s largest banks have said the country’s lenders face multiple headwinds this year that include the pandemic, global politics, and domestic turmoil in the real estate industry. On Wednesday, the world’s largest lender Industrial and Commercial Bank of China (ICBC), warned that China faces “shrinking demand, disrupted supply, and weakening expectations” in its…
European Bank Stocks Slide as More Firms Cut Russia Ties
LONDON—European bank stocks tumbled again on Monday as more financial firms cut ties with Russia and others braced for further impact from the country’s invasion of Ukraine. Lenders and investors with links to Russia have been cutting ties to the country as Western sanctions have been brought to bear, while others have sought to reassure…
Central Banks Seen Enhancing Liquidity After SWIFT Ban: Credit Suisse Strategist
March 1, 2022
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NEW YORK—The banning of certain Russian banks from the SWIFT international payment system could push central banks to enhance liquidity to offset missed payments, a Credit Suisse strategist said on Sunday. Western nations announced on Saturday a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the…
Eurozone Bank Shares Plunge as Ukraine Crisis Roils Markets
February 24, 2022
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Shares of banks in the eurozone saw sharp declines on Thursday after Russian forces mounted a large-scale offensive against Ukraine and European Union officials announced new sanctions on Moscow. Europe’s banks—especially ones in Austria, France, and Italy—are the world’s most exposed to Russia. In the weeks leading up to the launch of Thursday’s multi-pronged military…
South Korean Banks Subject to Hundreds of Cyberattacks Daily
South Korean banks have been subjected to an average of nearly 600 cyberattacks per day since 2017, with China being the chief country where attacks are originating from, says South Korea’s Financial Services Commission (FSC). A recent FSC report disclosed by South Korean National Assembly member Kang Min-Kook showed that from 2017 to 2021, 17…
ECB Warns About Vulnerable Property Market in Eurozone
FRANKFURT—The property market is a “key vulnerability” for eurozone banks as the rise of remote working since the pandemic dents demand for offices and households take on more debt to buy expensive homes, the European Central Bank said on Wednesday. Central bankers have been ringing alarm bells about the eurozone’s booming property market that has…
Major Wall Street Banks Start Dropping Mask Mandates
A number of major Wall Street financial institutions have moved to drop mask mandates, which comes amid a broader rollback of pandemic restrictions across the United States and in other parts of the world. Goldman Sachs, JPMorgan Chase, and Morgan Stanley said on Feb. 11 that they were doing away with the requirement for staff…
Global Shares Mixed as Markets Watch Omicron, Central Banks
TOKYO—Shares were higher Monday in Europe after a mixed trading session in Asia, where the Shanghai benchmark jumped after reopening from the Lunar New Year holidays. France’s CAC 40 added 0.3 percent in early trading to 6,968.99, while Germany’s DAX edged up 0.4 percent to 15,153.17. Britain’s FTSE 100 gained 0.4 percent to 7,546.10. The…
Banks Open Fixed Income Front in Europe’s Data Price Battle
LONDON—The price of bond market data has risen by half over the past five years, which could prompt some users to quit the market and damage liquidity, industry body AFME said on Thursday. Big banks and asset managers already say that data on share trades is too expensive—a complaint rejected by exchanges—and the Association for…
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