LONDON—The newly-discovered Omicron variant shows policymakers and financial markets cannot lower their guard on COVID-19 and will have to calibrate their policies carefully, the Bank for International Settlements said on Monday. Dubbed the central bank to the world’s central banks due to its regular gatherings of decision makers, the Swiss-based BIS said Omicron had already…
Omicron Shows Policymakers Can’t Let Guard Down: BIS
December 6, 2021
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Wall Street Opens Higher on Banks, Energy Boost
December 6, 2021
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Wall Street’s main indexes opened higher on Monday after declining sharply last week on Omicron and taper fears, with investors favoring banks, energy, and economy-linked stocks against technology and growth-heavy shares. The Dow Jones Industrial Average rose 53.35 points, or 0.15 percent, at the open to 34,633.43. The S&P 500 opened higher by 9.94 points,…
Climate Change-Related Disasters ‘Not Very’ Impactful on Bank Financial Stability: New York Fed
December 3, 2021
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A new study from the New York Federal Reserve examining the impact of climate change via extreme weather events on bank financial stability throws cold water on the heated rhetoric around climate change, finding that the threat to banks from natural disasters is trivial while suggesting that a bigger danger to financial institutions comes from…
JPMorgan Named Most Important Bank to Health of Financial System
November 23, 2021
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LONDON—JPMorgan Chase has once again been named the world’s most important bank to the health of the wider financial system, according to the latest annual ranking of top lenders by global regulators. The Financial Stability Board (FSB), made up of regulators from G20 countries, published its latest table of the world’s 30 most systemic banks…
Deutsche Bank and Commerzbank Warn on Inflation; BNP Wants Growth
November 19, 2021
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FRANKFURT—The chief executives of Germany’s two top banks, Deutsche Bank and Commerzbank, warned about inflation on Friday, while the chairman of BNP Paribas said the real issue is growth. The bankers were speaking at a conference in Frankfurt as investors closely watch the European Central Bank for its reaction to accelerating inflation. Deutsche Bank CEO…
Europe’s Planned Rival to Visa and Mastercard Appeals for Public Funding
LONDON—A planned pan-European payments network backed by 22 banks to compete with U.S. duo Mastercard and Visa appealed on Tuesday for public money, saying its private backers were not prepared to stump up all the cash needed. The European Payments Initiative (EPI) was launched last year and is seeking to get more banks and other…
Haiti’s Fuel Crisis Deepens; Banks Announce Partial Closure
PORT-AU-PRINCE, Haiti—Haiti’s fuel crisis is deepening, with the country’s Professional Association of Banks announcing Friday that a shortage of petroleum is forcing institutions to cut their hours and days as dozens of gas stations across the capital remained closed. Starting next week, banks will operate only three days a week instead of the usual six…
Swiss Banks Expect Market Access Deal With Britain in 2022: NZZ
ZURICH—The head of the Swiss banking lobby expects his country to strike a deal with Britain next year to open up the financial sector to cross-border business, he told the NZZ newspaper in an interview published on Wednesday. Both countries, which are outside the European Union, are negotiating an accord for market access by banks…
Euro Zone Banks Raised Bar for Mortgages in Third Quarter, ECB Says
FRANKFURT—Euro zone banks tightened access to mortgages in the three months to September and expect to continue doing so in the final quarter of the year, a European Central Bank survey showed on Tuesday. ECB policymakers are set to take stock of the economic situation at a meeting on Thursday, paving the way for a…
Hong Kong Banks to Disclose Related Property of Clients Charged Under Security Law
HONG KONG—Banks in Hong Kong are advised to disclose related property of clients who are found in breach of the city’s “national security law”, according to the latest guidelines from its banking association. The advice was introduced in an Oct. 22 update of the Hong Kong Association of Banks’ (HKAB) frequently asked questions in relation…
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