UBS ramps up Netflix of banking to tap into stream of millionaires
UBS’s new hybrid digital wealth management platform has attracted $3.7 billion in its first year. This boosts the chief executive Ralph Hamer’s strategy of winning more business from the lower echelons of the global rich. The world’s biggest wealth manager is trying to improve its digital services to reach customers outside its super rich core client […]
Mark Cuban-Backed banking app Dave to go public in $4 BLN Spac merger
Billionaire Mark Cuban-backed Dave said it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion. Dave is an app launched in 2017. It is used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It […]
BNY Mellon’s new solution leads the digital Bill-pay revolution
BNY Mellon has announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually. This pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time […]
ECB to keep policy loose this year despite high inflation risks
The European Central Bank will not change the total size of its asset purchase program at its June 10 meeting. But it will start tapering its pandemic purchases later this year. They also showed inflation risks to the upside, according to a recent poll data. In recent weeks, with an economic recovery underway and price […]
SNB Chairman sees only modest inflation risk in Switzerland-Schweiz am Wochenende
Swiss National Bank (SNB) Chairman Thomas Jordan sees only modest inflation risk in Switzerland. This is because the central bank maintains cautious optimism for global economic recovery. This was derived from a newspaper interview. Jordan said in the interview with Swiss newspaper Schweiz am Wochenende that in Switzerland, they believe the inflation risk is modest. […]
Swiss Bank Julius Baer to pay $79.7 MLN in FIFA corruption settlement
The Swiss bank Julius Baer will pay $79.7 million in a settlement with the U.S. Department of Justice. This is after being implicated in a sprawling corruption probe surrounding FIFA, the world’s soccer governing body. Julius Baer’s three-year deferred prosecution agreement resolves a money laundering conspiracy charge. They call for the Zurich-based bank to pay […]
BoE’s Vlieghe sees rates rising in 2022 if economy recovers
BoE policymaker Gertjan Vlieghe said that the Bank of England could raise interest rates as soon as the first half of next year. This is if the job market bounces back faster than expected, but it is more likely to wait until later in 2022. Sterling strengthened against the dollar and euro. After Vlieghe’s remarks, […]
Deutsche Bank overhaul ahead of plan, CEO tells investors
Deutsche Bank’s multi-year overhaul is ahead of plan and remains its primary focus said Chief Executive Christian Sewing to the shareholders, promising an era of more sustainable profit. Due to the pandemic situation, the bank’s annual shareholder meeting was held online. This meeting took place in a more relaxed atmosphere than in recent years. Which […]
BoE’s Kashyap wants forensic investigation of Archegos collapse
The Bank of England policymaker Anil Kashyap said that the financial regulators should undertake a detailed cross-border probe into how the collapse of U.S. investment fund Archegos cost mostly foreign banks more than $10 billion. Kashyap is a finance professor at Chicago Booth business school. And also, he is an external member of the BoE’s Financial Policy […]
Bank of England aims for greener corporate bond portfolio
The Bank of England set out plans to make its 20 billion pounds ($28.4 billion) of holdings of sterling corporate bonds better aligned with government goals to achieve net zero carbon emissions. However, the central bank will not embark on an immediate sell-off of bonds issued by businesses that have high carbon emissions, such as […]