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EDITOR'S PICKS
HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.
The bank’s decision to sell a large minority stake in Credit Suisse’s former China JV to BSAM, a Beijing-based fund it has known for decades, is a setback for Ken Griffin’s Citadel Securities. The US firm is still committed to expanding in China’s troubled market.
Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.
The Siena-based bank has a better bill of health and is once again a target in Italy.
Opinion
Former credit trader Shikha Gupta discovers that a verbal contract isn’t worth the paper it is written on.
It is turning out to be an equities year for the big investment banks, as fixed income revenues fall or stall and fees from dealmaking recover slowly.
Its acquisition of Citi’s retail banking business in the Philippines has proven to be a challenge. It has put pressure on the bank’s capital buffers, while Citi’s high-end customers have shown a preference for international players.
Guidelines published by China’s cabinet pledged to boost the quality of its capital markets. But they neither understand nor trust the vibrant-yet-turbulent nature of that financial system.
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Long Reads / Mag / Most Read / Ad
Long Reads / Mag / Most Read / Ad
SocGen moves beyond French troubles in CIB
France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.
StanChart’s De Giorgi on moving from investment banker to CFO
Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.
Commerzbank’s corporate business inches back to growth
After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.
NowCM’s new co-CEO on why finance finds innovation so tough
The latest in a string of big appointments at debt capital markets-focused fintech NowCM is a reflection of how the firm must increasingly institutionalize itself as it grows. Markus Sauerland tells Euromoney why change is so difficult in the financial world.
What They Said
WHAT THEY SAID
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2023 showed why you need to be ready for the unexpected and underscored the importance of strong relationships in banking
JPMorgan's Doug Petno, referring to the full-blown US regional banking crisis that blew up in March 2023 -
Credit Suisse was not a gift that was given to us. It is a prize that still needs to be won
UBS’s chief executive Sergio P Ermotti on what may prove to be the opportunity, not deal, of the century -
I am Italian. I have an Italian passport, I speak the language and I’m from Rome, but I left when I was 21 and only came back when I was 58, so I have an international outlook
UniCredit’s chief executive Andrea Orcel still has a soft spot for the city
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