Banking: Top Stories
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Bill Demchak, CEO of PNC Financial Services, has spent years building the firm into a formidable force; its exit from BlackRock now sees it on the cusp of a new era. -
The EU’s new recovery fund is a historic step to help the countries worst affected by Covid avoid a debt trap. If the EU’s short-term bills become a risk-free, interest-rate instrument, this temporary response to the deadly virus could become a permanent change to Europe’s capital markets
Selling its US bank to PNC fixes BBVA’s capital problem and allows it to consolidate in Spain. Arch-rival Santander’s similar troubles may be harder to solve.
