Financial Institutions
Financial Institutions
Financial Institutions
Financial Institutions
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Get the latest updates from the major central banks and investment banks here!

UPDATES - Libra Hires Former UBS Executive Saumya Bhavsar

Photo: Arnab Shome Facebook-led Libra Association announced on Wednesday the hiring of Saumya Bhavsar as the general counsel of Libra Networks, the payment system subsidiary of the blockchain consortium. Though the development of Facebook’s ambitious digital currency is currently ongoing behind the

UPDATES - China Construction Bank Cancels $3 Billion Digital Bond Listing

Photo: TINGSHU WANG/REUTERS Digital asset exchange, Fusang announced that China Construction Bank (CCB) has requested to cancel the $3 billion digital bond listing that was supposed to support trades in USD and Bitcoin. The exchange received a letter from CCB Labuan to cancel the issuance on 20 Nove

BREAKING - Revolut’s Singapore Compliance Head Rayson Tan Leaves

Photo: FM UK-headquartered Revolut’s chief compliance officer in Singapore, Rayson Tan, has left the challenger bank to join Geneva-based private bank Pictet as chief risk officer, Asia. Tan joined Revolut in September 2019 to head its compliance in the Asian markets and later took the additional ro

BREAKING - Dubai’s Investment Firm to Stake Nearly 22,000 Ethereum to Support ETH 2.0

Photo: Bloomberg A Dubai-based investment firm, IBC Group announced today that the company is staking nearly $10 million worth of Ethereum in support of the upcoming Ethereum 2.0 launch. The ETH 2.0 will go live on 1 December with the launch of Beacon Chain. Khurram Shroff, Chairman of the IBC Gro

BREAKING - Goldman Sachs Plans for Fresh ‘Modest’ Layoffs

(Photo: Bloomberg) Wall Street investment banking giant, Goldman Sachs is preparing for further job cuts months after it decided to trim around 400 positions, Reuters reported on Wednesday. The exact number of the upcoming job cuts at Goldman Sachs is not known yet. The bank only admitted to going

UPDATES - Bank Leumi UK Taps Finastra to Upgrade Core Banking

Photo: Bank Leumi Bank Leumi UK, the London-based subsidiary of the Israeli banking group, announced on Tuesday that it has upgraded its core banking system by tapping the services of financial technology provider Finastra.  The press release shared with Finance Magnates detailed that the upgrade

BREAKING - Former BOJ Official Feels Digital Yen Will Take Years

Photo: (Photo: Bloomberg) Hiromi Yamaoka, Board Director at Future Corp and the Bank of Japan’s (BOJ’s) former head of the payment and settlements system department said in an interview that the country will take many years to launch a digital yen. Yamaoka also mentioned that there are several rea

The Reserve Bank of Australia Minutes: Ready to provide yet more policy stimulus

The Reserve Bank of Australia's Minutes has sown that the central bank is ready to provide yet more policy stimulus if needed after cutting rates to record lows, a pledge that may be tested given the latest outbreak of coronavirus in the country. ''Minutes of the Reserve Bank of Australia's (RBA) No

The Bank of America: Not unreasonable to imagine Fed embarking on hiking cycle within 3 or 4 years

The Bank of America (BofA) recently highlighted odds of the Fed rate hike in the next 3 or years, or even sooner, considering the 10-year bond yields and the economic transition. The U.S. bank quotes Fed Chair Jerome Powell while initially defying the rate hike odds before saying, “the market is thi

European Central Bank: Strength in trade-weighted Euro undermines its reflation efforts

The broad measure of the nominal effective or trade-weighted euro exchange rate undermines the European Central Bank's fight against deflation, according to Robin Brooks, Chief Economist at the Institute of International Finance (IIF).  At levels above 121.00, the trade-weighted measure is hovering

Moody’s: A tripolar world led by the U.S., China and EU to impact trade, supply chains

“A tripolar world led by the U.S., China and the European Union (EU) will impact trade and supply chains, regulations, technology and the role of governments,” Moody’s Investors Service noted in its latest report published Tuesday. Additional takeaways “Move to tripolar world economy poses widesprea

CITIBANK: U.S. dollar may drop 20% in 2021

Citigroup analysts foresee potential widespread availability of coronavirus vaccines to help revive global trade and economic growth and fuel as much as a 20% decline in the US dollar in 2021, according to Bloomberg.  Key quotes/points Vaccine distribution we believe will check off all of our bear m

Moody's projects Japan debt to GDP will hit 230% in 2020 from 206% in 2019

Moody's citing the impact of COVID-19 on the government's debt as multiple governments around the globe have increased debt to help ease the impact of the pandemic so news like this is hardly surprising.    At least borrowing rates are at minuscule levels.

IMF’s Georgieva: Fiscal, monetary policy support should not be prematurely withdrawn

Amid the coronavirus resurgence, global fiscal and monetary support should not be withdrawn prematurely, the International Monetary Fund’s (IMF) Managing Director (MD) Kristalina Georgieva said in a video message to the Caixin Summit in Beijing. She added that the global economy’s road to recovery m

PBOC sets USD/ CNY reference rate at 6.6285

On Friday, the People’s Bank of China (PBOC) set the USD/ CNY reference rate at 6.6285 vs. Thursday’s 6.6236. PBOC injected CNY160 billion yuan through seven-day reverse repo. USD/CNY range play intact USD/CNY keeps its recent range trade intact, now posting small gains near the 6.6160 region.

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