Receiving Wide Coverage ...
Weakest link
Barclays came in last among a group of 48 European banks stress-tested by the European Banking Authority. The bank’s common equity tier 1 ratio fell as low as 6% during the 2018-20 period covered by the test, “dropping close to what investors consider the bare minimum needed to withstand a hypothetical economic crash.” Another British bank, Lloyds Banking Group, also did poorly, as its ratio fell as low as 6.78%. Analysts want ratios no lower than 5.5%.
“The results will amplify investor attention on another round of tests by the Bank of England in December and come as British and European banks attempt to plan for the potential impact of Brexit even as the terms of Britain’s separation from the European Union remain unclear,” the Wall Street Journal says.
Nigel Higgins, Barclays’ chairman-in-waiting, “will be taking over a bank that has been wrestling with its soul for over 30 years. If approved by the regulators, Mr. Higgins will need to decide whether, as current management believes, Barclays can, as a broadly-based bank, deliver over time and, if so, whether investors will
Cutting back
Goldman Sachs’ first group of partners under CEO David Solomon is expected to be the
Separately, it was reported that more than 30 Goldman executives, including Solomon and his predecessor, Lloyd Blankfein, vetted the
Wall Street Journal
Bottom fishing
Hudson Executive Capital, the hedge fund headed by former JPMorgan Chase CFO Douglas Braunstein bought a 3.1% stake in Deutsche Bank, betting “the German bank’s fortunes likely won’t get worse.” But Deutsche “isn’t getting new money and the
Cross-sell push
Brokers at Merrill Lynch are expected to take a 3%
Washington Post
The future of money?
So-called “stablecoins” — a cryptocurrency pegged to the dollar — are being touted by some in the cryptocurrency community as “a big opportunity that could fulfill much of bitcoin’s original promise as a medium of exchange” and “represent a crucial
Elsewhere
Coming to Paris
JPMorgan Chase said it will invest $30 million over the next five years in
Quotable
“Business, government and community leaders have a