Showing posts with label standardchartered. Show all posts
Showing posts with label standardchartered. Show all posts
Wednesday, 26 June 2024
Japanese Yen Falls to Record Low versus USD
USDJPY is trading at 160 yen to the dollar (26 June 2024), down from the 140s in January 2024, and 130s in January 2023. Relative strength indicators suggest the yen is oversold. When USDJPY hit 160 on April 29th, Japan started buying yen for dollars, according to market participants. Currency traders however remained strategically bearish on yen based on expectations on the interest rate differential - the premise that Japanese rates will remain low in contrast with relatively high US interest rates. Standard Chartered reflected that the April intervention is unlikely to be a "one and done move".
Saturday, 5 August 2017
Standard Chartered in New Commodities Trading Push
Oil options are hot again as Standard Chartered looks to move into the US market following years of cutbacks in the sector. Matthew Hastings, a former PetroChina trader, is set to head the London desk. Tougher regulations under Dodd-Frank in 2010 has impacted profits of all banks leading to pull-outs.
2010 - RBS Sempra exits Commodities
2013 - Deutsche Pulls global commodities trading
2013 - UBS restructures focusing on precious metals and index
2014 - Barclays exits Commodities, rolls precious into FX
In 2015 Standard Chartered had to lay on extra provisions due to losses on commodities loans.
2010 - RBS Sempra exits Commodities
2013 - Deutsche Pulls global commodities trading
2013 - UBS restructures focusing on precious metals and index
2014 - Barclays exits Commodities, rolls precious into FX
In 2015 Standard Chartered had to lay on extra provisions due to losses on commodities loans.
Tuesday, 19 August 2014
Standard Chartered to Pay $300m AML Fine to NY State Department of Financial Services
Fine Adds to Previous Fines
On top of the fine, the UK bank is banned from accepting new dollar clearing accounts without approval of the State Department (DFS). This fine adds to the $340m that SC agreed to pay in August 2012 after admitting to having violated US sanctions on Iran.
Background to the New York DFS
The New York DFS was created in October 2011 as part of the State budget unveiled by Governor Andrew Cuomo (who assumed office in January 2011), and is a graduate of Albany Law School. DFS is an amalgam of the former New York State Department of Banking and separately Department of Insurance.
Benjamin Lawsky became New York State's first Superintendent of Financial Services in 2011.
On top of the fine, the UK bank is banned from accepting new dollar clearing accounts without approval of the State Department (DFS). This fine adds to the $340m that SC agreed to pay in August 2012 after admitting to having violated US sanctions on Iran.
Background to the New York DFS
The New York DFS was created in October 2011 as part of the State budget unveiled by Governor Andrew Cuomo (who assumed office in January 2011), and is a graduate of Albany Law School. DFS is an amalgam of the former New York State Department of Banking and separately Department of Insurance.
Benjamin Lawsky became New York State's first Superintendent of Financial Services in 2011.
Sunday, 23 November 2008
Crisis at Citigroup, Stock Crushed, Senior Departure and Nomura to Raise Capital
Pop quiz: How much did Citi CEO Vikram Pandit make from the sale of Old Lane to Citigroup? (hint: 20% of the total deal value)
Citi's shares lost 20% on Friday, giving it a value $20.5 bn (less than a quarter of JPM Chase). The board is considering a sale of the business and the position of Vikram Pandit.
Vikram Pandit, from Nagpur in Central India, moved to the US in the 1970s to study at Columbia University where he obtained four degrees. His PhD thesis was entitled "Asset Prices in a Heterogeneous Consumer Economy".
1983 and Vikram joined Morgan Stanley following a period consulting for the bank. He gained a reputation as a "driven banker" and "prudent risk manager".
After a battle at Morgan Stanley, Mr Pandit founded Old Lane, a hedge fund that was sold to Citi in 2007 for $800m. Mr Pandit earned $165m from the deal. In early 2008, Old Lane was closed down for poor results. He took charge of Citi's hedge fund business and was promoted to head of the securities division. Following the ousting of Chuck Prince, he became CEO, backed by Citi power brokers like Robert Rubin, former US Treasury Secretary, and Sandy Weill, the former CEO.
In Asia, Citi's India CEO Sanjay Nayar, has moved to KKR after 23 years with the giant.
In addition to considering a sale of the business, Citi was also locked in talks with the Treasury (can the bank survive without a capital injection?) Chairman Sir Win Bischoff met with Federal Reserve officials and the US Treasury department. (Sir Win was previously at Schroders and moved to Citi following the acquisition of Shroders corporate advisory business).
Tokyo newspapers announced Nomura is likely to issue subordinated loans and other products to financial firms to bolster its capital base.
Emerging markets bank Standard Chartered (formed in 1969 from the merger of Standard Bank and Chartered Bank) announced a $3-4bn rights issue to boost its capital reserves. Sovereign wealth fund Temasek will underwrite part of the rights issue. Temasek is Standard Chartered's biggest shareholder.
Citi's shares lost 20% on Friday, giving it a value $20.5 bn (less than a quarter of JPM Chase). The board is considering a sale of the business and the position of Vikram Pandit.
Vikram Pandit, from Nagpur in Central India, moved to the US in the 1970s to study at Columbia University where he obtained four degrees. His PhD thesis was entitled "Asset Prices in a Heterogeneous Consumer Economy".
1983 and Vikram joined Morgan Stanley following a period consulting for the bank. He gained a reputation as a "driven banker" and "prudent risk manager".
After a battle at Morgan Stanley, Mr Pandit founded Old Lane, a hedge fund that was sold to Citi in 2007 for $800m. Mr Pandit earned $165m from the deal. In early 2008, Old Lane was closed down for poor results. He took charge of Citi's hedge fund business and was promoted to head of the securities division. Following the ousting of Chuck Prince, he became CEO, backed by Citi power brokers like Robert Rubin, former US Treasury Secretary, and Sandy Weill, the former CEO.
In Asia, Citi's India CEO Sanjay Nayar, has moved to KKR after 23 years with the giant.
In addition to considering a sale of the business, Citi was also locked in talks with the Treasury (can the bank survive without a capital injection?) Chairman Sir Win Bischoff met with Federal Reserve officials and the US Treasury department. (Sir Win was previously at Schroders and moved to Citi following the acquisition of Shroders corporate advisory business).
Tokyo newspapers announced Nomura is likely to issue subordinated loans and other products to financial firms to bolster its capital base.
Emerging markets bank Standard Chartered (formed in 1969 from the merger of Standard Bank and Chartered Bank) announced a $3-4bn rights issue to boost its capital reserves. Sovereign wealth fund Temasek will underwrite part of the rights issue. Temasek is Standard Chartered's biggest shareholder.
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