The top boss of HSBC, Stuart Gulliver, has said it is planning to move some staff from London to Paris following Britain’s exit from the European Union. Speaking from the World Economic Forum in Davos, Gulliver said in an interview Bloomberg Television that "about 1,000 jobs which are carrying out activities which are covered by European legislation... would probably need, in our case, to go to France". While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.
Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse. On Monday, the Securities and Futures Commission sued UBS, Standard Chartered and others over their role in the 2009 IPO of China Forestry, now under liquidation. The case, involving two global finance brands, serves both as an easy win for prosecutors and a way to send a message to listing sponsors – including Chinese banks that now dominate the city’s IPO market.
Credit Suisse Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank's reorganization gathers pace and its efficiency drive continues. Thiam told Bloomberg TV in an interview from Davos on Tuesday that "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "We have seen across the world the benefits of globalization…but we have also seen the tensions. The cracks in the system which then found a political translation," said the CEO of Switzerland's second-largest bank.
Deutsche Bank has signed a $7.2 billion settlement with the U.S. Department of Justice (DOJ) over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, the government agency said on Tuesday. The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Under the settlement, Deutsche Bank will also provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities.
Cities are growing worldwide and traffic as we know it will only get worse. Airbus Group’s urban air mobility division predicts that by 2030, 60% of the population will live in cities, up from 50% today. The company hopes to have a working prototype of a self-driving flying car by the year's end, CEO Tom Enders said at the DLD conference in Munich on Monday, reports Reuters.
China's President, Xi Jinping, says that economic globalization has powered worldwide growth and should not be blamed for the world's problems. In an attack on the anti-globalization rhetoric, Xi told a packed audience at the World Economic Forum at Davos on Tuesday: "It is true that economic globalization created new problems but this is no justification to write off economic globalization altogether", and he added that “Pursing protectionism is just like locking oneself in a dark room". He stressed the challenges as well of the benefits of economic globalisation and that the process needed to be made more “invigorated, inclusive and sustainable”.
British Prime Minister Theresa May is expected to say on Tuesday that she favours a clean break from the European Union, dismissing a "half-in, half-out" Brexit deal with Brussels. In a highly anticipated speech, May is likely to give further signals that Britain is heading to what analysts call a "hard" Brexit. It is thought the Prime Minister is ready to take Britain out of the European single market and customs union, though it remained unclear whether she will give a definitive answer on the question.
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The Responsible Finance Institute (RFI) Foundation and the Swiss Arab Network organize the RFI Summi
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