Retail banking trends 2017

Key Takeaways U.S. stocks posted gains on March 16, with an industry bailout for First Republic Bank (FRC) and positivity around tech stocks sending markets higher. The tech-heavy Nasdaq added nearly 2.5% in Thursday's session, while the S&P 500 and the Dow advanced around 1.8% and 1.2%, respectively. Semiconductor stocks contributed to the gains in the tech sector, with Intel (INTC) leading the Dow higher following an analyst upgrade. U.S. equities jumped on an industry bailout of struggling First Republic Bank ( FRC ) and on enthusiasm for semiconductor and other tech stocks. The Dow and S&P 500 rose more than 1%, and the Nasdaq popped 2.5%. First Republic was the best-performing stock in the S&P 500, bouncing back from big losses earlier in the day after several major banks pledged $30 billion to prop up the ailing financial institution. Shares of Comerica ( CMA ), Regions Financial ( RF ), and other regional banks increased. However, American … [Read more...] about Markets Gain on First Republic Bank Aid, Tech Enthusiasm

Share to Twitter Share to Linkedin Key News Asian equities were mostly higher overnight as the Yuan and the Asia Dollar Index both gained significantly versus the US dollar. Xi Jinping returned to Beijing from Russia with some lower-level agreements, especially regarding the northern and eastern borders. I have not heard an update on Xi’s call with Ukrainian leader Zelenskyy, but we know that he is keen to meet with the Chinese president. Given his reticence about Xi’s visit to Moscow, we can assume that he is open to hearing Xi out. An end to the war could be a positive black swan for markets. Tencent’s over-the-counter ADR traded at a significant discount to its Hong Kong share class, which was up +8% overnight versus the ADR's only +2% gain yesterday. This echoes the continued disparity between US and global/China views of China. Tencent’s results were slightly lower than expected, but the company is rebounding in its advertising division after the … [Read more...] about Yuan Strengthens Versus USD, Tencent Soars On Earnings

The world watched in shock as Credit Suisse, one of the most established global banking and financial services institutions, collapsed and was eventually acquired by UBS. I believe a significant factor in Credit Suisse’s downfall was its rigid stance on forcing staff to return to the office. This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce’s needs and preferences. The Iron Fist: Credit Suisse’s return to office policy In stark contrast to the growing trend of many companies embracing a flexible hybrid work approach, Credit Suisse took a more traditional approach, mandating that staff return to the office three days a week. According to one banker there, “they’re removing our flexibility, and it doesn’t feel great.” In May 2022, the bank’s leadership originally supported flexibility and hybrid work as evidenced by then-CEO Thomas Gottstein professing that a return to office was “not … [Read more...] about POV: How work arrangements played a part in the collapse of Credit Suisse and SVB

The heads of the billionaire Araneta family—Jorge and Stella Araneta, whose names are synonymous with the Cubao commercial center that bears the family’s name—have taken JP Morgan Chase to court over their missing jewelry. Missing jewelry? Yes. Bloomberg News reported on Thursday that the power couple sued the global banking powerhouse for having auctioned off their valuables that were stored in the bank’s safety deposit boxes in New York City which they had been maintaining since 2006. Apparently, the annual dues for the safety deposit boxes were being settled through regular deductions from the couple’s bank accounts. In 2016, the bank sent notices that the boxes would be forcibly opened and their contents sold off if the overdue bills were not settled. In 2017, the boxes were drilled open and their contents moved to a safe location, Bloomberg reported. In 2019, the couple learned about this and settled all overdue bills with the bank promising that the contents would be … [Read more...] about BIZ BUZZ: Aranetas sue ‘negligent’ JP Morgan

Share to Twitter Share to Linkedin Income tax rate reduction and flattening, along with the expansion of school choice, are among the most consequential policy trends of the early 2020s. However, there is another policy trend emerging that, like income tax relief and greater educational choice, is making states more attractive to workers and employers. That trend is the push by policymakers to remove or mitigate the barriers to employment that state occupational licensing requirements have become. On Tuesday, March 21, Florida legislators will hold a hearing on Senate Bill 1364, legislation to recognize out-of-state occupational licenses held by new residents so that they can get to work and begin earning income in their new home state right away. If this reform, known as Universal License Recognition (ULR), is passed by legislators in Tallahassee and signed into law by Governor Ron DeSantis (R) this spring, Florida would become state number 22 to enact ULR. … [Read more...] about Barriers To Employment Fall With The Rise Of Out-Of-State Occupational License Recognition

Share to Twitter Share to Linkedin DOJ’s 2022 Year In Review Report released last month not only recounts its Fraud Section’s activity and “accomplishments” for the preceding year, but also allows practitioners and in-house counsel responsible for helping companies and their executives navigate the shoals of corporate compliance anticipate the government’s likely future focus. This year’s Report first suggests that in the upcoming years DOJ will continue to focus on individual accountability for corporate malfeasance particularly in the area of financial fraud and market manipulation. In fact, the Report was released at the same time that DOJ leadership was commending the Department’s convictions of individuals such as Elizabeth Holmes and Sunny Bulwani . Second, the Report also foreshadows an increase in independent compliance monitorships in corporate resolutions, a practice previously avoided under a Trump-era policy . Again, public comments, including … [Read more...] about Fraud Section Report Helps Companies’ Counsel Navigating DOJ’s Seas

Share to Twitter Share to Linkedin One of the leading healthcare institutions in Latin America, Albert Einstein Hospital is moving toward the next stage in its multimillion-dollar technology and innovation development strategy. The aim is to broaden access to advanced medicine in Brazil through initiatives with actors such as startups as well as tech and healthcare organizations worldwide. Founded in São Paulo by the city's Jewish community following World War II, The Albert Einstein Israelite Hospital started its activities in 1955. Considered Latin America's most modern private hospital, it also has a social assistance program encompassing care in low-income communities and public-private partnerships for public hospitals. With nearly 25,000 staff including over 10,000 registered doctors, the hospital specializes in high-complexity medicine, focusing on cardiology, oncology, orthopedics, neurology, and surgery, and frequently ranks among the best medical … [Read more...] about Brazil’s Albert Einstein Hospital Evolves Tech Strategy To Deliver Low-Cost Healthcare At Scale

From left to right: Chris Cho, Vice President Development, Singapore, Philippines, Japan, South Korea and the Maldives, Accor; Andrew Langdon, Senior Vice President, Development, Southeast Asia, Japan, South Korea and India, Accor; Hope Uy, Managing Director of Panglao Shores; Anna Uy-Deaño, Financial Controller of Panglao Shores; Garth Simmons, CEO, Southeast Asia, Japan, South Korea and India, and Bill Barnett, Managing Director, C9 Hotelworks Company Press Release BOHOL, PHILIPPINES – Accor, the region’s largest international hotel operator, has continued its rapid expansion in the Philippines with the signing of South Palms Resort Panglao Bohol – MGallery, a locally-inspired five-star resort on the idyllic island of Panglao that will introduce this emerging destination’s unique heritage and community values to visitors from all around the world. The resort joins a strong pipeline of 16 committed projects across the country, and will become the first resort-style property … [Read more...] about Accor continues expansion in the Philippines with the signing of the country’s first MGallery Resort

Share to Twitter Share to Linkedin When you unshackle 1.4 billion consumers who have been penned up at home for three years, it’s reasonable to expect some fireworks. For the residents of Mainland China, life under “zero COVID” policies was a dreary round of rolling travel restrictions and lockdowns – as if the United States was permanently stuck on a skipping record of the Spring of 2020. While most of the population was able to find a way to get back to work eventually, the everyday routines of travel, dining out, and visiting friends and family were severely curtailed. Wallets stayed snapped shut. Since China executed its “COVID pivot” in late December 2022, economists have been scrutinizing the data to see if the country will be able to achieve its goal of 5% growth in 2023. If achieved, China will serve as an engine to help developed economies avoid tipping into recession. This is particularly relevant in the new era of higher interest rates, … [Read more...] about Why China’s COVID Comeback Is Still In The Early Innings, With Upside Ahead

In another one of his annual letters — this time to investors instead of CEOs — BlackRock CEO and self-appointed oligarch of the world economy, Larry Fink, proved once again that he can’t help but contradict himself, lie to shareholders, mischaracterize basic concepts and policies and favor his personal policy preferences over his fiduciary duty to shareholders. In his letter to CEOs last year, Fink obtusely defended BlackRock’s peddling of Environmental, Social and Governance (ESG) and “stakeholder capitalism” — which is done with other people’s money — by claiming it “is not about politics. It is not a social or ideological agenda. It is not ‘woke.’” Much of this year’s letter was in the same vein — as Fink has a knack for passing off BlackRock’s radically left-wing agenda as apolitical, objective stewardship – though this time, he slightly subdued and reframed his message (and perhaps target audience), despite keeping BlackRock’s policies exactly the same. Fox example, … [Read more...] about ETHAN PECK: BlackRock’s Larry Fink Quietly Peddles The Left’s Radical ESG Agenda