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Deutsche Bank has partnered with DWS to enhance its position in the private credit market, responding to increasing investor demand for alternative assets. This alliance provides DWS with a competitive edge in asset-based finance and direct lending, as traditional banks face tighter constraints. As private credit becomes a key growth sector, regulatory concerns about the risks of 'shadow banking' are rising, highlighting the need for oversight in this evolving financial landscape.
Citi is actively recruiting wealth technology executives from competitors, a strategic move amid pressures from the Trump administration that led to the abandonment of its diversity goals and the term 'DEI.' As a key player in the U.S. government's payment network, Citi faces increased scrutiny as a major federal contractor.
Bank of America Private Bank has significantly increased its investment in technology by 300% since 2020, enhancing client onboarding and advisor efficiency. The bank is capitalizing on wealth migration to the Southeast, recently hiring key executives to strengthen its presence in the region. With $404 billion in assets under management and a focus on digital innovation, the private bank aims to connect with influential networks while catering to affluent clients.
President Trump has nominated Michelle Bowman as the Federal Reserve's vice-chair for supervision, aiming for a more industry-friendly regulatory approach. Meanwhile, UBS has delayed its net zero target from 2025 to 2035 due to an expanded corporate real estate portfolio after acquiring Credit Suisse. Close Brothers reported a £104 million loss linked to a car finance scandal, while Santander plans to expand its US presence through a partnership with Verizon, offering bill credits for new high-yield savings accounts.
Citi has appointed co-heads for its capital markets and advisory division in Australia and New Zealand, enhancing its leadership team. The new hires come from Goldman Sachs, signaling a strategic move to strengthen its market position in the region.
Citi's Michael Lavelle has been appointed vice chairman of lending after three decades, while Blackstone's Joseph Baratta and Michael Chae join the ranks of billionaires. UBS's Mike Dargan received a $12m loan to aid in the complex integration of Credit Suisse, as the demand for junior bankers dwindles amid a challenging work environment. Meanwhile, HSBC faces pressure in equities trading, with US banks increasingly dominating the market.
Barclays has appointed Vijay Shankar as managing director and head of global transaction banking for APAC & Middle East, and Amaar Khan as managing director, CIO, and head of corporate banking technology for the same region, both based in Singapore. Shankar brings over 38 years of experience in transaction banking, previously serving at ANZ Bank, Standard Chartered, and Deutsche Bank. Khan, with 27 years in technology, has held senior roles at Bank of New York, Bank of Singapore, and other major financial institutions.
Berkshire Hathaway, led by Warren Buffett, has maintained its investment in Apple while reducing its stakes in Bank of America, Citigroup, and Capital One. This strategic adjustment reflects the company's ongoing evaluation of its portfolio amidst changing market conditions.
Citi Private Bank has strengthened its family office team in Asia by appointing Hoo Peng Han as a director, focusing on deal origination and syndication. With a decade of investment banking experience, Hoo will work from Singapore, alongside new vice-president Alice Chiu in Hong Kong, as the bank aims to enhance its offerings to ultra-wealthy clients amid rising competition in the region's family office sector.
Citi Private Bank has appointed Hoo Peng Han as a director in its global family office group in Asia, focusing on deal origination and syndication in the southern region. Based in Singapore, he brings a decade of investment banking experience and previously held roles at Credit Suisse and UBS. Hoo will collaborate with fellow director Stephan Lanz and will be joined by vice president Alice Chiu later this month.
Citizens, Inc.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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