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Deutsche Bank has appointed Clemens Kaiser as the new Head of the Private Clients Bank in Switzerland, expanding his responsibilities from the Central European markets. He succeeds Loïc Voide, who left the bank by mutual agreement. The bank aims to double its client base and revenues in Switzerland over the next five years, with Kaiser expected to play a crucial role in this growth.
Marcuard Heritage has appointed Sascha Steinmann, a private banking veteran with over 20 years of experience, to enhance its strategic partnerships with banks. The firm, which specializes in wealth management for high-net-worth individuals, recently expanded its global presence by opening an office in Abu Dhabi and appointing Michel Keiser as CEO of its Singapore branch. CEO Patrick Stauber highlighted Steinmann's expertise as crucial for the firm's growth ambitions.
Nat Benjamin from the Bank of England discusses the latest financial stability report, emphasizing the importance of preparing for potential market shocks during peacetime. He highlights that scenarios presented indicate risks greater than previously encountered, particularly for hedge funds, asset managers, and pension providers.
Indian insurers are urging the government to issue new sovereign debt instruments, including zero-coupon bonds, to enhance their investment options. This request has been communicated to the Reserve Bank of India, which is in discussions with the Finance Ministry regarding the matter.
DBS Group Holdings Ltd. has expanded its wealth management team to attract affluent Russians, capitalizing on opportunities as many global competitors withdraw due to sanction concerns. The bank has added two Russian-speaking private bankers, increasing their total to at least nine in Singapore. One new hire came from Union Bancaire Privee SA, while the other joined from Credit Suisse.
Germany will take on over €600 million in debt owed by Northvolt AB, following the company's insolvency. The federal government plans to reimburse KfW, the development bank that provided funding for a battery plant, for a convertible bond and associated costs.
Royal Bank of Canada has appointed Sian Hurrell to lead its capital markets business in Europe, succeeding Dave Thomas, who is retiring after over 30 years with the bank. The announcement was made in an internal memo by Derek Neldner, head of the bank's overall capital markets division.
Jane Street Group LLC has re-entered the leveraged debt markets by launching a $1 billion leveraged loan. The seven-year loan aims to refinance and expand the firm's existing first-lien loan, with additional funds allocated for general corporate purposes and trading capital.
The Canadian government disbursed C$49 billion in loans to businesses during the Covid-19 pandemic, but the auditor general reported a lack of oversight regarding value for money. Approximately C$3.5 billion was allocated to over 77,000 ineligible businesses, representing 9% of the nearly 900,000 recipients of the Canada Emergency Business Account.
A controversial decision by a Swiss regulator last year left investors in a risky pool of Credit Suisse bonds devastated, declaring the notes worthless following the bank's emergency takeover by UBS Group AG. This move ignited outrage across the bond market and raised concerns about the implications for investors.
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16:10 03.12.2024
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