banks Archives - The Industry Spread

Banks Commit to Removing Sales Incentives for Frontline Staff

July 1, 2019

The FMA and Reserve Bank of New Zealand said today that all banks had committed to remove sales incentives from frontline staff and their managers. Last year’s report by the FMA and RBNZ on banking conduct and culture required banks to outline their plans to remove sales incentives in line with the following criteria

Citigroup to Restructure Its FX Business Operations

June 19, 2019

US-based multinational investment banking and financial service provider Citigroup Inc recently made an announcement revealing its plans to merge two of its Forex related business operations into one single business operation. The banking giant announced that the decision to merge two units was agreed upon post its recent enterprise-wide review owing to a series of consumer scandals and as some of its business ventures failed to meet expected targets.

USD/JPY finally rebounds, Kiwi outperforms

June 5, 2019

Asian indices finished higher today as investor sentiment improves amid upcoming rate cuts from major Central Banks. The Nikkei225 finished 1.80 percent higher to 20,776 the Hang Seng benchmark in Hong Kong finished 0.30 percent higher at 26,846. The Shanghai Composite finished 0.06 percent higher to 2,862, while in Singapore the FTSE Straits Times index finished 0.61 percent higher to 3,142.

RBA Delivers the Cut, AUD slightly Higher

June 4, 2019

Asian indices finished mostly lower today as investor sentiment remains fragile amid trade war and the upcoming rate cuts from major Central Banks. The Nikkei225 finished 0.01 percent lower to 20,408 below its 100-day moving average; the Hang Seng benchmark in Hong Kong finished 0.70 percent lower at 26,702. The Shanghai Composite finished 0.96 percent lower to 2,862 also below the 100-day MA, while in Singapore, the FTSE Straits Times index finished 0.20 percent higher to 3,130.

Yen attracts Bids as Trade War Intensifies

June 3, 2019

Asian indices started the week lower as President Trump vowed to impose a 5% tariff on Mexican imports and China blames the U.S. for the breakdown in trade talks and said it won’t back down. The Nikkei225 finished 0.92 percent lower to 20,410 below its 100-day moving average; the Hang Seng benchmark in Hong Kong finished 0.16 percent lower at 26,854.

ECB Member Marc Jesse Joins CLS Group as Its Chief Executive Officer

May 31, 2019

As per the latest update from multinational FX risk management firm CLS group, Marc Bayle De Jesse – current Chairman of the market infrastructure and payments committee at ECB will be joining the firm as its CEO. The report stated that Marc would join CLS group at the end of the year by which time Marc is expected to terminate all his current ties and responsibilities To European Central Bank.

Risk aversion on the rise as global bond yields continue to fall

May 29, 2019

Asian indices finished lower today as the China-U.S. trade dispute continues and a Chinese official hinted yesterday that Beijing could use its strength in rare earth minerals as leverage in its trade dispute with the United States. A rally in US 10-year treasuries saw yields slump to multi-year lows resulting in the inversion of the yield curve for the second time this year. It’s a repeat of the warning shot first fired in March this year.

Arnab Nilim Appointed As Head of FX London Branch of Goldman Sachs Asset Management

May 28, 2019

The London branch of global investment banking giant Goldman Sachs’s Asset Management division now has a new head of FX. As per the statement released by the banking giant, Arnab Nilim an industry veteran with nearly two decades of experience in the finance industry has now been hired by the firm to serve as Managing Director and Head of Currency in the Asset management division.