By Lauren Young, Wealth Editor, Thomson Reuters
Even as stocks soared to new highs in 2013, memories of the 2008 financial crisis and lingering distrust have kept many investors from jumping back into the stock market with the vigor they had before the crash, the world’s leading bankers, brokerage chiefs and advisers to the rich said during the Reuters Global Wealth Management Summit. The event ran from June 3-6 in Geneva, New York and Singapore. (more…)
Australia’s “Big Four” banks – Australia and New Zealand Banking Group, National Australia Bank , Commonwealth Bank of Australia and Westpac Banking Corp – are on track for combined record first-half cash profits of more than A$13 billion, defying the subdued credit environment. With capital to spare, they are competing for investors with dividend giveaways. Today’s graphic shows the global top 15 banks by market cap. It also shows the top banks combined market cap as a percent of GDP by country.
The London 2012 Olympic Games was an undisputed success: record spectator participation, athletic excellence, few of the predicted logistics and travel problems and near-universal public approval around the world.
It’s easy to forget that the history of the Olympics is not without scandals – and not just doping and cheating. Allegations of bribery in the selection of Salt Lake City for the 2002 Winter Olympics led the International Olympics Committee (IOC) to expel 10 members and institute stricter rules about gifts to IOC members, and there were similar allegations about Nagano in 2006. Nevertheless, it would be difficult to find an organization or event as widely respected as the Olympics.
I see some lessons in this for the banking industry.
As the whole world knows, banking has been struggling to get on solid ground since the 2008 meltdown. It continues to struggle with crises from the euro to Liborgate, Mexico Gate and IranChartered Gate. Learn from the Olympics? Here are four actions or take aways for the banking industry: (more…)
Credit ratings agency Moody’s downgraded 15 global banks on Thursday after a months-long review. Today’s graphic is a summary of old and new long-term ratings for the bank holding companies and operating companies (including two downgraded earlier this years).
The Federal Reserve issued report cards scoring U.S.’s largest banks following an annual stress test. While BOA and JP Morgan earned high marks, Reuters’ Karey Wutkowski recaps the Fed’s findings.