Posts belonging to Category Euro



BREXIT: JPMorgan to move massively staff out of London

Dublin, Frankfurt and Luxembourg, new destinations for bankers

JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the U.K. to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said.

“We are going to use the three banks we already have in Europe as the anchors for our operations,” Daniel Pinto said in an interview Tuesday in Riyadh, referring to the New York-based firm’s local entities. “We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers.”

http://www.bloomberg.com…  Wed.,  03 May 2017

Europe’s Big Banks on the road to recovery

Europe’s most troubled banks are looking healthier

EUROPE’S most troubled big banks may at last be on the road to recovery. Not only is economic growth perking up; uncomfortable decisions, put off too long, are also being taken. In recent months UniCredit, Italy’s largest lender, has written down bad debt by €8.1bn ($8.7bn) and tapped shareholders for €13bn. Deutsche Bank, Germany’s biggest, has raised €8bn in equity and decided to keep a retail business it had hoped to sell. On April 27th it reported first-quarter net income of €575m, up from €236m a year earlier, although revenue fell.

http://www.economist.com…  Mon.,  01 May 2017

Russia-linked hackers target Macron campaign

Centrist politician is being singled out for electronic eavesdropping by the Kremlin

Researchers with the Japanese anti-virus firm Trend Micro say the campaign of French presidential front-runner Emmanuel Macron has been targeted by Russia-linked hackers, adding more details to previous suggestions that the centrist politician was being singled out for electronic eavesdropping by the Kremlin. The campaign’s digital chief, Mounir Mahjoubi, confirmed the attempted intrusions in a telephone interview late Monday but said they had all been thwarted.

http://www.usatoday.com…  Wed.,  26 April 2017

French Election: Macron’s Victory Provides Europe a Ray of Hope

European markets rally after Macron’s victory

European markets started the week on a positive footing after the centrist Emmanuel Macron won the first round of the French election.

The pan-European Stoxx 600 was 1.6 percent higher in early deals with all sectors trading on positive ground. The benchmark rose 1.8 percent to its highest level since early December 2015. The French CAC 40 bourse jumped nearly 4 percent at the start of trading. Stocks of French banks dominated the top of the European benchmark with Credit Agricole, Societe Generale and BNP Paribas all up by around 10 percent. Natixis, Axa and Vinci were also higher in early deals. The rally in french stocks supported the entire sector, which outperformed its peers on Monday morning, up by 4.2 percent.

http://www.cnbc.com…  Mon.,  24 April 2017

Banks are now assuming there will be a “hard Brexit”

HSBC Says Companies Already Re-Routing Business

HSBC Holdings Plc said some of its largest clients have already asked for their business to be routed through the bank’s offices in mainland Europe and aren’t waiting to see what Brexit deal the U.K. hammers out with the continent’s trading bloc.

http://www.bloomberg.com…  Fri.,  14 April 2017

The City of London under threat

London will lose  a €930 billion  daily business — after Brexit

London will lose the business of euro clearing — a €930 billion (£792 billion, $995 billion) daily business — after Brexit, says France’s finance minister Michel Sapin.

Sapin said in an interview with the Financial Times that it is not possible for the City to continue the lucrative clearing business after Britain leaves the European Union on March 29, 2019 because it would hurt the EU’s “sovereignty.”

http://www.businessinsider.com…  Mon.,  10 April 2017

Iceland mulls to join Euro

Iceland may peg crown to euro, says finance minister

Iceland is considering pegging its crown to a major currency, most likely the euro, its finance minister said on Saturday, amid concerns the small North Atlantic nation’s economy risks overheating. Nearly a decade after a crash that brought down its banking system, Iceland has bounced back as increasing numbers of tourists flock to its geysers and drink in the trendy bars of the capital Reykjavik.

But worries about overheating have increased. Economic growth was 7.2 percent last year while the crown gained around 15 percent against the dollar. The currency, though volatile, is little changed since then.

http://www.reuters.com…  Tue.,  04 April 2017

Brexit: JPMorgan Said in Talks for Dublin Office

Citi Weighs EU Unit

JPMorgan Chase & Co. is in talks to buy a Dublin office building as the bank considers expanding in the Irish capital as one of its options for when Britain leaves the European Union, according to people with knowledge of the matter. The lender is negotiating the potential purchase of a building being developed by a venture between Kennedy Wilson Holdings Inc. and Ireland’s National Asset Management Agency, the people said, asking not to be identified because the plans are private. The building at 200 Capital Dock has about 130,000 square feet (12,000 square meters) of space, the people said. That’s enough for more than 1,000 workers.
http://www.bloomberg.com…  Fri.,  31 March 2017

Brexit: Lloyd’s of London chooses Brussels to set up it’s Hub

London’s 329-year old insurance market is setting up in Brussels to counter Brexit effects

Lloyd’s of London, the insurance market founded in the British capital in 1688, plans to open a European Union hub in Brussels following the U.K. vote to leave the bloc. The company expects the office to be operational at the beginning 2019, it said in a statement on Thursday, without giving further details on the move.

“The decision of the U.K. to leave the European Union has obvious implications for the market and our business with Europe,” Chairman John Nelson said in the company’s annual report. “Finding the right solution has been a top priority over the last nine months.”
http://www.bloomberg.com…  Thu.,  30 March 2017

Brexit: What is Article 50 ?

The only explanation you need to read

Brexit is the greatest disaster to befall the European Union in its 59-year history but the referendum in which British voters opted to leave the European Union does not automatically signal the country’s exit. That is the job of Article 50Britain’s complex negotiations to exit the EU can only begin when Article 50 of the Treaty of Lisbon is formally triggered by the UK.

http://www.telegraph.co.uk…  Mon.,  27 March 2017