Maricris Irene V. Tamolang

Aug 15, 2023 | spglobal.com | Maricris Irene V. Tamolang

UBS to pay $1.44B to settle US fraud claims; Citi closes sale of Taiwan business TOP NEWS IN GLOBAL FINANCIALS – UBS Group AG agreed to pay nearly $1.44 billion in penalties to settle a civil action brought by the US Department of Justice (DOJ) for allegedly misselling residential mortgage-backed securities (RMBS) between 2006 and 2007.

Aug 14, 2023 | spglobal.com | Maricris Irene V. Tamolang

TOP NEWS IN GLOBAL FINANCIALS – Around 500 Credit Suisse Group AG equity investors including former employees are set to file a claim in Zurich's commercial court against the Swiss government-brokered rescue of the bank by UBS Group AG, the Financial Times reported. This would be the second class-action suit against the deal, according to the report. UBS declined to comment on the case.

Jun 30, 2023 | spglobal.com | Maricris Irene V. Tamolang

Morgan Stanley focuses on CEO selection; BNP Paribas questioned over e-yuan TOP NEWS IN GLOBAL FINANCIALS – The selection of Morgan Stanley CEO James Gorman's successor of the summer and fall meetings of the US bank's board of directors, Reuters reported, citing an unnamed source. Candidates reportedly include Morgan Stanley co-Presidents Ted Pick and Andy Saperstein and investment management chief Dan Simkowitz.

Jun 29, 2023 | spglobal.com | Maricris Irene V. Tamolang

US banks beat stress test expectations; BNP to enter talks over Orange Bank TOP NEWS IN GLOBAL FINANCIALS – The annual regulatory stress test of the biggest banks in the US showed smaller hypothetical losses compared with the year prior, bucking expectations that they would put broad upward pressure on capital standards.

Jun 28, 2023 | spglobal.com | Maricris Irene V. Tamolang

TOP NEWS IN GLOBAL FINANCIALS – The European Union reached a provisional agreement to implement the final batch of international bank capital rules known as Basel III. The deal covers the implementation of the so-called output floor, which limits the degree to which banks can use their own internal models to quantify risks, as well as a transitional prudential regime for crypto-assets and amendments to enhance banks' management of environmental, social and governance risks.