Swiss banking giant UBS has bought beleaguered lender Credit Suisse in a rescue deal brokered over the weekend. In a statement, the Swiss National Bank
t looks as though Credit Suisse is likely to be the next casualty in the banking crisis triggered by the collapse of California-headquartered Silicon Valley Bank earlier this week.
Last week, California-headquartered bank SVB (Silicon Valley Bank) announced a US$1.8bn loss due to asset sales in order to meet withdrawal requests. Trading of SVB stock was halted on the morning of Friday 10th March when stocks plummeted by 68%. By Monday, its US business had completely collapsed, in the largest banking failure since the financial crisis of 2008.
The Bank for International Settlements (BIS) and three central banks have announced the conclusion of a joint project looking into the potential pros and cons of using retail CBDCs (central bank digital currencies) for cross-border payments.
The American Banking Association (ABA) has withdrawn its support for a key proposal from the US Treasury, designed to help prevent the use of shell companies for fraud.
This time last year, with Covid restrictions lifted in most areas and the global pandemic still visible in the metaphorical rearview mirror, firms were optimistic about the year ahead. But then Russia’s tanks crossed the border with Ukraine, and all hell subsequently broke loose. Tensions between Russia and the West have been almost at breaking point, with thousands killed, a European energy crisis and the threat of nuclear war dragging geopolitical risk into the fore.
Seven members of a prolific Russian cybergang known as Trickbot have been sanctioned thanks to a coordinated effort by US and UK authorities.
Morgan Stanley has fined its own staff members for breaching messaging rules.
Morgan Stanley has fined its own staff members for breaching messaging rules.
Welcome to the annual RiskBusiness Key Business Concerns Report, 2023. Each year, we analyse the industry’s biggest risk surveys to identify the most pressing issues impacting financial institutions in the year ahead, from a non-financial risk perspective. Every year brings new challenges for those responsible for risk management, compliance and related roles. This year is no different, with the aftermath of Covid colliding with growing political and economic turmoil, set against the backdrop of the largest war on European soil since WW2.
RiskBusiness is an international Governance, Risk, Audit and Compliance (GRAC) solution provider, with more than 200 financial services firms currently using our SaaS (Software-as-a-Service) solutions globally.