Responding to the numerous concerns voiced in the United States about the forthcoming implementation of Basel 2, Moody’s has emphasized that the initiative will be ‘a net positive for the banking industry’. ‘Notwithstanding the current controversies, we believe that ultimately the U.S. will adopt Basel 2 and that most of the largest U.S. banks will comply with it,’ said the ratings agency. Senior Vice President, David Fanger, commented: ‘The regulatory philosophy in the United States already closely follows the Pillar 2 framework that the accord prescribes.’ He went on to note that the main benefit of Basel 2 would be ‘an improvement in the risk measurement, management and controls at many banks and a bolstering of the risk culture of the US banking industry as a whole.’ A handful of the largest U.S. banks have already made considerable progress down this path according to Moody’s and the rating agency pointed out that many more banks should eventually follow. ‘Even among those U.S. banks that never opt in to Basel 2,’ said Fanger, ‘many will likely still end up adopting at least some of its precepts and practices, either as a competitive response or through the urging of their regulators.’
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.