The metal industries are the latest victims of political tensions with Russia, as bank branches in Hong Kong have refused to take payments from Russian accounts, according to Metal Bulletin.
Five Russian banks have been sanctioned by the US and EU over the past month. Although these mainly relate to brokerage services and fundraising in the EU, subsidiaries of HSBC, BNP Paribas and Standard Chartered have exercised over-caution when it comes to payments originating from Russia – a stance that will no doubt intensify following Standard Chartered’s $300m fine by US regulators yesterday for breaching compliance obligations.
To avoid raising red flags, many Russian companies have now either moved banks or requested a switch to dollar-denominated currencies. The policies have allegedly also extended to Belorussia.
A survey of corporate decision makers across Europe finds that chief executives in more than half of the businesses canvassed take responsibility for the issue of cybersecurity.
Regulatory technology - aka RegTech - should become a priority for bankers as regulators increasingly focus on risk data aggregation, argues a white paper from Wolters Kluwer.
Despite significant cost-cutting in recent years, management consultancy McKinsey says the world’s biggest banks need more radical business plans.
With its estimated market capitalisation reduced to US$235bn, Wells Fargo’s current valuation is some US$4bn less than its rival.