July 3, 2023
United States:
Bank of America Says it Started Talks With Fed After Stress Test Results
Bank of America Corp. said it has started discussions with the Federal Reserve to understand how the company was evaluated following results of the central bank’s annual stress tests.
The company is in dialogue with the Fed to “understand differences in other comprehensive income over the 9-quarter stress period between the Federal Reserve’s CCAR results and Bank of America’s Dodd-Frank Act stress test results,” it said in a statement Monday.
Europe:
ECB’s Rate-Hiking Campaign Has ‘Some Way to Go,’ Nagel Says
The European Central Bank’s historic series of interest-rate increases isn’t finished yet as upside risks to the inflation outlook predominate, Governing Council member Joachim Nagel said.
While decisions beyond a planned hike this month remain data-dependent, “the way I see it, we still have some way to go,” Nagel, who is president of Germany’s Bundesbank, said in a speech in Frankfurt on Monday.
Asia:
Singapore’s Star Banker Creates a Succession Dilemma for DBS
For more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city-state into one of the richest countries in the world.
In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key business areas and delivered equity returns that outstrip global peers.
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