Activist investor Carl Icahn has decided not to solicit proxies to vote against Cigna's plan to pay $54 billion for Express Scripts Holding, a deal he once described as a "travesty." The announcement came after two major shareholder-advisory firms endorsed the deal.
J. Christopher Giancarlo, who has been chairman of the Commodity Futures Trading Commission since August 2017, has seen progress in his effort to reshape the agency and to streamline swaps regulation, despite the slow pace at which Washington moves.
Banks hope to negotiate a carve-out from capital requirements under the Fundamental Review of the Trading Book as they transition $370 trillion in swaps notional to a Libor alternative.
Decline of the Turkish lira is exacerbating fears European banks are exposed to Turkish assets, but banks say bond-market worries might be overblown. "Fears about a systemic banking crisis should subside once visibility on banks' exposure to Turkey improves," says Christoph Rieger, head of fixed-rate strategy at Commerzbank.
The EU's biggest banks decreased in 2017 illiquid, complex instruments by €34 billion, or 20%; intra-financial-system assets by €163 billion, or 5%; and liabilities by €230 billion, or 7%, according to the European Banking Authority. The move could lower the banks' systemic-risk scores.
UK banks are at risk of a credit rating downgrade in the event of a no-deal Brexit, according to S&P Global Ratings. Banks are poised for "stable" performance in coming years, S&P says, but a "disruptive Brexit" could bring them off track.
European banks shed $32 billion in operational risk-weighted assets in the second quarter, marking a 5% decrease compared with Q1. ING's 15.4% decline, to $43.5 billion, was the largest, while BNP Paribas' 3.4% gain, to $86.4 billion, was the only increase.
Credit Suisse is breaking up its international wealth-management division into seven regions, up from four, as CEO Tidjane Thiam regionalises operations, sources say. The regions reportedly are Africa, Brazil, Central and Eastern Europe, Latin America, the Middle East, Southern Europe and Western Europe.
Moody's Investors Service is turning its Stockholm office into a subsidiary in preparation for Brexit. "The registration of our credit rating agency in Sweden reflects the importance of the Nordics as a strategic region for Moody's," a spokeswoman says.
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