March 15, 2023
United States:
Signature Bank Faced Criminal Probe Ahead of Firm’s Collapse
US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter.
Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering by clients — such as scrutinizing people opening accounts and monitoring transactions for signs of criminality, the people said. The Securities and Exchange Commission also was taking a look, two people said, asking not to be named because the inquiries are confidential.
Europe:
HSBC Cuts Base Pay for Some Bankers by 25% Before UK Reform
HSBC Holdings Plc is cutting the base pay it offers some newly-promoted senior investment bankers in the UK by a quarter, ahead of a rule change that would allow higher bonuses.
In some areas, new managing directors are now typically offered a salary of about £225,000 ($273,380), compared to £300,000 paid to bankers that already hold the same position, people familiar with the matter said.
Asia:
China’s Central Bank Takes Up Xi Call to Fight US ‘Containment’
China’s central bank echoed President Xi Jinping’s warning that the US is seeking to suppress the world’s second-largest economy, an unusual move that suggests the central bank could be looking for ways to safeguard against possible further sanctions.
The People’s Bank of China will “appropriately respond to the containment and suppression of the US and other Western countries,” it said in a statement Wednesday following a meeting to study Xi’s speeches during the National People’s Congress session, which concluded Monday.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.