Overseas Headlines – March 15, 2023

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.



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.



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.




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