Santander has overtaken UBS as continental Europe’s most valuable bank after Donald Trump’s tariff-induced market rout hit the Swiss lender harder than peers.
Santander Executive Chair is Ana Botín is with no doubt one of the greatest visionaries of our industry. Source: FT, Bloomberg
🔴 ROBINHOOD INTRODUCES “ROBINHOOD CORTEX”, OFFICIALLY BRINGING AI TO THEIR PLATFORM. THIS IS ABSOLUTELY WILD ‼️
Together with Cortex, Robinhood announced Robinhood Strategies and Robinhood Banking to give their customers access to privatewealth management and banking services historically reserved for the ultra-wealthy. They are also giving a first look at the next big thing from Robinhood: "Robinhood Cortex", an AI investment tool launching later this year that is designed to provide real-time analysis and insights that help customers better navigate the markets, identify opportunities, and stay up to date on the latest market moving news.
Who needs hot tech...
...when you can have European banks? Chart shows MAG vs SX7E YTD in %. Source: The Market Ear
Make Russia great again? Americans are very pragmatic.
And their banks are always fast to adjust to the new paradigm...
UBS Group AG profit for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion.
Net income for the three months to December came in at $770 million, compared with a forecast for $486 million. Source: WSJ
🔴 FED CHAIR POWELL SAYS BANKS CAN NOW SERVE CRYPTO TO CUSTOMERS 🚀
Banks can serve crypto customers as long as they can manage the risk, said U.S. Federal Reserve Chair Jerome Powell, amid allegations that the crypto industry is being cut off from financial institutions. "The threshold has been a little higher for banks engaging in crypto activities and that's because they're so new," Powell said on Wednesday when asked by a reporter during a Federal Reserve press conference about risks associated with cryptocurrency. The central bank is not against innovation, he added. Crypto firms have complained about the difficulty behind establishing and maintaining bank accounts in the U.S. Following the collapse of crypto exchange FTX in late 2022, several governmental agencies, including the Federal Reserve, issued warnings on "crypto-asset risks." Source: The Block
The BTFP, introduced under Biden, acted as a lifeline, letting regional banks trade toxic, low-yield debt for loans at par value, disguising their insolvency.
Now drained, what will happen to the program? Could this put the regional banking system at risk? Source: FRED, The Coastal Journal
$JPM JPMorgan is preparing to tell all its employees to return to the office 5 days a week
according to Bloomberg
