And who is Deutsche Bank's new head of Wall Street business?
Reuters reports that a leading US bank regulator said leading Wall Street firms should segment their riskiest businesses into holding companies that better shield taxpayers from a future bailout. Tom Hoenig, vice-chair of the Federal Deposit Insurance Corporation (FDIC), pitched his idea to bankers attending an industry conference as a more palatable alternative to the regulatory regime which has existed since the Dodd-Frank financial legislation was enacted after the 2007-2008 financial crisis. Read more here.
CNBC reports that nearly three in ten bankers are worried about the negative consequences for them if they raised concerns to their managers, according to a survey conducted by UK-based Banking Services Board. The survey that gathered responses from more than 28,000 staff members from 22 banks across the UK including names like Barclays, HSBC, RBS and Lloyds focused on balancing work standards and ethics in businesses. Read the full story here.
According to Reuters, Deutsche Bank is replacing its U.S. chief Bill Woodley with the global head of its stock-trading business, Thomas Patrick, people close to the matter said, in a sign of its intent to restructure its Wall Street business. The bank announced earlier this month that Chief Executive John Cryan would personally oversee the bank's U.S. business after paying $7.2 billion to settle an investigation into its selling of toxic U.S. mortgage-backed securities in the run-up to the financial crisis. Read more here.
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