RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: IFRS 9 bites Greek banks; JPMorgan invests in fixed-income data startup

And Goldman's Solomon to be the banks' next president and CEO.

From Bloomberg: Greece’s four largest banks have reported an aggregate burden of 5.25 billion euros ($6.5 billion) to comply with new accounting rules as European stress tests loom. The introduction of International Finance Reporting Standard 9 is forcing Alpha Bank AE, Eurobank Ergasias SA, National Bank of Greece SA and Piraeus Bank SA to increase their provisions for bad loans. The four banks have reported the effect that IFRS9 will have over the past week, with Piraeus posting an impact of 1.6 billion euros on Tuesday, the largest among the lenders.

From Reuters: JPMorgan Chase & Co has made a strategic investment in Mosaic Smart Data, a company that has developed technology to help banks make their fixed-income sales and trading businesses more profitable. The bank, whose fixed-income revenue slumped last year, has taken a minority stake in the London-based startup, the companies said in London on Wednesday.

From CNBC: The question of who will next lead the iconic Wall Street firm Goldman Sachs appears to be getting close to an answer. David M. Solomon will become sole president and chief operating officer of the bank as of April 20, the company said Monday. Harvey M. Schwartz, who currently shares the roles with Solomon, is retiring. The decision was made in February, CNBC has learned.

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