Weekly Global News Wrap: Nomura cuts entertainment budget; crypto bank Silvergate closes down

And Bank of America CEO says he and the bank are “capitalist” as anti-ESG critics gain steam.

From Reuters:
Crypto bank Silvergate is winding down operations following losses sustained from the collapse of crypto exchange FTX.

Last week, the company said that it was evaluating its ability to operate as a going concern, disclosing that it had sold additional debt securities this year at a loss.

From Bloomberg:
Nomura Holdings has slashed its entertainment budget for executives in a bid to rein in costs after some tough-going quarters. 

The firm decided to cut the spending plan by about 30% for the current fiscal year following weak earnings in the first half, people familiar with the matter said, who asked not to be identified because the information is private.

The move affects executive officers and senior managing directors, they said.

From Reuters: 
“We are capitalists,” Bank of America’s CEO Brian Moynihan told shareholders on 7 March that they are “capitalists” in the bank’s latest annual report.

"I've sometimes been surprised to be asked - including at Congressional hearings - 'Are you a capitalist?'" Moynihan wrote in the bank's annual report published on Tuesday. "You might also find the question unusual. Of course, I answered, 'Yes.'"

The proclamation came at a time when some US Republican politicians are criticizing banks and asset managers for their supposed treatment of energy companies and for tackling issues such as climate change and workforce diversity.

In the same report, Bank of America outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy US$1.5t in sustainable finance by 2030.