, Europe
Photo courtesy of Credit Suisse website.

Weekly Global News Wrap: Credit Suisse faces lending restrictions; Italy seeks stalemate over e-payment cost reduction talks

And JPMorgan Chase unlikely to buy another struggling bank, says CEO Jamie Dimon.

From Reuters:
Credit Suisse faces restrictions in its business until its acquisition by rival UBS Group is completed.

In certain cases, and without prior UBS approval, Credit Suisse reportedly cannot grant a new loan exceeding $113m (100 million Swiss francs) to investment grade borrowers, or more than 50 million francs to non-investment grade followers, according to a regulatory filing.

The embattled Swiss bank also cannot undertake any capital expenditure of more than 10 million francs; or enter into certain contracts worth more than 3 million francs per year.

From Reuters:
Italian banks, payment companies, and retailers are seeking to end a stalemate over efforts to reduce the cost of electronic payments, sources told Reuters.

The latest scheme under discussion envisages zero fees on small transactions worth up to 10 euros or $11.

The scheme also features a “generic commitment” by financial firms to cut fees on items between 10 and 30 euros, the sources said.

ALSO READ: PH banks missing out on revenue from growing middle class market

From CNBC:
JPMorgan Chase CEO Jamie Dimon said that it’s unlikely his bank to acquire another struggling lender, following its government-brokered acquisition of First Republic.

The turmoil in mid-sized banks sparked by the Silicon Valley Bank collapse in March shows that merely meeting regulatory requirements isn’t enough, Dimon said.

“Regarding the current disruption in the U.S. banking system, most of these risks were hiding in plain sight,” Dimon said of the interest rate risks that helped toppled SVB and First Republic.

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