Photo courtesy of Steve Jurvetson

Weekly Global News Wrap: JP Morgan CEO apologises for CPP joke; Leadership shake-up tests Mexico’s financial regulator

And China urges lenders to extend support to advanced manufacturers, other industries.

From Reuters:
Mexican President Andres Manuel Lopez Obrador's surprise nominee as next chief of of the Bank of Mexico has cast doubt over the bank's rate-tightening cycle as it battles to keep high inflation in check.

Lopez Obrador, who has already placed three of Banxico's five board members, scrapped former Finance Minister Arturo Herrera's candidacy. Instead, he proposed a relatively unknown senior finance ministry official, Victoria Rodriguez, as the first woman to run the bank.

Some analysts said the move called into question Banxico's independence, despite Lopez Obrador's promises there would be no government meddling or interference in the bank's decisions.

From Reuters:
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he regrets making a quip that his bank is likely to outlast China’s Communist Party. 

Dimon's comments had risked jeopardizing JPMorgan's growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage in the country.

“I regret and should not have made that comment,” Dimon said in a statement issued by the bank. “I was trying to emphasize the strength and longevity of our company.”

China experts in the United States said his quick apology should ensure no serious damage was done.

From Reuters:
China's banking and insurance regulator is encouraging lenders to step up support extended to advanced manufacturers, self-reliant industries and supply chains.

"Banks should resolutely cast away from the wrong idea of deviation from their main business... and excessive business expansion," the China Banking and Insurance Regulatory Commission (CBIRC) said in an online statement.

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Japan bank lending up 1.8% to record $4.36t in July: report
Companies are borrowing money due to the rising costs of raw materials, an official said.
Lending & Credit
Buy Now, Pay Later firms' credit losses on the rise
The largest BNPL providers have doubled their delinquency rates over the past few quarters.
DBS denies interest in India’s IDBI Bank: report
This follows after reports said that DBS is mulling purchase of a stake in the bank.