Weekly Global News Wrap: Swiss gov’t directs major banks to boost liquidity; UniCredit widens buyer search for Russian assets
And Deutsche Bank’s DWS CEO steps down amidst greenwashing allegations.
The Swiss government has directed the nation’s five major banks to boost their liquidity in order to better weather events such as the pandemic in the future.
Banks deemed systemically important must now have enough liquidity to weather a 90-day liquidity crisis, instead of a 30-day threshold previously.
Italian bank UniCredit has widened its search for a buyer for its Russian business beyond local investors, according to sources.
UniCredit reportedly held talks with local bidders, but escalating western sanctions have hampered those efforts. This prompted an extension of the search to include countries such as China and India where one of the sources said buyers could be open to a bargain, according to two sources who refused to be named.
The chief executive of Deutsche Bank’s asset manager DWS is stepping down amidst allegations that the company is misleading investors about “green” investments.
Outgoing CEO Asoka Woehrmann told employees in a memo that “allegations..., however unfounded or undefendable, have left a mark.”
Stefan Hoops, a confidant of Deutsche Bank CEO Christian Sewing, will replace Woehrmann beginning 10 June.
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