RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: London still the world's top financial centre; Banks don't need to raise capital to meet stricter rules

And find out why buyout firms are tapping junior bankers earlier.

From CNBC: London has held onto top spot in the latest ranking of global financial centers as the gap with second placed New York City (NYC) widens, according to the most recent iteration of the semi-annual report released on Monday. Despite the looming threat of Brexit and fears that the city will cede a significant amount of financial companies and employees who are driven out by either regulatory stipulations or concerns over changes that may detract from the city's appeal, London's tally has only lost two points since the previous report. This is the smallest fall of any of the top ten centers.

From Reuters: Most banks will not have to hike capital significantly to meet stricter rules to counter trading risks, a survey showed on Tuesday, after Asian nations sought to delay introducing the code citing concerns about the need for more funds. The code, known as the “fundamental review of the trading book” or FRTB, was drawn up by the Basel Committee on Banking Supervision and tightens “market risk” capital requirements. The new rules, which are due to come into force in 2019, aim to reduce differences in how much capital banks set aside to cover risks from holding stocks, bonds and derivatives.

From Bloomberg: Wall Street’s newbies -- investment banking analysts straight out of college who just hit the desk -- have barely started one job when another starts beckoning. Junior analysts a few weeks on the job can now expect a flurry of emails from headhunters for some of the most prestigious private equity firms in the world. The jobs they’re being recruited for can pay more than $200,000 a year and won’t start until 2019. The battle to hire the best of them is fiercer, and more urgent, than ever.

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