Barclays may cut jobs to bolster profitability
Barclays may remove 2,000 workers, mainly in its back office, to save 1 billion pounds ($1.25 billion). Barclays executives, known as Venkat, are considering profitability-boosting recommendations. The main target for reduction is Barclays Execution Services (BX), part of a group-wide goal to decrease costs by up to 1 billion pounds over several years. BX consolidated…
Oil prices slipped on Thanksgiving
Oil prices fell in pre-U.S. Thanksgiving trading as investors awaited OPEC+ supply cutbacks and confirmation of a significant buildup in U.S. crude inventories. Brent futures and West Texas Intermediate futures fell by 95 cents and $76.85, respectively. Investors were wary ahead of Sunday’s OPEC+ meeting, which may debate tightening supply curbs due to weakening global…
Binance was subject to anti-money laundering and terrorist financing
Binance has been under Justice Department examination since 2018, and CFTC civil charges were filed in March for failing to implement an adequate anti-money laundering policy to detect and prevent terrorist financing. The company’s CEO, Zhao, has been found guilty of allegedly receiving Hamas transactions in February 2019. The resolution is a favorable one for…
Changpeng Zhao Binance CEO was pleaded guilty
Binance CEO Changpeng Zhao has resigned and pleaded guilty to violating U.S. anti-money laundering rules in a $4.3 billion settlement. The agreement requires Binance to pay $1.81 billion within 15 months and forfeit $2.51 billion. Authorities alleged Binance violated anti-money laundering and sanctions laws by failing to report over 100,000 suspected transactions with terrorist groups…
Blackstone is liquidating its Diversified Multi-Strategy fund
Blackstone is liquidating its Blackstone Diversified Multi-Strategy fund, which exposed investors to trading tactics after assets plunged over 90% in four years. The fund, which makes up 0.5% of its hedge fund division, saw a 2% return drop from 2020 to last month. Since appointing new leadership in 2021, the fund has returned 4.5% to…
The Fed kept rates hold and tightening policy
Federal Reserve Chair Jerome Powell has emphasized the importance of being cautious in balancing high inflation and economic growth with tightening credit conditions and a belief that the economy is slowing. The Oct. 31-Nov. 1 meeting minutes are expected to emphasize this, as policymakers are unlikely to raise the target interest rate further but are…
Yuan has risen 2% due to China’s state bank intervention
China’s major state-owned banks have been buying the yuan this week, helping it recover against a lower U.S. dollar. This is the first time such banks have done so in the past year, sometimes on behalf of Chinese monetary authorities. The yuan has risen 2% to 7.13 to the dollar in the previous week, its…
Argentina new president Milei will focus on dropping inflation rates
Argentina has elected right-wing libertarian Javier Milei as its president, aiming to rescue the country from triple-digit inflation, a recession, and rising poverty. Milei won 56% against Sergio Massa’s 44%, who conceded. He promises economic shock therapy and plans to close the central bank, abandon the peso, and cut spending. Despite facing challenges such as…