Financial Highlights from the Recent Week You Should Know About:
- BANKING: US Banks Smash Earnings Reports
Morgan Stanley reported record Q1 revenue of $1B, while Bank of America beat Q1 earnings & revenue estimates.
Both saw huge surges in investment banking revenue.
These two are the latest to blow up Q1 estimates, including JP Morgan, Citigroup and Wells Fargo. - COMPLIANCE: Canadian Regulator Cracking Down on Crypto Fraud
Fintrac, Canada’s money laundering regulator, recently revoked the registrations of 53 money service businesses based in the province of British Columbia (BC) alone.
The regulator is clamping down on criminal financing, crypto & financial scams and money laundering.
While Canadian financial institutions have good reputation, Canadian money laundering regulations are lagging behind. - CAPITAL MARKETS: Singapore Interbank Rate at 4 Year Low
Due to the US-Iran war causing massive capital outflow from the Middle-East and flowing into Asia, such as Singapore, Singapore’s interbank rate reached a 4 year low due to surging demand.
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