BANKING
Depositors Want More
Following the collapses of SVB and Credit Suisse, the Bank of England governor, Andrew Bailey, is asking to review how much protection depositors should have. Considering UK banks currently only protect up to £85,000 per account and EU banks protect £88,000 per account (less than US bank protection of £200,000).
BANKING
JP Morgan Leads Bank Earnings Reporting Parade
It’s bank earnings season and JP Morgan leads the way reporting 52% increase in YoY profits, beating expectations. Signalling what we expected since the SVB collapse, the fear in banking with smaller regional banks is the bigger banks’ gain.
BIG FOUR
EY Changes Mind on Breakup But Warns of Staff Cuts
After spending $600M on breaking up the company, the proposed change collapsed and is scrapped now. But when you spend $600M with nothing in return, something has to give and that means staff cuts.
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