Andrew Stimpson News
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The European Central Bank is set to take center stage as the euro area’s chief banking supervisor, after the European Banking Authority ditched this year’s stress test in favor of an ECB-led review of lenders’ asset quality.
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Julius Baer Group Ltd., the third- largest Swiss wealth manager, said client assets rose 16 percent in the first four months of the year after integrating Merrill Lynch businesses acquired from Bank of America Corp. last year.
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Credit Suisse Group AG said it’s increasing the proportion of assets under management from super- rich clients, helping to boost profit margins at Switzerland’s second-largest wealth business.
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Capital standards designed to fortify the global financial system are eroding as European officials, beset by a debt crisis, rewrite the regulations and U.S. rulemaking stalls.
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European lenders, more reliant than ever on emergency aid after borrowing $1.3 trillion from their central bank, may need additional cash infusions until policy makers stem the crisis engulfing Spain and Italy.
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Deutsche Bank AG’s plans to boost capital by cutting risk and retaining earnings don’t go far enough to bring reserves in line with competitors, analysts at four brokerages said.
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Regulators may diminish the central role of government bonds in planned banking rules designed to make the financial system safer.
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Deutsche Bank AG, Germany’s biggest bank, said it will reduce risk to meet a 2013 capital-ratio goal after second-quarter profit missed analysts’ estimates on expenses tied to a weaker euro.
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Deutsche Bank AG co-Chief Executive Officer Anshu Jain is instilling confidence in shareholders that he’s able to restructure Europe’s biggest lender by assets without asking them to pay for it.
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European banks, which need to refinance more than $1 trillion of debt next year, may struggle to fund themselves until policy makers follow through on a pledge to guarantee their bond sales.
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