All articles by Umberto Bacchi

Umberto Bacchi

Deutsche Bank income drops 85%

Profit at Deutsche Banks asset and wealth management unit plunged 85% in the second quarter, down to 35m ($43m) from last years 227m recorded for the same period Deutsche Bank said the fall was driven bya combination of factors including negative market impact on revenues, net revenue dropped 9% (85m) to 891m, and higher non-operational expenses and lower performance fees in asset management

HSBC Mexico fined $27.5m amid AML scandal

HSBCs Mexican unit has been fined $27.5m for non-compliance with anti-money laundering (AML) systems and controls by Mexican authorities, following on from a US Senate investigation on drugs and terrorist financing According to a US Senate committee report published on 17 July, HSBC Mexican affiliates exposed themselves and HSBC US to Mexican drug cartels money laundering, due to multiple AML deficiencies while serving high risk clients The fine was imposed by the Mexican National Banking and Securities Commission for infringements related to the late or failed reporting of about 1,750 unusual transactions as well as some administrative failures

Israeli Bank Hapoalim shuts Singapore unit

Israelis largest bank, Bank Hapoalim, is to close its Singapore private banking division just five years after it was opened Launched in November 2007 as an important step to increase Bank Hapoalims international activities, the unit will be shut down amid a restructuring of the banks Asian business

Julius Baer signs JV with Bank of China

Julius Baer has entered into its second major joint venture in the Asia-Pacific region signing a partnership agreement with Bank of China (BOC).

Merrill Lynch 1H income up, revenue down

Bank of America Merrill Lynchs (BofA) global wealth and investment management (GWIM) division reported a 3% rise in net income, up to $1.09bn in the first six months of 2012 compared to the same period in 2011

HSBC’s US unit relaxed AML controls for wealthy clients

HSBC Private Banks US business offered high-risk bearer share accounts to wealthy clients without providing accurate controls despite regulators concerns the accounts were open to abuse for money laundering. According to a US Senate committee investigating drugs and terrorist financing, HSBC opened more then 2,000 bearer share corporate accounts over the past decade

HSBC to pay $1bn in money laundering scandal

Failure to put in place appropriate money-laundering prevention measures could cost HSBC up to $1bn, according to press reports.

NAB redundancies won’t affect UK private bank

The National Australian Bank (NAB) private banking division in the UK is not going to be affected by the 730 jobs cut announced by the bank. The number of roles relating to private banking wont be reduced as a consequence of the restructuring process initiated by NAB, a spokesman from Clydesdale Bank and Yorkshire Bank – the two UK based branches controlled by NAB – said

Generali appoints JP Morgan for BSI sale

Generali group has appointed JP Morgan to sell its private banking arm BSI, press reports suggest.

UBS to invest up to $350m in APAC: Zeltner

UBS wealth management CEO Jürg Zeltner said the bank is to grow its investments in the Asia-Pacific (APAC) area to 3-5% of its total income in the next few years.