archiveNews in Brief

EU leaders are committing to revive efforts towards advancing plans for its long-stalled Capital Markets Union at a two-day summit which began yesterday, according to documents seen by the Financial Times.The CMU, which seeks to remove barriers between the bloc’s capital markets, was first proposed nearly a decade ago, but has faced resistance from EU members over concerns about handing more powers to Brussels.However, the FT writes that fears of the bloc falling behind the US and China, and the need to find hundreds of billions to finance the continent’s...

UBS’s intervention in rescuing Credit Suisse a year ago has raised concerns among Switzerland’s regulators about the stability of the country’s financial sector. As reported by Reuters, the Swiss government is due to publish its proposals for regulating banks this month that are deemed “too big to fail”, potentially subjecting UBS, as the country’s only remaining big bank, to stricter operational standards. The forthcoming report is expected to scrutinise capital requirements, with UBS potentially facing the need to allocate tens of billions of dollars in extra funds to mitigate risks similar to those observed...

Goldman Sachs is set to report that the gap between what it pays men and women has widened to its highest level in six years within its UK operations. As reported by the Financial Times, citing a person familiar with the matter, the mean hourly pay difference at Goldman Sachs International rose to 54 per cent in 2023, up from 53.2 per cent in 2022. The pay difference is primarily driven by the low presence of women in the bank’s highest-ranking positions. While this is common in investment banks, it is a matter...