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“You’re pretty much putting the nail in our coffin for big American banks.”
Jamie Dimon, CEO, JP Morgan, on the new global regulatory regime that allows overseas banks to calculate their asset bases differently, disadvantaging US banks.

The following are notes from our Monday morning meeting.

US state pensions funds are suing BNY Mellon and State Street for overcharging them on FX transactions, and large mutual funds are looking into whether they’ve been bilked as well.

Spain’s central bank is reportedly looking for buyers for Caja Mediterráneo, the savings bank with 4% of the country’s total financial assets, after plans for a merger with three others failed.

In compliance with a UN resolution, Uganda’s central bank has taken over the management of Tropical Africa Bank, which has ties to Libyan leader Muammar Gaddafi.

Trade Bank of Iraq will be raising its capital to $1.2b from $840m and opening branches in the cities of Beirut and London.

Mitsubishi UFJ’s troubled securities JV with Morgan Stanley posted a $961m bond trading loss. 

2010 profits at China’s ICBC rose 28% to $25b, CCB 26% to $20.55b, ABC 46% to $14.6b, BoComm 29.6% to $5.95b, while China Merchants Bank saw a 41% rise to $3.93b.

The Hong Kong Monetary Authority launched a Renminbi Fiduciary Account Service to help banks that have exceeded their credit limits place the currency in custody.

The new managing director of the Monetary Authority of Singapore is former assistant MD Ravi Menon, replacing Heng Swee Keat, who is slated to enter politics.

The central bank of Sri Lanka fined Standard Chartered Bank $241m for reportedly remitting $100m for Ceylon Petroleum Corporation after it was instructed not to.

Mark Joiner, finance director of Australia’s NAB is calling for tax relief on retail deposits to help wean banks off an over-reliance on offshore wholesale financing.