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"We are preparing ourselves for a long period of volatility."
Brady Dougan, CEO of Credit Suisse, on the challenge of dealing with a soaring Swiss franc, which is raising costs and shrinking income.


The following are notes from our Monday morning meeting.


JP Morgan will be paying an $88.3m settlement to the US Treasury over illegal transactions made with Cuba, Iran and Sudan.

EFG Eurobank and Alpha Bank, Greece’s 2nd and 3rd largest banks respectively, will merge.

Libya’s National Transitional Council was recognised as the country’s official government by a UK court when it gave permission to British Arab Commercial Bank to work with its London embassy.

StanChart is in talks to buy at least 50% of Iraq’s Warka Bank, which has 130 branches and 350 ATMs.

Moody’s cut Japan’s sovereign rating to Aa3, also lowering by one notch that of its banks, based on the government’s reduced ability to bail them out.

China Construction Bank is opening a branch in Russia, capitalized with $150m, higher than any Chinese bank operating in Russia.

Taiwan’s Chang Hwa Bank signed MOUs with Bank of China and Bank of Communications to boost cooperation on financing and training.

Wahid Omar, CEO of Malaysia’s Maybank, is looking to acquire a Thai bank after a bid for domestic rival RHB Bank fell through.

State Bank of Pakistan ordered commercial banks to release new bank notes it has provided for the holiday season to the public instead of channeling them to the black market for profit.

Australian Securities Exchange named ANZ’s former AP MD Elmer Funke Kupper as its new CEO, while Bank of Queensland chose Stuart Grimshaw, former head of Caledonia Investments, as its new head.