Keywords: BNY Mellon, Barclays, National Bank Of Greece, ING Bank, TN Bank, Turkiye Garanti Bankasi, SMFG, FSC, SBI Group, China Construction Bank, National Bank Of Cambodia, PBoC, ICBC, Central Bank Of Bangladesh, RBA

"The status quo is unacceptable."
Boston Fed President Eric Rosengren, warning that the $2.7t money market industry, in its current form, runs the risk of fuelling another financial disaster.


The following are notes from our Monday morning meeting.

The US IRS denied BNY Mellon’s use of foreign tax credits, expense deductions and trust income to lower its tax bill.

Barclays will cut 3,700 jobs hoping to save $2.66b annually, while National Bank of Greece and ING Bank will axe 2,000 and 2,400 jobs respectively.

Zimbabwe’s TN Bank appointed Kwanele Ngwenya, who previously headed First National Bank in Botswana, as CEO.

Turkiye Garanti Bankasi signed an MOU with Japan’s SMFG to cooperate on export credit agency financing and advise on project and structured finance.

South Korea’s FSC has given Japan's SBI Group permission to buy Hyundai Swiss Savings Bank and Hyundai Swiss 2 Savings Bank.

Taiwan’s FSC granted a license to China Construction Bank to upgrade its representative office to a branch.

National Bank of Cambodia and South Korea’s FSC signed an MoU to cooperate on banking and financial supervision.

China’s PBoC chose ICBC as the clearing bank for offshore renminbi in Singapore.

Central Bank of Bangladesh launched an online dashboard to monitor forex transactions and increase transparency, reduce fraud and other financial irregularities.

Reserve Bank of Australia sold its 50% holding in Securency, accused of taking bribes to win contracts in Asia.