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“Paul Volcker by his own admission has said he doesn’t understand capital markets.”
JP Morgan CEO Jamie Dimon sharing his negative view on the Volcker Rule.



The following are notes from our Monday morning meeting.


Struggling Bank of America has cut CEO Brian Moynihan's bonus compensation by over 30% to $5.9m while freezing his salary.

Capital One Financial has received approval from the US Federal Reserve Board to acquire ING’s US online-banking business in a $9 billion deal.

Israel’s Bank Leumi has named Rakefet Russak-Aminoach to replace resigning CEO Galia Maor.

Goldman Sachs has sold its remaining 3.9% stake in South Korea’s Hana Financial Group for $331m, likely to avoid the financial impact of Hana's acquisition of Korea Exchange Bank.

China has given the regulatory approval for Nomura to acquire GE Capital’s Chinese businesses, a huge boost for Nomura’s regional ambitions.

Taiwan’s Hua Nan Commercial Bank is set to open its first Australian branch in Sydney, becoming the fourth Taiwanese bank in the city.

Indonesia’s withdrawal of the policy limiting foreign ownership in banks will benefit Malaysia’s Maybank and CIMB, both having heavy stakes in domestic banks.

State Bank of India is planning to absorb State Bank of Mysore, part of its ongoing plan to assimilate all of its associate banks.

RBS Australian head Stephen Williams has announced his resignation, to be replaced by Andrew Chick in three to six months.