Keywords:

"Our regulators should say: ’If it’s not in the interests of the US, we’re not doing it’.”
Jamie Dimon, CEO of JP Morgan, politicizing Basel III.


The following are notes from our Monday morning meeting.


UBS suffered a $2b rogue trading-related loss; The UK Vickers Report was instantly vindicated for recommending separating commercial and investment banking. Read our comment on the topic here.

John Mack, chairman and former CEO of Morgan Stanley, will be replaced by James Gorman at the end of 2011 after 40 years at the bank.

Iranian regulators accused prominent business mogul Amir-Mansour Aria of leading a $2.6b bank fraud in Bank Saderat, together with several bank employees.

South Korea's FSC suspended seven local savings banks including Tomato Savings Bank and Jeil Savings Bank, for low capital adequacy ratios and poor lending practices.
 
China's ICBC opened a branch in India with a starting investment of $100m.

Taiwan’s Financial Supervisory Commission allowed HSBC Taiwan to be the first foreign bank to offer Rmb products.

Singapore’s OCBC Bank CEO David Conner apologised to customers after a four-hour outage left customers unable to complete transactions earlier last week.

Bangladesh opened its doors for new banks with a minimum capital of $53m to set up in the country to address a growing economy.

Ian Narev, who will replace CBA CEO Ralph Norris on October 1st, named Grahame Petersen to head its business and private banking unit, and Annabel Spring to lead wealth management.