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"I would say we're a little more than half way along this process of financial reform."
Bank of Canada governor Mark Carney on efforts to improve competitiveness, fix banks and balance budgets under the financial regulatory reform programme.



The following are notes from our Monday morning meeting.

Bank of America will axe 2,000 high-earning staff from its investment and commercial banking and wealth-management units.

Britain’s FSA warned banks they must start treating customers better by the summer or face repercussions from UK and European regulators.

South Africa’s Absa Capital has launched an electronic facility on its trading platform PACE FX to enable direct trading in the rand against the renminbi.

The Commercial Bank of Kuwait has appointed Ali al-Moussa as its new chairman, replacing Ali Al-Awadhi.

The Korean government has put up a sale notice in an attempt to sell its $5.3 billion stake in Woori Finance again after two failed attempts.

China’s CBRC will postpone the implementation of a enhanced Basel III capital ratio requirement for banks until the end of the year.

Local Philippine banks are forming a consortium to put up a $1 billion fund to bankroll private-public partnership projects announced by president Benigno Aquino III.

Fitch believes that Indian lenders will have to raise as much as $50 billion to add to their retained earnings to meet Basel III capital requirements set by the country’s central bank.

CIMB will start business in Australia in the next three to four months, following its majority purchase of Royal Bank of Scotland’s business, despite not being able to retain all senior staff.