Financial News
Bitcoin s volatility makes it impractical as a store of wealth or payments mechanism
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank s analysts said Getty Images By Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are.
Financial News
Brexit equivalence deal for City is now so unachievable it’s ‘silly’ to bother Six months from now, people will have almost forgotten there is such a thing as equivalence
“Six months from now, people will have almost forgotten there is such a thing as equivalence,” said a senior lobbyist at a bank in London Getty Images By Monday March 15, 2021 12:01 am
There’s a growing consensus forming across the City: The finance sector’s post-Brexit future will be one without equivalence.
Six senior City lobbyists at London’s largest banks and trade groups, as well as regulatory advisers to finance s most senior executives told Financial News that they are now preparing for a Brexit deal that does not hinge on equivalence - where the EU allows those with matching standards access to its markets.
Financial News Investment Banking
Bank of America UK and Ireland chair Mackenzie Smith retires after more than 35 years in the City
Simon Mackenzie Smith is one of the best-known dealmakers in the City
Simon Mackenzie Smith joined Merrill Lynch in 1996 from Morgan Grenfell, the City merchant bank acquired by Deutsche Bank in the 1990s By
Monday March 15, 2021 12:15 pm
Simon Mackenzie Smith, chair of corporate and investment banking for the UK and Ireland at Bank of America, is retiring.
Mackenzie Smith, one of the best-known dealmakers in the City who has worked with the biggest UK blue-chip companies, is set to step down from Bank of America after 25 years at the bank, according to an internal memo seen by Financial News.
Financial News
Also this week: Monzo co-founder joins startup, Perella Weinberg nabs ex-Morgan Stanley dealmaker By Friday March 12, 2021 11:42 am
Deutsche Bank has named Volkswagen chief financial officer Frank Witter as a new member of its supervisory board, replacing Alexander Schütz, the executive who came under fire for email communications with the boss of scandal-ridden payments firm, Wirecard.
Witter s appointment will be voted upon at the bank s annual general meeting in May. He s set to retire from Volkswagen in June. His term was due to end in 2023..
Financial News
The bank will add investment bankers as Japanese firms expand beyond their borders
The Japanese investment bank will add dealmakers covering sectors such as business media and technology Getty Images By Thursday March 11, 2021 12:01 am
Nomura is looking to bolster its team of dealmakers after a surge in cross-border M&A involving Japanese companies has seen the bank rise up the rankings of advisors.
The Japanese investment bank will add dealmakers covering sectors such as business media and technology, its head of advisory in Europe, the Middle East and Africa, Guy Hayward-Cole, told Financial News.
“Following.