BofA Indian Bankers Depart Under A Cloud

BofA Indian Bankers Depart Under a Cloud

Three Bank of America employees have resigned following a whistleblower report and an internal investigation. The probe looked into allegations that these individuals met with investors and disclosed details of up-coming secondary market offerings. This information gave their clients the opportunity to front run these issues.

SEC Head to Step Down

Gary Gensler, chairman of the US Securities and Exchange Commission, has announced that he will step down in January when Trump is inaugurated. Whilst his term is not due to formally end until 2026, it is customary that a change of president leads to a change of chairman. He will be remembered for introducing more rules on transparency including cyber risk and climate change as well as seeking to regulate crypto. His successor will seek to deregulate and maybe even discard Gensler’s changes.

New US Sanctions

The US has announced new sanctions on Gazprombank. This is one of the few remaining banks not to be subject to restrictions. The bank has been used to acquire military equipment and pay soldiers’ families. The measures will lock the bank out of the SWIFT system.

Fink Meets Starmer

Head of Blackrock, Larry Fink, met UK Prime Minister, Sir Keir Starmer and other members of the Cabinet. The government was looking for ways of boosting growth. Fink and his fellow board members suggested reducing regulatory barriers. The government is setting a UK Treasury unit to coordinate this regulatory reduction initiative.