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Morning Briefing

Morning Briefing

The head of Agricultural Bank of China, the country's fourth-largest state bank, has resigned for personal reasons amid reports that he had earlier been demoted by the Communist Party.

Zhang Yun's resignation comes during an ongoing campaign against corruption in China. In November, it was reported that he was taken away to assist authorities in an investigation.

In the US, the Federal Reserve is to revamp the way it oversees annual bank stress tests, after internal reviews found that the Fed didn't oversee the tests with the same rigor it demands of the banks themselves. The reviews found faults with the computer models the Fed uses to assess how banks would fare in a recession, according to the Wall Street Journal.

StanChart's CEO Bill Winters has given an interview to Live Mint in which he says the bulk of the bank's business in India is unaffected by bad loans. Mr Winters said StanChart will focus on retail lending in India as well as addressing the bad loans issue.

Meanwhile, Dame Colette Bowe, chair of the Banking Standards Board in the UK has outlined the body's dialogue-based approach to improving standards in banking. "We're not in the teeth business. We don't have statutory backing. We don't fine people, that's not what we do," she told City AM.

"Getting this right in the industry is about a lot more than just narrow compliance. It's about the culture, it's about behaviour, it's about the way we use remuneration and promotion to indicate what we think the right behaviour is. You can run a business that is compliant, but which still might not be the kind of business that you want to run."

Back in the US, there are signs that strains in the tech market are starting to hit lending at Silicon Valley Bank. However, despite risks on the horizon, the lender is still reaping big profits.

Amex deal with Apple shows unfair advantage: MasterCard
Bank of Jinzhou IPO shares priced at HK$4.66
Canada poised to become regional hub for Islamic finance
National Australia Bank pitches Clydesdale flotation to investors

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