HALISTER: Goldman Sachs Names Scher to Run Investment Grade, Risk Group

Goldman Sachs Names Scher to Run Investment Grade, Risk Group

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GS US (Goldman Sachs Group Inc/The)

People
Marc Nachmann (Goldman Sachs Group Inc/The)
Susan J Scher (Goldman Sachs & Co)
Susan Scher (Goldman Sachs Group Inc/The)
Eric Jordan (Goldman Sachs & Co)
Michael Duvally (Goldman Sachs Group Inc/The)

Topics
Who's News - People

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: OCC Weighing Possible Course Change on Correspondent Banking

OCC Weighing Possible Course Change on Correspondent Banking

(Bloomberg) -- Comptroller of the Currency Thomas Curry says his agency is re-examining how it can direct banks to handle foreign correspondent accounts after some clients have been cut off amid efforts to limit risk of money-laundering.
  • “Decisions to terminate relationships can have regrettable consequences,” Curry says in remarks prepared for delivery Monday at the Institute of International Bankers conference
  • Legal transactions could be “driven underground,” he says
  • OCC gathering data on risk-evaluation practices, will consider new guidance, he says
  • “Our goal is to identify current practices and possible gaps in existing policies and procedures for conducting periodic client risk re-evaluations and for making account termination decisions,” Curry says
  • Stronger anti-money laundering rules in foreign jurisdictions might help banks’ confidence in relationships with foreign correspondent banks, he says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Brazilian Real May Stumble on Slow Impeachment, Analysts Say

Brazilian Real May Stumble on Slow Impeachment, Analysts Say

(Bloomberg) -- If President Rousseff is impeached, the appreciation of Brazil’s currency may depend on the speed of the process, according to analysts.
  • The two “extreme scenarios” are the president’s impeachment leading to a new govt able to restore investors’ confidence, or a longer impeachment process that could raise the risk of the govt shifting economic policy further left, Nomura analyst João Pedro Ribeiro says in a phone interview
    • He says a fast shift in government could see the BRL appreciate to 3.50/USD, but given the remaining risks, Ribeiro is keeping his call for the currency at 4.20 by year-end
  • If each step of a impeachment process is very slow, it will be negative for markets, says Fausto Gouveia, director at Az Legan Administradora de Recursos
    • However, the BRL could strengthen to a range of 2.80-3.30/USD in a perfect scenario, with a legally unquestionable impeachment followed by a new government in favor of free-market reforms and a budget fix
  • Eurasia Group has raised the odds that Rousseff won’t finish term to 55% from 40%, and upgraded Brazil’s long-term trajectory to neutral
    • They say Carwash probe has reached a ’’tipping point’’; yet, Rousseff is unlikely to fall quickly and implications for reforms will depend on how and by whom she is replaced
    • If Rousseff survives, pathway for reforms in 2016 will become more difficult; the ruling PT party will move more to the left as it fights for its leader Lula
  • NOTE: Rousseff says domestic politics aggravating economy, see story
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Fausto Gouveia (AZ LEGAN)
Joao Ribeiro (Nomura Holdings Inc)

To de-activate this alert, click here

UUID: 7947283