FCA business plan focuses on Consumer Duty implementation Isna, July 6, 2024 The FCA has prioritized the protection of consumers and the promotion of effective competition within the financial services industry in its Business Plan 2024/25published today (19 March 2024). In the document, the regulator explained that it would continue to test higher standards for regulated firms by embedding the Consumer Duty and “take action where appropriate” to ensure market integrity. Nikhil Rathi, the regulator’s chief executive, added: ”We’ve already made significant progress in delivering towards the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching … Continue Reading
NYCB takes more action as CEO works on a new business plan Isna, July 3, 2024 Sheila Bair talks about the crisis at New York Community Bank on ‘The Claman Countdown.’ The incoming CEO of New York Community Bank (NYCB) said Thursday he’s working on a new business plan after the beleaguered bank received a $1 billion lifeline from investors Wednesday. He also announced its second dividend cut this year and revealed a 7% decline in deposits. Joseph Otting, former controller of the currency for the Trump administration, was named NYCB’s CEO yesterday as the bank received a $1 billion equity infusion from a group of investors that included former Treasury Secretary Steven Mnuchin’s Liberty Strategic … Continue Reading
MUFG Establishes Business Plan for Next 3 Years, Aims to Increase ROE by 9% Isna, June 25, 2024 MUFG established a new medium-term business plan for the next three years “to pursue and produce growth” with an aim to increase ROE to approximately 9% by 2026. The medium-term business plan has three pillars, including expanding and refining growth strategies, driving social and environmental progress, and accelerating transformation and innovation. For the first pillar, the company has formulated seven strategies to achieve growth during the business plan period. “While seeking growth by further strengthening our existing business model, by for example increasing the profitability of our balance sheet with consideration for changes in the interest rate environment, we will … Continue Reading