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 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 four Greensill-linked funds were suspended on 1 March amid uncertainties about their valuations
Credit Suisse Group knew since 2019 that supply-chain finance funds it ran with Greensill Capital were too reliant on a small group of insurers to protect investors against default Getty Images By Friday March 5, 2021 8:01 am
Credit Suisse Asset Management has said it will terminate four funds valued at $10bn which it suspended on 1 March over uncertainty over their valuation.
The four funds invested in assets created by supply chain financing firm Greensill Capital. The four funds were suspended on 1 March after Credit Suisse became concerned that the funds were over-exposed to one of Greensill’s clients steel magnate Sanjeev Gupta.