Oil Prices Could Rise After Latest EU Sanctions on Russia

The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead. “In isolation, the sanctions on Russia … Read more

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Binance Walks Away From Deal to Buy FTX

Binance Walks Away From Deal to Buy FTX

Where Are Markets Headed? Six Pros Take Their Best Guess

A massive selloff in bonds. A plunge in tech stocks. The implosion of cryptocurrencies. The highest inflation in four decades. Amid a brutal and uncertain climate, we asked six heavyweights in the world of finance to share their thoughts on the state of the markets, how they have handled this year’s carnage and what they … Read more

Credit Suisse Unveils Massive Overhaul After Staggering $4 Billion Loss

Credit Suisse the second-biggest Swiss lender after UBS, said it would cut jobs and spin off its investment banking business as it reported a 4 billion franc ($4 billion) loss for the third quarter. The company also intends to raise $4 billion by selling shares as part of what Chairman Axel Lehmann dubbed a “blueprint … Read more

Bank of America Posts an Earnings Beat. It Can Thank Rising Rates.

Bank of America Posts an Earnings Beat. It Can Thank Rising Rates.

BNY Mellon’s custody chief on how to serve crypto clients when ‘there isn’t a rulebook’

BNY Mellon’s expansion to become a custodian for crypto is fuelled by high client demand according to its custody services chief executive, Caroline Butler. “You’ve seen demand for the asset class and you’ve seen it move more mainstream,” she told Financial News at this year’s Sibos. “But that trusted provider remains imperative for our institutional … Read more

Germany leapfrogs UK to become Europe’s most shorted market as recession fears surge

Germany just leapfrogged the UK to become the most shorted market in Europe as economic worries grip the continent. The German market accounted for about 25% of short positions last month, followed by UK’s 20%, data from SEI Novus shows. The data, which covers pan-European short positions worth over €30bn from more than 150 managers, shows that … Read more

Peloton Co-Founder John Foley Faced Repeated Margin Calls From Goldman Sachs as Stock Slumped

John Foley, the co-founder and former chief executive of Peloton Interactive faced repeated margin calls on money he borrowed against his Peloton holdings before he left the fitness company’s board last month, according to people familiar with the situation. As Peloton’s shares slumped over the past year, Goldman Sachs Group asked Mr. Foley several times … Read more

Finance workers’ cocaine use surges amid burnout crisis: ‘It’s just going up and up’

When Jaime Blaustein was interviewed for his first job at Morgan Stanley in 2012, he was hooked on heroin. Blaustein’s drug use had spiralled throughout his university studies as he moved from drinking alcohol and smoking marijuana to using cocaine, crack cocaine and, eventually, heroin. By the time he graduated, despite five attempts at rehab,…