Top 5 Most Shocking News in 2016
2016 is an exciting year for everyone in the global financial industry. Volatility, crisis, shocks, politics, disruptions … … you have it all. How did your portfolio do? Are your clients having a good year? Which news was the most unexpected? Did you place your bets correctly?
Which was the most shocking news for you in 2016? We bring you the Top 5 Most Shocking News in 2016:
#5 The Brexit
In the first few months of 2016, were you thinking that Brexit was impossible?
On 23rd June 2016, 52% voted in favour of leaving the European Union in a UK referendum. Prime Minister David Cameron resigned, and the rest is now history.
What’s Next: UK Real Estate, GBP, LIBOR, UK Financial Equities, UK Tax
#4 Donald Trump Elected President of United States
Just when things can’t get any more shocking, Donald Trump and Hillary Clinton fought fiercely and in dramatic fashion in the United States Presidential election campaign.
Donald Trump emerged the President-elect on the 8th of November 2016. He is scheduled to be inaugurated on the 20th January 2017.
It was not entirely a shock since it is either Donald Trump or Hillary Clinton. But enough was built up during the campaign for you to ask: What’s next?
What’s Next: Global Financial Markets, Global Equities, Interest Rates, Tax Rates, Global Trade
#3 Private Banking 2.0
Whoever said that Private Banking is a slow and grey-hair industry?
Private Banking Mergers & Acquisitions (M&As) were fast and furious in 2016. If you are in the Private Banking industry in Asia, shifting desks & offices, getting new name cards (with new logos) would had kept you busy almost the entire year.
If Private Banking is only about consolidation or M&A, you might be just too busy to notice about your competition: the Private Banks that have grown under the radar.
What’s Next: Private Bank, Family Office, External Asset Management, Private Wealth Management
#2 Spotlight on 1MDB
And just when you think you are in the safest bank, 1MDB provides a timely reminder of the sensitive nature of the Private Banking industry. Private Banking is not only about numbers, but of political and economic interests.
The global coverage of 1MDB and the scrutiny of the account transactions are enough to send chills to any Private Bank and Private Banker.
- The 100 Headlines Rewind: 1MDB and The Affected Banks
- Ex-BSI Banker Found Guilty in 1MDB Case
- Ex Falcon Chairman Arrested in 1MDB Probe
- Swiss Probe Ex- Abu Dhabi Official on 1MDB
- Goldman Sachs Gets Second Query on 1MDB
- DBS and UBS Fined by MAS
What’s Next: KYC, Compliance, Legal, Tax, Politics
#1 Panama Papers
2016 is indeed the most shocking year for Private Banking. Brexit and United States Presidential election had already created huge uncertainties in clients’ portfolio. Frequent M&A of Private Banks create no less comfort to clients’ confidence in the sustainability of Private Banks.
With 1MDB, the Panama Papers potentially creates the longest warfare against what may be legally acceptable corporate, trust and tax structures for many years to come.
- United States slaps $1.3 B in penalties on Swiss banks
- HSBC fined $12.5 M by SEC
- HSBC pays out £28m over money-laundering claims
- Credit Suisse: Guilty, $2.6 Billion Fine, But Avoids Death in U.S. – UBS Was Luckier
- DBS & UBS Fined by MAS
- J.P Morgan Fined by SFC Hong Kong
What’s Next: KYC, Compliance, Legal, Tax, Politics, Privacy, Offshore Companies, Offshore Trust
Join us in the 2016 Rewind:
- The 2016 Ultimate Rewind
- Top 5 Most Shocking News in 2016
- The Rewind: Private Banks in 2016
- Top 50 People Moves in 2016
- Top 5 Professionals Who Left Private Banking in 2016
- Top 10 Research Publications in 2016
- The Rewind: Fund Management in 2016
- Top 10 Most Popular Articles in 2016
- Top 20 Most Popular Articles in 2016
- Top 10 Most Popular Videos in 2016
- Top 50 Most Memorable Photos in 2016
- Photoshot of the Year 2016
- Top 30 Headlines in 2016