Reuters reports that Barclays Chairman David Walker hit back on Monday against what he said has become the 'political and media industry' of badmouthing banks and bankers, and insisted on banks' vital role in a free-market economy.
'The persistence of hostility to banks and bankers, much more marked in Europe than elsewhere, is in my view seriously unhealthy', he told the economic Conference of Montreal.
'The function of banking needs to be recognized as a key contributor to recovery in a developed world, in which credit is principally extended through the banks and the market rather than through state-run conduits'.
In the meantime, Bloomberg reports that Deutsche Bank has started a gold storage facility at the Singapore FreePort with a capacity to hold as much as 200 metric tons, its largest vault outside London, the bank said.
Other locations are Zurich and Hong Kong, according to the bank. The Singapore vault caters primarily for investors wanting to store bullion under the bank’s custody, said Mark Smallwood, head of wealth planning at the asset and wealth management unit in the Asia-Pacific region.
Finally, Bloomberg also reports that Morgan Stanley has promoted Jim Bonetti to head its U.S. leveraged finance syndicate team, two people briefed on the decision said.
Bonetti will report to Dan Toscano, the New York-based firm’s head of acquisition and leveraged finance, said the people, who asked to remain anonymous because the promotion hadn’t been made public.
image: © Lisamarie Babik