[1/2]A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from archive. /File Photos
WASHINGTON, May 6 () - The U.S. Federal Reserve said Friday the U.S. banking system remains strong despite heightened volatility and geopolitical risk, but cautioned them against prime brokerage services that come with heightened risk.
In its latest bank supervision report, the Fed offered an upbeat take on the strength of U.S. banks, noting they continue to enjoy robust capital and liquidity levels, and asset quality improved in the second half of 2021.
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However, the central bank noted that the Russian invasion of Ukraine has ramped up potential risk for the financial sector. While U.S. banks' direct exposure to Russia is relatively limited, there are several related factors that could weigh on the industry, including volatility in commodity prices and heightened cybersecurity risk.
The Fed said its supervisors will be closely monitoring banks to see how they weather the turmoil coming from those heightened geopolitical tensions.
Separately, the Fed also cautioned banks that offering prime brokerage services to large investment funds carries with it significant risks. Citing the 2021 collapse of Archegos Capital Management, which left a handful of banks with billions of dollars in losses, the Fed noted that banks need to be on strict guard if they wish to do business in the highly complex and opaque area of the market.
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Strong risk management and controls are critical to the safety and soundness of a bank that provides these services, the report stated.
In December, the Fed warned banks, particularly those with large derivatives portfolios and relationships with investment funds, that they should not rely on incomplete or unverified information from fund clients, and should consider not doing business with firms that resist supplying the necessary information to gauge risk.
Covers financial regulation and policy out of the Washington bureau, with a specific focus on banking regulators. Has covered economic and financial policy in the U.S. capital for 15 years. Previous experience includes roles at The Hill newspaper and The Wall Street Journal. Received a Master's degree in journalism from Georgetown University, and an undergraduate degree from the University of Notre Dame.Twitter icon A stylized bird with an open mouth, tweeting. Twitter LinkedIn icon The word in. LinkedIn Fliboard icon A stylized letter F. Flipboard Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send an email. Email Link icon An image of a chain link. It symobilizes a website link url. Copy Link
Merrill Lynch Appoints New Head Of Fx Prime Brokerage
Kim Stolz, a managing director who was previously based in London as the head of equity derivatives hedge fund sales for Europe, the Middle East, and Africa, will take over as head of prime-brokerage sales in the Americas, according to people familiar with the matter.
The senior promotion comes in the bank's prime-brokerage unit, which services hedge funds. The group has been hit by sexual misconduct allegations and its ensuing fallout in recent weeks.
Omeed Malik, amanaging director and senior banker in the department, was fired in January amid allegations from female employees that he made unwanted advances. Two others employees in the department were fired last week for allegedly interfering with the bank's investigation into Malik's misconduct.
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Bank of America hired Stolz away from Citigroup in 2014 as a director in equity derivatives sales. She was in a similar role at Citigroup before that.
Stolz has had a unique career. Prior to her time on Wall Street, she wasa contestant on America's Next Top Model, an actress, wrote for The Huffington Post, and worked at MTV from 2006 to 2010, according to her LinkedIn profile. She also wrote a book titled Unfriending My Ex: Confessions of a Social Media Addict.
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Stolz sits on Bank of America's LGBT Executive Council. In a tweet from its official Twitter account, the bank in February quoted her as saying, Having worked in various industries, I can confidently say that BofAML is the most meritocratic firm I have ever worked for. Diverse and welcoming, it promotes an LGBT-inclusive culture that makes me feel extremely proud to be who I am.
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Kim Stolz, a managing director who was previously based in London as the head of equity derivatives hedge fund sales for Europe, the Middle East, and Africa, will take over as head of prime-brokerage sales in the Americas, according to people familiar with the matter.
The senior promotion comes in the bank's prime-brokerage unit, which services hedge funds. The group has been hit by sexual misconduct allegations and its ensuing fallout in recent weeks.
Omeed Malik, amanaging director and senior banker in the department, was fired in January amid allegations from female employees that he made unwanted advances. Two others employees in the department were fired last week for allegedly interfering with the bank's investigation into Malik's misconduct.
Banker Jonathan Yalmokas Left Bank Of America For Rbc But Now To Cantor Fitzgerald
Bank of America hired Stolz away from Citigroup in 2014 as a director in equity derivatives sales. She was in a similar role at Citigroup before that.
Stolz has had a unique career. Prior to her time on Wall Street, she wasa contestant on America's Next Top Model, an actress, wrote for The Huffington Post, and worked at MTV from 2006 to 2010, according to her LinkedIn profile. She also wrote a book titled Unfriending My Ex: Confessions of a Social Media Addict.
Stolz sits on Bank of America's LGBT Executive Council. In a tweet from its official Twitter account, the bank in February quoted her as saying, Having worked in various industries, I can confidently say that BofAML is the most meritocratic firm I have ever worked for. Diverse and welcoming, it promotes an LGBT-inclusive culture that makes me feel extremely proud to be who I am.
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