Stephen Morris
@sjhmorris
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@FT San Francisco Bureau Chief. Ex- @Business . Also #Arsenal 🔴 & 🇬🇬
San Francisco, CA
Joined November 2009
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Jamie Dimon, just back at work after heart surgery, hits the ground (and regulators) running. From the live blog:
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Distressed debt maven David Tepper is one of the $17bn of AT1 bondholders wiped out after the Swiss govt changed the law to smooth the UBS-Credit Suisse takeover. And he is not happy... Story w/
@BondHack
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Oh my god Deutsche Bank is being raided again - by three separate parties no less: police, prosecutors and regulators ...
@OlafStorbeck
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Some professional & personal news - last week I moved to California to become the
@FT
’s San Francisco bureau chief and help cover the huge tech, AI and chips story. I’ll miss London and the banking beat, but looking forward to a new challenge. It is also nice to see the sun again
.
@FT
is expanding its San Fran bureau to deepen coverage of the intersection of money and tech, with
@sjhmorris
as bureau chief,
@RichardWaters
as tech-writer-at-large,
@MActon93
as SF correspondent and
@CristinaCriddle
as tech correspondent. More here:
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If we run out of electricity, get smashed by inflation, can't afford petrol, while all trains are cancelled, at least we'll be put out of our misery by our crap pipes - Millions of UK residents face poisoning risk from lead water pipes
@gillplimmer1
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Bloody hell. Just when you think Wirecard couldn't have been any more brazenly criminal... employees removed millions in cash using shopping bags
@OlafStorbeck
via
@financialtimes
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Also probably a good time to announce on here I’ve succeeded
@bydavidcrow
as banking editor of the
@FinancialTimes
Personal announcement klaxon: from June 1 I'm going to be leaving asset management and becoming the FT's new European banking correspondent
#fryingpantofire
- looking forward to working with
@sjhmorris
and
@NicholasMegaw
. Hopefully there will be enough for us to write about!
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HSBC publicly supports China’s national security law for Hong Kong via
@financialtimes
by
@primroseriordan
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Some personal news... After 8 fantastic years at
#Bloomberg
@business
I'm happy to report I start at the
@FT
next week as European banking correspondent, working with
@patrickjenkins_
,
@MAmdorsky
,
@LauraNoonanFT
et al.
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If you look at the bond prospectus it says AT1s cannot be triggered unless there is a "viability event", which UBS confirmed did not happen. So this explains the amendment on Sunday March 19 as the UBS-CS merger was going through. Needed that otherwise AT1 remained protected.
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If I were an exec, I would also only make promises with deadlines so far in the future I am long retired or dead by the time I can be judged.
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Developers in west London face a potential ban on new housing projects until 2035 because the electricity grid has run out of capacity to support new homes, jeopardising house building targets in the capital. W/
@GeorgeNHammond
@FT
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I've covered some weird and colourful banking stories in my time
@ft
and
@business
, but I think this one tops them all: The feud at Credit Suisse that has shaken Swiss banking via
@financialtimes
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key thing that Tepper & co are angry with is two govt ordinances on Weds Mar 16 and Sun Mar 19. The second included "art. 5a" which retrospectively changed the rules to allow Finma to wipe out all AT1. That usually doesn't happen if a bank is "bought", which CS was for $3.25bn
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So long [Saudi National Bank chairman] Ammar Alkhudairy and thanks for all the quotes
@RobinWigg
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Earlier this week Adani Group said it proactively and voluntarily repaid a $1.1bn loan to international banks in full. Turns out it actually faced a $500mn+ cash margin call before that which spurred their reaction
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After years of high-profile audit failings, finally the "Big Four" accountants are ordered to split off their audit arms - via
@financialtimes
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Anyway, it is a bit of a mess and not fully explained yet, but seems inevitable there is years of litigation to follow
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An (un)reliable source tells me that the working headline was "Goldman Sucks" but
@TheEconomist
chickened out
Can Goldman Sachs recover its swagger? It is hard to reinvent a firm trapped by its own mythology
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The FT asks: how could banks' risk management committees approve
@elonmusk
's $25.5bn Twitter buyout package so quickly? As one person involved in the financing explained, the due diligence “was easy. There was none. Not in the classic sense.” 🙃
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Jes Staley’s Epstein emails revealed in New York. Some of them raise questions
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Just when you thought the litany of scandals at Credit Suisse couldn't get any worse... US senators say bank had accounts for 99 senior Nazis (one for an SS officers until 2002) and tried to bury a damning internal probe it had commissioned
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My fiancée has made fun of me for years for bulk-buying toilet paper online at big discounts, but who’s the mad/tight hoarder now eh?
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It's all going on in Frankfurt... Commerzbank's chairman and CEO to quit after row with 2nd bigger investor, Cerberus: via
@financialtimes
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First day at the
@FT
as European banking correspondent, great to be back in action after 4 weeks in the British 🌞
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Scoop on the next CEO of
@UBS
, one of the most powerful roles in global finance: Mr Ralph Hamers, formerly of ING, to take over from
@UBS_CEO
Sergio Ermotti: via
@financialtimes
w/
@NicholasMegaw
&
@BondHack
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Once again
@Ryanair
's CEO Michael O'Leary delivers with the quotation - England’s new testing programme for travellers overwhelmed within hours via
@financialtimes
by
@PickardJE
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Ugly, ugly stuff from
@HSBC
today as 2Q profit plunges 97% off the back of a sevenfold increase in
#coronavirus
-related loan-loss provisions to $3.8bn 😱 with a side dish of US-China geopolitical crossfire 🇺🇸v🇨🇳 via
@FT
w/
@primroseriordan
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Jamie Dimon says JPMorgan will outlast China’s Communist party. A person close to him said he was “trying to emphasise the longevity and strength of JPMorgan” and not criticise the Communist party 😆😆😆🇨🇳🇨🇳🇨🇳 via
@FT
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Congratulations
@CreditSuisse
,
@FT
deputy-editor
@patrickjenkins_
has branded you the new
@DeutscheBank
👑 via
@financialtimes
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What literally everyone in banking thought was going to happen is now happening… UK banks are being blamed for fraud in the bounce back loan scheme. Hy
@DanielThomasLDN
via
@FT
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Deutsche Bank chief exchanged friendly messages with client ditched over suspicious payments 👀👀👀
@OlafStorbeck
via
@FT
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Remember, Swiss referenda actually matter… Majority of Swiss want new UBS-Credit Suisse mega bank split up via
@FT
by
@samgadjones
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“I read in the FT what a naughty boy you are ;-)” I guess Schütz is now reading in the
@FT
what a naughty boy he is too... Deutsche board member urged ex-Wirecard CEO to “do [the FT] in!!” via
@financialtimes
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We’ve gone through all the new allegations unveiled by lawsuits in the US and it doesn’t look good. For anyone. “Why the Jeffrey Epstein scandal continues to haunt JPMorgan and Barclays”
@FTJFranklin
@JoeMillerJr
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UBS first quarter profit up today. But this is the real headline...
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UBS and regulators rush to seal Credit Suisse takeover deal this weekend, but (forced) acquirer is demanding indemnity from legal costs, asset losses and extra time to phase in increased capital requirements...
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Interesting detail from this story 👀 Credit Suisse board considers removal of risk chief w/
@OwenWalker0
via
@financialtimes
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Ouch: "ignored these risks or lacked the competence to appreciate their significance"
#creditsuisse
and Archegos
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#Barclays
AGM has woken up a bit: mini-protest against fossil fuel financing, few people carried out, and a shareholder says "I'd rather stick wasps up my arse than use Barclays smart investor..." People here HATE
@BarclaysInvest
after they bungled the relaunch of the platform
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This seems pretty reasonable and fair to me. Not sure why it wasn't the case from the start - Companies that access UK bailout schemes barred from paying bonuses and dividends to executives: via
@financialtimes
@DanielThomasLDN
@PickardJE
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No doubt that
@DavidKeo
wins the pic competition in this
@FinancialTimes
piece on home fitness routines via
@financialtimes
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The moral of this great scoop by
@HarrietAgnew
is that if you subscribe to the
@FinancialTimes
you will make $100m within a couple of years. Probably. (Not investment advice): Jim Chanos pockets cool mil from Wirecard short via
@financialtimes
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The fallout from Barclays trading error is actually wider than thought - it can't actually issue its OWN debt whilst it sorts things out with the SEC - Barclays suspends new sales and trading in its own debt after US error
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#CreditSuisse
is under pressure to compensate clients for
#Greensill
losses. Powerful people are "irritated" by bank's stance and say it is damaging their relationship with CS. All eyes on new chair António Horta-Osório 👀
@OwenWalker0
via
@financialtimes
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In an anti-money-laundering push
#DeutscheBank
is threatening to axe 1,000 non-compliant clients. One of its biggest counterparties,
@Blackstone
, was none too impressed to be on this list. DB quickly withdrew their letter... for
@ft
w/
@OlafStorbeck
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HSBC faces greenwashing accusations from UK advertising watchdog. If upheld, the ruling could dramatically alter the environmental claims banks can make in adverts. Watch this space…via
@FinancialTimes
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David Cameron worked for that £7.2m… former PM lobbied Tory peer (who he ennobled) to get Lloyds Bank to reverse decision on cancelled Greensill CApital NHS pharmacy deal. W/ Greensill duo
@BondHack
&
@PickardJE
via
@FT
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#DeutscheBank
accelerates overhaul of corporate division after Brexit, making 100 more London staff redundant
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Enjoying
@Tabby_Kinder
’s use of quotation marks in this story - UBS hires Chinese ‘content reviewers’ to vet research reports
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Fed warned Goldman Sachs over risk and compliance oversight at fintech unit. Great reporting by
@akilazoe
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@ArsenalFanTV
@OulalaGames
There is absolutely no way Mustafi has made only ONE defensive error per game this season. These stats are
#FakeNews
#arsenal
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@jonathanliew
Instead, I wish it were like this for World Cups, where the victor can call the next one whenever they feel their squad's strongest
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Citi opens Málaga hub for junior bankers as talent battle heats up 😎 Execs insist this is not a "gimmick" nor will there be a lasting stigma for those analysts who work half the hours in Spain vs London and New York
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.
@OlafStorbeck
& I have been covering this scandal for a couple of years now. Finally have a readout into the internal report into what happened. Deutsche forex mis-selling probe finds staff acted in ‘bad faith’ for years via
@FT
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UK regulators have demanded monthly meetings with
@DeutscheBank
management because their anti-money laundering & compliance programmes are so far behind schedule. And screw-ups like the below involving
@amazon
keep happening - via
@financialtimes
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Was Ralph Hamers one of the few CEOs to be fired for hiring McKinsey? "Why UBS brought Sergio Ermotti back as chief executive" w/
@OwenWalker0
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Well, that is an intense creed...
This is the authorative profile of Huawei's formerly reclusive founder, Ren Zhengfei, by
@DanStrumpf
. "Surge forward, killing as you go, to blaze us a trail of blood," Ren told his employees.
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Thanks to everyone
@business
who put up with me for so long and helped me get out some decent stories over the years 🙏 Excited for the next step
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.
@Santander
chairman Ana Botín to donate half of pay to virus fund, bank to review bonuses and push back dividend via
@financialtimes
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The Great AT2 Escape - did Credit Suisse / Swiss regs "forget" to bail them in as well as AT1s during the UBS rescue?
@RobinWigg
investigates (i.e. speculates wildly)
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When HSBC realised at the 11th hour it was the only option left to rescue Silicon Valley Bank UK, it gambled with a £1 bid. “Ultimately we think it will be [worth] a lot closer to £1.4bn than £1” details in
@FinancialTimes
w/
@OwenWalker0
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Lovely to see the channel islands leading the
@FinancialTimes
website for all the best reasons
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As the post-mortem of its multifaceted relationship with Lex
#Greensill
deepens, it's been found that Credit Suisse executives over-ruled risk managers in order to make a $160m loan to the ailing financial group - via
@financialtimes
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How Nigel Farage forced out NatWest chief -
@PickardJE
and I look back at a bizarre month as culture wars spilled over into to business (plus a lot of fun bonus abuse of us in the comment section)
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Those trying to make sense of Credit Suisse's decision to (finally) freeze $10bn funds linked to Greensill Capital should read this piece by
@BondHack
&
@Michael_Pooler
for a taste of the shenanigans that go on behind the scenes:
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Hong Kong questions departing finance executives on reasons for leaving. Linked to the national security law? US sanctions pressure?
@m
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"PwC has declined to comment on its audits of Evergrande as it is a LIVE client engagement." No pun intended here by
@PwC
, presumably...
@Tabby_Kinder
column on PwC's latest bungled audit: clean bill of health 6 months before co in existential crisis
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The headline on this shows the pecking order of Goldman Sachs and Clifford Chance on the FT news desk 😬
Ex-Goldman Sachs analyst and brother charged with insider trading
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Scoop from
@OlafStorbeck
and me:
#Deutsche
Bank to set up €50bn ‘bad bank’ as part of overhaul via
@FT
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Cross team
@FinancialTimes
scoop this aft: Banks have to stump up after AB InBev draws down entire $9bn loan facility w/
@ArashMassoudi
,
@JudithREvans
,
@JARennison
&
@EricGPlatt
. Suspect there will be a few of these big shared bylines in coming weeks...
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@jeuasommenulle
@BondHack
Idiots like me cannot be trusted to write about debt covenants without him looking over their shoulder
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German regulator
#Bafin
sends special commissioner into
#fintech
@n26
"in order to prevent money laundering and terrorist financing"
@OlafStorbeck
via
@financialtimes
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#JPMorgan
accelerates senior relocations from Hong Kong to Shanghai amid city's draconian pandemic response, which is hindering work and causing staff serious concerns about their families (esp kids). New from me, w/ a bit of assistance from
@Tabby_Kinder
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We've been in lockdown so long the bloody shed home office story has come back again
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The Saudis dominated Davos this year. All seems to be forgiven amid surging oil prices… w/
@ArashMassoudi
&
@cornishft
via
@FT
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Alarming stat on BNPL losses vs credit cards in
@SVR13
’s Big Read - Can buy now, pay later survive the cost of living crisis? via
@FinancialTimes
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What a mess Sanjeev Gupta’s Wyelands Bank turned out to be. Admits it has ‘no viable future’ and can't recover loans from borrowers, even from Gupta's other companies! Begs the Q: how did it get a banking licence in the first place?
@BondHack
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