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Samir Assaf, chief executive of global banking and markets, HSBC

1) What is the single most damaging unintended consequence of this year's wave of regulation? 
I think there are two key issues to consider. First, the impact of the new regulations on post trade and clearing houses. Although we can see some of the virtues of having securities cleared through central clearing houses, the new regulations have the potential to create huge systemic risk. Plus, there could be a big increase in costs for end users. 
Second, the playing field is now more uneven than ever before. And the level of coordination among the G20 nations around regulation and reform does not suggest this issue will be addressed anytime soon. We are starting to see some consensus of views on certain issues at a policy-maker level but this does not guarantee that implementation will be consistent across the markets.   
2. How far along the path to recovery are we? 
You have to separate the developed and emerging markets. And one simple word sums up the difference in economic prospects between the two.  It's debt. The developed nations have too much of it and cannot respond easily to monetary and fiscal stimulus.  Activity is depressed, monetary expansion is weak and inflation, for the most part, is uncomfortably low.  Having learnt their lesson from the excesses of the 1990s, many emerging nations are relatively debt-free and have responded with considerable dynamism to the global policy stimulus.  Indeed, while policymakers in the developed world fret about deflation, the danger for the emerging world is a return of inflation.  All manner of techniques will be used to halt inflation in its tracks including a renewed enthusiasm for capital controls.

Financial News asked senior figures from across the investment banking industry for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Fareed Sahloul

Corporate/Industrial News

Deutsche Bank’s UK MD numbers slide for the first time in four years

HSBC plans to increase staff surveillance as it moves to new London HQ

Why Deutsche Bank’s former FX chief is reinventing himself as an opera composer

Milbank hires private equity M&A rising star in Germany

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

Some firm leaders have shrugged off deals as unenforceable, while at least one has taken on trade work for the administration with no fanfare.

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Trump Calls on Goldman to Replace Economist Over Tariff Stance

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A 23-year-old former OpenAI researcher quickly amassed more than $1.5 billion for a firm he called a “brain trust on AI.” 

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Top executives at JPMorgan Chase traveled through states including Mississippi and Alabama, where the bank is expanding its reach.

By Alexander Saeedy | Photographs by Emily Kask for WSJ 

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Trump Shakes Up Wall Street With Orders on 401(k)s, ‘Debanking’

The U.K. central bank lowered its key rate for the fifth time in a year as it seeks to balance a pickup in inflation against a cooling jobs market.

Bank of England Cuts Rates After Tight Vote

The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

Exits Lift Carlyle in Second Quarter as Firm Sees Better Market Conditions

The bank’s quarterly net result declined but revenue rose 13% compared with a year ago, and it reaffirmed its capital returns plans.

Commerzbank Raises Guidance, Plans $1.2 Billion Buyback After Earnings Beat

A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

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Trump Says Banks Discriminate Against Conservatives—Including Him

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White House Preps Order to Punish Banks That Discriminate Against Conservatives

Some fear a decline in the world-leading economic statistics underpinning U.S. markets.

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Trump’s BLS Firing Tests Wall Street’s Reliance on Government Data

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For a Few CEOs, Pay Keeps Growing—by the Billions

The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

U.K. Bank Shares Rise After Car-Loan Ruling Softens Industry Blow

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire

The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.

Coinbase’s Profit Jumps on Crypto Investment Gains

The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

Wells Fargo to Name CEO Charlie Scharf Chairman

Microsoft joined Nvidia in the $4 trillion market-cap club, while Meta is closing in on the $2 trillion mark.

By Rolfe Winkler, Nate Rattner and Sebastian Herrera

Big Tech’s $400 Billion AI Spending Spree Just Got Wall Street’s Blessing

The New York investment firm posted a profit of $472.4 million, compared with $667.9 million a year earlier.

KKR Posts Higher Revenue, Increases Assets Under Management

America’s most powerful banker and the president have met twice in the past two months to talk about the economy, interest rates and trade.

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Trump and Dimon Are Talking Again After Yearslong Rift

The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback

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WeWork Wants You to Know It’s a Grown-Up Real-Estate Firm Now

Companies have long leaned on entry-level workers to do grunt work that doubles as on-the-job training. Now ChatGPT and other bots can do many of those chores.

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The shooter who killed four including Blackstone executive and NYPD officer left suicide note indicating he believed he had CTE from brain trauma, Adams says

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Gunman Was Targeting NFL in Midtown Office Shooting Spree

U.S. stock futures and European indexes gained, while the dollar strengthened against the euro, after President Trump announced the trade agreement Sunday.

Global Markets Rise After U.S. and EU Reach Deal

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