The collapse in the Turkish lira is accelerating this morning, with the USDTRY rising above 5.80 for the first time since last October and CDS pushing to September highs, as the Turkish economy continues to slide ever deeper into recession, with the country on Monday reporting that a whopping 366,000 people became unemployed in the last month, sending the country’s jobless rate to the highest level in a decade.
As Turkey faces growing headwinds both domestically, as the economy slides deeper into recession, and internationally where critical foreign capital is increasingly diverting to other emerging markets, locals are accelerating their shifting toward conducting business in hard currencies such as dollars and euros, and away from the Turkish lira.
The not so silver lining: this will likely not be the case for long.
Deutsche Bank AG estimates that a takeover of Commerzbank AG could result in 1 billion euros to 1.5 billion euros ($1.1 billion to $1.7 billion) in lost revenue from clients leaving the combined bank, people familiar with the matter said.
The Republic paid out €14 million a day or €5.2 billion last year in interest to service the national debt, new figures show.
While debt as a proportion of gross domestic product (GDP) has been falling – it dropped to just under 65 per cent in 2018 – the absolute level of debt has remained elevated since the crash, leaving the State vulnerable to sudden shocks.
The upward trend in tax and social contribution revenue continued with increases of €4.7 billion (+8.4 per cent) in taxes and €0.7 billion (+5.8 per cent ) in social contributions.
The race to succeed former CEO Tim Sloan at Wells Fargo has taken on new urgency after the company provided sharply lower guidance on Friday.
Lake has taken firm reign of the mega-banks financial position, including driving the annual Comprehensive Capital Analysis and Review regulatory stress tests overseen by the Fed, as well as helping CEO Jamie Dimon devise strategy and capital allocation for the firm.
Prior to joining Citi, Desoer had a 35-year career at Bank of America, running Bank of America home loans which represents 20% of the US mortgage market, serving 14 million customer loans.