Daily Summary
Wall Street bankers are poised for bonus hikes amid a rebound in deals and debt markets, while Nissan undergoes major management reshuffling to revive its struggling sales amid cost-cutting and governance pressures. In the UK, Close Brothers has been allowed to appeal a ruling on full commission disclosure for motor finance brokers, potentially mitigating huge redress costs for the sector. Additionally, the financial system is shifting from traditional banks to private credit and other alternatives, even as U.S. companies increased equipment borrowing, pointing to stronger future lending activity.
US Business Equipment Borrowings Increase Over 8% YoY in November
U.S. companies increased their equipment borrowings by 8.7% in November to $10.36 billion, with credit approvals at 74% and a confidence index suggesting robust future growth.
Close Brothers Granted Permission to Appeal Motor Finance Ruling
Close Brothers, a British lender, received UK Supreme Court permission to appeal a ruling on full commission disclosure for car loans, leading to a share jump of over 12% and raising hopes of averting a potential $21 billion redress scheme.
Wall Street Bankers Poised for Up to 35% Bonus Hike
Wall Street bonuses are expected to rise by up to 35% in 2024, driven by a recovery in corporate deals and particularly strong performance in debt underwriting. The surge is also supported by rising fee revenues and a favorable regulatory outlook.
Ken Moelis Outlines Shift from Bank Lending to Private Credit
Moelis explained how regulatory changes are shifting the financial landscape from traditional banking to alternatives like private credit, with an expected $20 trillion in credit transitioning away from banks.
Nissan Reassigns CFO Stephen Ma to Lead China Operations
Nissan has restructured its leadership by reassigning CFO Stephen Ma to head its China operations, with Jeremie Papin appointed as the new CFO. This move is part of a broader turnaround strategy aimed at cost reduction amid declining sales.