US banks to give $170B in dividends, stock buybacks | Volcker revision could ban more trades, investments | Wells Fargo reportedly to merge brokerage, private-client arms
June 20, 2018
Risk Management and Insurance
US banks to give $170B in dividends, stock buybacks
Twenty-two of the largest banks in the US will dole out almost $170 billion to shareholders in the coming year, according to research from Barclays.
Financial Times (subscription required) (6/17) 
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Volcker revision could ban more trades, investments
A revision to the Volcker rule may lead to a ban on trades and investments not currently covered by the regulation. The proposed changes are under review, with the final version expected early next year.
Reuters (6/15) 
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BIS: Fintechs, shadow banks need tighter rules
Regulations enacted to prevent a repeat of the global financial crisis should be broadened to cover fintech firms and shadow banks, the Bank for International Settlements said. The BIS said new macroprudential tools could be needed as the use of smartphone apps changes the nature of risk and also raises concerns that rules governing credit-granting funds don't take into account the way funds can affect one another.
Reuters (6/17) 
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Government Regulation
Investment banks may take biggest hit from Fed credit limits
The Federal Reserve's single-counterparty credit limit rules to limit systemically important banks' "aggregate net credit exposures" to any single systemically important firm may affect State Street, Morgan Stanley, BNY Mellon and Goldman Sachs the most, an analysis shows.
Risk (subscription required) (6/18) 
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House bill would let Congress control CFPB budget
The Consumer Financial Protection Bureau's budget would be subject to congressional appropriations beginning in fiscal 2020 under a spending bill approved by the House Appropriations Committee. The bill would give the IRS $11.6 billion for fiscal 2019, $186 million more than the budget in fiscal 2018.
The Hill (6/13) 
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HSBC to spend as much as $17B on technology
HSBC plans to spend $15 billion to $17 billion through 2020 on technology for cybersecurity, regulatory compliance and digital banking. Eight priorities also include Asian investment and improvement of the consumer-credit arm in the US, CEO John Flint says.
South China Morning Post (Hong Kong) (6/11),  The Trade (UK) (6/11),  The Wall Street Journal (tiered subscription model) (6/11) 
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News from Aon
Aon joins UN's Principles for Sustainable Insurance
Aon has committed to the United Nations' Principles for Sustainable Insurance, becoming the first insurance broker to join the initiative focused on risks and opportunities related to environmental, social and governance issues in core business activities. Aon "and the wider insurance industry must be prepared to address critical economic, social and environmental challenges," said co-President Eric Andersen, who added that "de-risking cities and countries has never been more important."
Reinsurance News (6/6) 
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Longevity Risk: Living longer and the increasing retirement burden
Around the world, life expectancy rates have been steadily increasing for decades. As people are living longer, both governments and the private sector are challenged with health care spending and managing pension liabilities. There's already a massive "retirement gap" -- the difference between pension fund obligations and the assets available to fulfill them -- of some $1 trillion. Understanding longevity expectations from year to year has never been more important for the C-suite, as these forecasts enable organizations to work out the full extent of their liabilities -- and how to pay for them. Read more.
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The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations.

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