Liam Proud joined Breakingviews in 2016. He previously worked as digital content editor at the Natural History Museum, and as deputy business features editor at the London newspaper City A.M. Liam graduated from the University of Exeter in 2013 with a degree in philosophy.
The $102 bln bank publicly backed a Chinese security law opposed by many of the city’s residents. HSBC has little choice but to toe Beijing’s line. But the risks to its Hong Kong business, and of being caught in the China-U.S. stand-off, will continue to weigh on its shares.
Digital banks like Chime and Monzo have millions of customers but are tackling their first big crisis with scant revenue. Online lenders from Kabbage to Klarna face rising defaults, less new business, and funding concerns. Valuations, business models, even survival, look shaky.
France’s Ardian raised $19 bln to buy stakes in other buyout funds. The niche, known as secondary investing, did well after the last crisis and is booming as conventional fundraising slows. Yet sellers are less desperate this time, and an oversupply of capital may hurt returns.