One of the world's largest custody banks, with more than $20tn in assets, makes key appointment in London

JPMorgan has appointed a senior executive from rival Deutsche Bank to lead its global custody business.

Mike Hughes joined JPMorgan’s custody and fund services division as head of global custody - the business serving clients that have custody needs spanning international jurisdictions - this week, according to an internal memo seen by Financial News. JPMorgan confirmed the appointment.

JPMorgan hires global custody lead from Deutsche Bank

JPM hires global custody lead from Deutsche Bank

Elizabeth Pfeuti

JPMorgan

Deutsche Bank

Cavendish says Trump tariffs could boost UK equities after ‘challenging period’

Goldman Sachs names Weber and Wilkins to head of real estate dealmaking in Europe

Ex-Deutsche Numis, Clearwater dealmakers launch mid-market boutique Pura 

Pimco Emea boss Craig Dawson returns to California for new role

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Christian Stracke, global head of credit research, will run Emea from bond giant’s London office

BNP Paribas flies in Lynagh from New York to head UK global banking

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Mark Lynagh is succeeding Matthew Ponsonby who has resigned from the bank

PwC hires Jefferies managing director in deals push

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Big Four firm boosts insurance M&A team with hire from US bank

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

Tariff uncertainty and a flagging tech trade dragged the S&P 500 and Nasdaq lower to start 2025.

U.S. Stocks Post Worst Quarter Since 2022 on Threat of Trade War

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