Jun 30, 2020
City Bulletin: Shell joins BP and braces for lower oil prices
Two weeks after BP announced up to $17.5bn in impairments as it prepares for lower oil prices for longer, it's Royal Dutch Shell's turn. Before his stint in government, Mr Vereker had a three-decade career as an investment banker, working at Schroders, Babcock & Brown, Morgan Stanley, Lehman Brothers, Nomura and latterly as co-head of UBS's investment bank. Debt capital markets bankers were particularly busy after the US Federal Reserve took action to shore up credit markets. Goldman is the only large bank that was left with a capital shortfall after the Fed last week gave banks indicative requirements for the "Stress capital buffer" which they must meet by October 1. JPMorgan Chase, Citigroup, Morgan Stanley and Bank of America all confirmed that their new capital requirements were lower than their existing capital levels.
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