Bitcoin fell to USD 80,553, and ether hit a four-month low, as cryptocurrencies led a broad flight from riskier assets, spurred by investor worries over lofty tech valuations and uncertainty over near-term US interest rate cuts.

Cryptocurrencies are often viewed as a barometer of risk appetite, and their slide highlights the market’s “fragile mood.” At the same point in time, high-flying artificial intelligence (AI) stocks are tumbling too, with volatility spiking. Bitcoin went down 12% in the middle week of November, following a stellar run in 2025 that propelled it to a record high above USD 120,000 in October, buoyed by favourable regulatory changes towards the virtual assets globally.

According to analysts, the market remains scarred by a record single-day slump in October that saw more than USD 19 billion of positions liquidated. As it plunged through USD 100,000 in November and closed in on the USD 80,000 level on 21 of the month, some analysts told Reuters that bitcoin was reaching levels that corporate and institutional investors on average paid for their tokens, and where they might have to sell to prevent losses.

“Bitcoin has erased all its year-to-date gains and is now down 12% for 2025, while Ether has lost close to 19%. If it’s telling a story about risk sentiment as a whole, then things could start to get really, really ugly, and that’s the concern now,” Tony Sycamore, a market analyst at IG, said of the fall in bitcoin.

The latest plunge will compound problems for so-called crypto treasury companies, which have been big buyers of bitcoin and other cryptocurrencies so far in 2025. These companies hold the crypto on their balance sheets in the hope that the price rises.

Standard Chartered has estimated that a drop below USD 90,000 for bitcoin could leave half of these companies’ holdings “underwater,” a term which typically refers to holding assets worth less than what was paid for them.

Analysts say the companies could be forced to raise new funds or sell down their crypto holdings, putting further downward pressure on prices.

Listed companies collectively hold 4% of all the bitcoin in circulation, and 3.1% of ether, Standard Chartered estimates.

“The procyclical nature of bitcoin treasury companies is fully obvious now, if it wasn’t obvious six months ago. They buy high, and now some of them are selling low,” Brent Donnelly, president at analytics firm Spectra Markets, said in a note.

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Mandy DeFilippo will be joining the bank from Citadel Securities, where she has been the Chief Operating Officer and Managing Director of Operations, Risk, and Legal and Compliance since 2022.

After seven years, Steven Cranwell is scheduled to leave the bank, and she will take his place. Her LinkedIn profile states that she was appointed CEO of the Americas in 2021.

“I’m eager to bring my international experience to an organisation with an unparallelled global network and passion for serving its clients, and I look forward to partnering with the Americas team to drive strategic growth and continued success in this important region for the bank,” Mandy DeFilippo said in a prepared statement.

According to Standard Chartered, Mandy DeFilippo will report to Roberto Hoornweg, the bank’s CEO for Europe, the Americas, the Middle East, and Africa.

“Her broad experience across financial markets, banking, and risk management will be hugely value-additive as we respond to an increasingly wide spectrum of needs among our US and Americas clients for financing, advisory, and risk intermediation,” Hoornweg said regarding Mandy DeFilippo’s appointment.

Mandy DeFilippo was the Global Head of Business Unit Risk Management for Morgan Stanley’s Fixed Income division before joining Citadel. She is a Harvard Law School lecturer and was the International Capital Market Association’s (ICMA) chair for several years. In ICMA’s more than half-century history, she was the first female member to occupy that position.

In addition, she will be the first female CEO of Standard Chartered in the US and the Americas. Germana Cruz is the CEO and Head of Financial Institutions in Latin America; Judy Hsu is the CEO of Wealth and Retail Banking; and Anna Urbanska is the CEO of Standard Chartered’s Polish bank.

These are just a few of the other markets where women hold key positions. Several women in banking have recently been promoted to CEO positions. Shortly after Pam Kaur was appointed as the first female Chief Financial Officer by the British bank, Lisa McGeough assumed leadership of HSBC US on January 1.

Additionally, when US Bank President Gunjan Kedia takes over from Andy Cecere on April 15, she will become the second woman to lead a top-10 American bank, matching only Jane Fraser of Citi.

Although Jamie Dimon is still in charge of JPMorgan Chase, attention is focused on Marianne Lake, the CEO of Consumer Banking, as a possible replacement, particularly since Jennifer Piepszak, another strong candidate, was appointed Chief Operating Officer in January 2025.

Appointment Comes At A Good Time

Meanwhile, Standard Chartered PLC’s most recent financial results showed a profit of USD 4.04 billion for 2024. Compared to its 2023 earnings of USD 3.47 billion, this represents a 17% year-over-year (YoY) increase.

While the profit attributable to ordinary shareholders is USD 3.59 billion, the profit attributable to parent company shareholders is USD 4.05 billion. At 1.94%, Standard Chartered’s net interest margin (NIM) is 27 basis points (bp) higher than 2023’s 1.67%. Operating income for 2024 is USD 19.54 billion, which represents an 8% increase over the previous year. Operating costs also increased by 8% to USD 12.05 billion from just USD 11 billion the previous year.

The company’s 2024 Common Equity Tier 1 (CET1) ratio is 14.1%, down from 14.2% in 2023. The total capital ratio is around 21.5%. As of the end of 2024, total loans and advances to customers totalled USD 281.03 billion, while total assets stood at USD 849.69 billion.

Standard Chartered has also made major strides in sustainable finance. The bank generated USD 982 million in income from this sector in 2024, which is a 36% rise from 2023. This brings the bank closer to its goal of reaching USD 1 billion in annual sustainable finance income by 2025.

This growth reflects the bank’s strong commitment to financing the transition to a low-carbon economy. Its sustainable finance lending and financing solutions rose to USD 507 million in 2024, up from USD 386 million in 2023, as per the financial institution’s 2024 annual report. Sustainable finance transaction services surged by 58% to USD 319 million. Payments and liquidity-based services jumped by 82%.

Looking ahead to Standard Chartered’s 2025 plans, the financial venture has announced a share buyback programme to purchase up to USD 1.5 billion of its ordinary shares starting in February. The move will reduce the bank’s share capital, following a non-discretionary agreement with JP Morgan Securities.

The buyback period is set from February 25, 2025, to August 21, 2025, with the stipulation that the activity will not exceed regulatory limits or Standard Chartered’s general authority to repurchase shares as granted by shareholders. The maximum number of ordinary shares that may be repurchased is capped at 250 million.

“JP Morgan Securities will conduct the buyback independently of Standard Chartered, making trading decisions on the London Stock Exchange and Cboe Europe, among other UK-recognised investment exchanges. The arrangement is structured to ensure that purchases adhere to the pre-established parameters and comply with relevant regulations, including the Financial Conduct Authority’s Listing Rules and EU market abuse regulations as incorporated into UK law,” Investing.com stated.

Shares acquired through the buyback will be cancelled as Standard Chartered seeks to streamline its capital structure. This announcement follows the company’s previous communication on February 21, 2025, regarding its intention to initiate the share repurchase.

In February 2025, Standard Chartered also launched its first ‘Priority Private’ centre in the Middle East, Europe, and Africa, dedicated to providing bespoke wealth management solutions for high-net-worth individuals (HNWIs). The new centre will cater specifically to the financial aspirations of the globally mobile HNW diaspora, enabling them to seamlessly manage, grow, and transfer their wealth across generations.

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The Group operates 879 branches and 4,130 ATMs / SDMs across the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia, and Bahrain, in addition to representative offices in China and Indonesia. Emirates NBD is the top name in financial services in the UAE, with a brand worth USD 3.6 billion.

Emirates NBD Group assists its clients (individuals, businesses, governments, and institutions) in realizing their financial goals, through a variety of banking services and products, such as retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.

With 97% of all financial requests and transactions occurring outside of its branches, the Group is a significant player in the global digital banking sector. The Group also runs Liv., the lifestyle digital bank by Emirates NBD, which continues to be the fastest-growing bank in the area with close to 500,000 subscribers.

Emirates NBD helps to build a sustainable future, by actively participating in and supporting the primary development and sustainability objectives of the UAE, such as financial wellness and the inclusion of people with ambition. Emirates NBD was a pioneering backer of the sustainability program ‘Dubai Can,’ a citywide drive to limit the usage of single-use plastic water bottles.

Recently, Emirates NBD has announced its plans for further expansion in India, following authorisation from the Reserve Bank of India (RBI) to open two new branches in Gurugram and Chennai to service the northern and southern markets of the country.

Also, Emirates NBD recently recorded a 78% jump in its second-quarter net profit as net interest income surged amid continued economic momentum in the UAE.

The brain behind this successful venture is 64-year-old Shayne Nelson, who is a veteran banker and CEO of the company.

Who Is Shayne Nelson?

• Shayne Nelson was born and brought up in Melbourne, a city in Australia
• He completed his bachelor of professional studies in engineering and business management from the Australian Institute of Company Directors
• Shayne Nelson started his career as a Standard Chartered Chief Risk Officer for Wholesale Banking based in Singapore, Regional Head of Corporate and Institutional Banking Audit for the Asia Pacific Region and India
• Between 2006-2010, he was the Regional CEO of Standard Chartered Bank Middle East and North Africa
• Shayne Nelson also held the position of Chief Executive Officer and Managing Director of Standard Chartered Bank, Malaysia Berhad based in Kuala Lumpur
• From 2010-2013, he served in Singapore as the Chief Executive Officer of Standard Chartered Private Bank. He was also the Chairman of Standard Chartered Saadiq Islamic Advisory Board and a Board member of Standard Chartered Bank (China) Ltd
• In 2013, Shayne Nelson joined Emirates NBD as a group CEO
• During his tenure, the bank’s market capitalization has increased from AED 15.8 billion to around AED 90 billion
• In 2021, Shayne Nelson was awarded ‘CEO of the Year’ for Asset Management business by the Emirates NBD
• According to Forbes Middle East, as of January 2023, Shayne Nelson’s net worth is around 190 Billion

Emirates NBD Eyes On Saudi Arabia
According to CEO Shayne Nelson, Emirates NBD plans to expand in Saudi Arabia, he told Gulf Business in an interview.

“There’s a lot of quite interesting countries within the MENA, and one place we would like to get much bigger in is Saudi Arabia. That’s an obvious one for us – since it is the biggest economy in the region. We have a large branch there, with 250 people, and we are the only UAE bank that has a fully-fledged branch in Saudi Arabia,” he said.

“It offers a full range of services including private banking, retail banking and corporate banking, but having one branch in the Kingdom of Saudi Arabia is not really much,” the publication quoted him as saying.

According to Nelson, Saudi Arabia’s market presents little difficulty for UAE businesses.

“I think if you talk to local UAE companies that have expanded in Saudi Arabia, they have done pretty well. The UAE and Saudi Arabia have strong cultural, economic and political ties. We see it as a good market that we would like to grow into,” he said.

Photo Credits: Emirates NBD

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A strong dollar makes things worse in real life. Because countries and businesses outside America’s borders borrow in dollars, it restricts global credit. Therefore, when the US dollar value increases, it costs more to settle debts with money earned in local currencies.

For many emerging-market economies, the higher cost of borrowing dollars outweighs the increase in exports they experience due to a depreciating currency.

According to banker Steve Englander of Standard Chartered, strengthening the US dollar may not even benefit wealthy countries. Energy shortages in Europe restrict exporters’ ability to compete. Thus, they cannot fully benefit from a favourable exchange rate.

Can the US dollar ever go weaker? For that, three requirements must be satisfied. First, the disparity in global growth must come to an end. A hard landing won’t work in America. A global downturn that co-occurred would only lead to a rush for the protection of the dollar (although the beleaguered yen might finally get a bid). What is required are better development prospects outside of America.

The second requirement is a quick release of pressure on prices and wages in America. This would enable the Fed to loosen up on the monetary brake, removing some support for the US dollar’s yield.

The third prerequisite, connected to the previous two, is that there must be positive news regarding international energy. Without it, it isn’t easy to imagine Europe catching up to America in terms of growth.

None of these requirements is expected to be fulfilled any time soon. So the dollar will continue to be strong until it is, but only because the yen, euro, and other currencies are so weak.

The US dollar is sometimes compared to things like “the cleanest shirt in the hamper,” “the least unattractive mug in a beauty pageant,” and “the one-eyed man in the realm of the blind.”

Unfortunately, nobody adores the US dollar; they all seem to despise the alternatives. And it’s only getting worse. The dollar index (DXY) compares the dollar to six crucial currencies and is at a 20-year high. Sterling, the euro, and the yen are three of the dirty dozen.

Every new upward leap raises some significant concerns. What is it driven by, first? The current increase is primarily the result of monetary policy variations. The Federal Reserve grew more motivated to combat inflation at the beginning of the year.

Since then, there have been numerous interest rate rises, and more are anticipated. This has made the dollar a high-yielding currency. High-interest rates attract cash worldwide, which has driven the dollar up.

In addition, the US dollar offers safety in trying times. Investors who are afraid usually reach for the currency. Further, heavy energy importers, like Europe, suffer from high oil and gas costs, while energy exporters, like the United States, benefit. As a result, the few currencies that have outperformed or kept pace with the dollar this year are typically those of nations that export energy.

In summary, the dollar is widely accepted because America has established itself as a dependable engine of economic growth. This is especially true right now. The recession in Europe is getting closer. According to the carefully monitored purchasing managers index, August saw a decline in the eurozone’s economy.

Less obvious is the fact that Asia is likewise fading. The latest concern for China’s economy, whose vigour has been drained by a property hangover and the nation’s zero-covid policy, is sluggish export growth.

Asia is aware of China’s fragility. In July, industrial output in South Korea, Taiwan, and Japan all declined precipitously. Orders for export have been refused. Costly energy hasn’t helped. These nations’ currencies have lost strength when compared to the dollar.

The authorities in Japan, where the central bank has maintained its ultra-low interest rates, have made suggestions that they may act to stop the yen’s decline. In China, efforts to support the yuan have been redoubled.

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The economy of Vietnam would continue to improve in August, according to the report, which was obtained by the Vietnam News Agency (VNA).

In the third and fourth quarters of this year, the bank kept its prediction for Vietnam’s GDP growth at 10.8% and 3.9%, respectively, bringing the full-year growth to 6.7%.

Tim Leelahaphan, Standard Chartered’s Thailand and Vietnam economist, predicted that the recovery will pick up speed significantly. But he also issued a warning about how rising oil costs could harm the economy of Vietnam.

According to the survey, retail sales are predicted to increase significantly in August, rising by 60.2% from 42.6% in the preceding month.

HSBC experts also projected that Vietnam’s economy would continue to grow despite a less optimistic external outlook.

Exports of clothing, footwear, and textiles increased by 30% from a year earlier. When compared to the same month last year, retail sales showed a record growth rate of nearly 55% last month. Particularly, the revenue of industries connected to tourism was significant, with double-digit growth for four straight months.

Additionally, in July, Vietnam welcomed over 350,000 foreign tourists, more than triple the monthly average in H1 and boosting Vietnam’s overall visitor figure to more than 1 million. Nearly half of the overall number came from people in the US, Europe, and the Republic of Korea.

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Apart from this, the bank has also decided to shut retail banking operations in Tanzania and Ivory Coast. The bank wants to fully concentrate on corporate and commercial banking.

According to the company, this step has been taken to improve profits by narrowing its focus to faster-growing markets situated in the region.

On the other hand, the Standard Chartered Bank is also trying to make its presence felt in some of the fastest-growing economies. The bank has recently opened its branch in Saudi Arabia and at the same time has obtained preliminary approval for banking in Egypt.

The CEO of the bank Bill Winters said in a statement, “We remain excited by a number of opportunities we see in Africa and the Middle East region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns.”

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The digital bank branch launched by Standard Chartered Tanzania was formally launched by the Deputy Governor of the Bank of Tanzania Dr Bernard Kibesse.

Standard Chartered Bank Tanzania CEO, Sanjay Rughani told the media, “Digitisation remains at the heart of our business strategy. We have always been a digital bank, and constantly work to advance our digital banking capabilities that meet our clients’ demands, and promote socioeconomic development.

“Our digital branch will have a combination of technology as well as human interactions. We believe in embracing digital with a human touch. Again, the introduction of our agency banking services is designed to enhance livelihoods while providing convenient and reliable services to customers.”

Earlier this year, Standard Chartered’s banking unit in Indonesia entered into a partnership with the country’s largest digital lender Kredivo to offer Buy Now Pay Later (BNPL) loans to the mass market segment through digital means. The partnership was a result of the accelerating adoption of digital financial services in the country.

Recently, Standard Chartered has made strides in the BNPL segment in Asia. In this regard, Jeffrey Tan, Head of Consumer, Private and Business Banking (CPBB), Indonesia, Standard Chartered, told the media, “While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass-market customers more efficiently.”

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Recently, Standard Chartered has made strides in the BNPL segment in Asia. In this regard, Jeffrey Tan, Head of Consumer, Private and Business Banking (CPBB), Indonesia, Standard Chartered, told the media, “While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass-market customers more efficiently.

“We are thus delighted to partner with Kredivo, which shares our desire to increase financial inclusion in Indonesia, to offer point-of-sale financing via digital platforms.”

Earlier this month, it was reported that the UK-based lending giant has invested $500 million in Atome Financial as a part of the lender’s ten-year multi-product strategic partnership that will entail the rollout of BNPL services in Asian markets.

Judy Hsu, chief executive, consumer, private and business banking, Standard Chartered Bank said that the partnership with Atome Financial gives the lender the opportunity to be part of the rapidly growing digital consumer finance ecosystem.

“Our deep knowledge of Asia’s markets coupled with Atome Financial’s experience in digital consumer finance will allow us to reach even more customers and drive greater financial participation of those underserved and underbanked,” Judy added.

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Judy Hsu, chief executive, consumer, private and business banking, Standard Chartered Bank, told the media, “Riding on our successful digital ventures and partnerships, we continue to be fearlessly innovative in disrupting ourselves to better serve our clients. This partnership with Atome Financial gives us the opportunity to be part of the rapidly growing digital consumer finance ecosystem.

“Our deep knowledge of Asia’s markets coupled with Atome Financial’s experience in digital consumer finance will allow us to reach even more customers and drive greater financial participation of those underserved and underbanked.”

In August, it was reported that Standard Chartered entered into a joint venture with supply chain finance startup Linklogis, a company known for using blockchain, to open a trade finance platform.

The platform is expected to attract institutional investors looking for an alternative asset class. The joint venture will also determine the viability of the crypto technology in global trade. The bank mentioned that the new platform will be named ‘Olea’ and will be headquartered in Singapore.

Investors on Olea will be presented with a wide array of trade finance assets globally, with a focus on Asia, while the businesses can receive financing through seamless and transparent processes.

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The platform is expected to attract institutional investors looking for an alternative asset class. The joint venture will also determine the viability of the crypto technology in global trade. The bank mentioned that the new platform will be named ‘Olea’ and will be headquartered in Singapore.

Investors on Olea will be presented with a wide array of trade finance assets globally, with a focus on Asia, while the businesses can receive financing through seamless and transparent processes.

Amelia Ng, the current managing director of SC Ventures will be the CEO of Olea and Linklogis’ Vice-Chairperson and Chief Risk Officer Letitia Chau will be the deputy CEO.

Amelia told the media, “By marrying Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good.”

The partnership between these two companies started in 2019 after signing a memorandum of understanding (MoU) where they agreed to develop innovation in the supply chain sector. Last year, Standard Chartered purchased an equity stake in Linklogis for an undisclosed amount.

Prior to this, Standard Chartered has leveraged blockchain technology in numerous instances. In 2019, the bank completed the pilot of the first blockchain-powered cross-border Line of Credit (LC) for oil and gas companies. Last year, it also completed Bangladesh’s first blockchain-based trade transaction by issuing a Letter of Credit for garment manufacturer Viyellatex.

Apart from blockchain, Standard Chartered has also shown interest in cryptocurrency and in June 2021, a unit of the bank was considering creating a crypto brokerage and exchange platform in Britain and Europe.

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