FT News Briefing Hungary’s Viktor Orbán and his ‘superbank’
Jun 1, 2022
A high-profile resignation at EY reveals internal turmoil within the Big Four firm. German police step in, raiding Deutsche Bank over serious greenwashing claims. Meanwhile, Hungary's Viktor Orbán is pushing for a 'superbank' to tighten his grip on the financial sector. This move raises questions about its implications for public welfare and stability amid shifting political landscapes. The podcast also highlights growing concerns around accountability in ESG reporting, sparked by a whistleblower's revelations.
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EY Power Struggle
- EY's U.S. boss, Kelly Grier, clashed with the global boss over U.S. power and financial contributions.
- This highlights potential challenges in the firm's proposed split of auditing and advisory businesses.
DWS Greenwashing Allegations
- DWS, Deutsche Bank's asset management arm, faced a greenwashing probe after a police raid.
- Desiree Fixler, a former DWS executive, exposed misleading ESG reporting, citing Wirecard's high rating despite its issues.
Orbán's Superbank
- Viktor Orbán is consolidating financial power by merging three private banks into a "superbank."
- This move raises concerns about political influence in the financial sector and potential risks if Orbán loses power.