Today’s need-to-know storiesJPMorgan drawn into fresh football controversy over Fifa plan
JPMorgan’s advisory role in Fifa’s proposed $4.2bn fundraising has placed the US bank at the centre of a fierce backlash from football authorities, raising doubts over whether the transaction can proceed.
On Thursday, the 55 member associations of European football governing body Uefa unanimously threatened to boycott Fifa competitions if it proceeds with plans to bring in external investors to launch a new commercial entity, valued at around $20bn.
Concacaf, the governing body for football in North America, Central America and the Caribbean, has also rejected Fifa’s proposal.
As reported by the FT, JPMorgan has been advising Fifa on the capital raise for several months and was asked to assemble a global group of sovereign wealth funds, institutional investors and family offices. Thrive Eternal, the fund led by Joshua Kushner, has been lined up as the lead investor.
The backlash has been compared with JPMorgan’s role in the failed European Super League. One sports investor told the newspaper that the bank risked emerging from the dispute with “a big black eye”.
However, sources familiar with JPMorgan’s thinking told the FT that the proposed capital raise was intended to boost funding for football globally and differed fundamentally from the closed-league model pursued by the failed Super League.
A person involved in the transaction said: “Anything with soccer gets the same reaction — the only thing maybe more polarising is politics,” adding that those working on the deal had expected the public reaction to be “hysterical”.
NatWest lifts guidance after Q2 profits rise 29%
NatWest has reported a 29 per cent yearly increase in second-quarter pre-tax profit to £2.3bn, beating analyst expectations of £2bn and prompting the bank to lift its full-year profitability guidance.
The UK lender now expects return on tangible equity to exceed 19 per cent, up from its previous guidance of 17 per cent. Total income increased to £4.5bn from £4bn a year earlier, ahead of forecasts of £4.4bn.
Retail banking operating profit rose to £948mn from £735mn, while profit at its private banking and wealth division, which includes Coutts, increased 16 per cent.
NatWest has benefited from UK interest rates remaining relatively high, which has supported lending income across the country’s banking sector. Its shares rose 2.7 per cent in early trading.
Chief executive Paul Thwaite is also expanding the bank’s wealth business. NatWest completed its £2.7bn acquisition of “mass affluent” wealth manager Evelyn Partners at the end of June, which will allow Coutts to focus on ultra-wealthy clients.
Other UK banks are focusing on fee and commission-generating business. Yesterday Lloyds announced plans to boost its wealth management business as part of a new strategy to reduce dependence on interest-rate cycles.
HSBC begins Australia retail exit with home loans sale
HSBC is to withdraw from the Australian retail market over the next 18 months, following the sale of its home loans business to Blackstone.
The sale of the loan book was agreed for around A$36bn ($25bn) to the US alternative asset manager. Australian non-bank lender Pepper Money will service the loan portfolio for existing customers. The sale of the portfolio is expected to be completed in the first half of 2027.
It was reported earlier this week that the deal was near agreement.
In a statement, HSBC also said it would be winding down the remainder of its retail business. This includes closing the bank’s 19 branches across the country and phasing out savings and credit cards. HSBC currently employs 2,000 people in Australia.
It is the latest move by HSBC to streamline operations, with the sale of its insurance business in Singapore to Allianz also recently confirmed.
New York State takes Kalshi to court
New York’s attorney-general has sued prediction market operator Kalshi, alleging that it is running an illegal gambling platform without a state gaming licence.
Attorney-General Letitia James is seeking the forfeiture of Kalshi’s alleged “illegal gains”, restitution for users, damages and civil penalties, as well as an order to prevent the company from operating in New York State.
James also accused Kalshi of allowing people aged between 18 and 20 to trade contracts on sporting events, even though New York sets a minimum age of 21 for mobile sports betting.
The lawsuit was filed after a federal appeals court declined to shield Kalshi from New York’s gambling laws while the company challenges the state’s authority to regulate it.
Kalshi has argued that its event contracts are federally regulated derivatives and therefore fall under the exclusive jurisdiction of the US Commodity Futures Trading Commission.
The case comes as Goldman Sachs, Bank of America, Morgan Stanley and JPMorgan tighten restrictions on employees using platforms such as Kalshi and Polymarket, due to concerns over them exploiting confidential information and creating conflicts of interest.
Kotak Investment Banking names co-CEOs
India’s Kotak Investment Banking has named new co-CEOs as it seeks to reshuffle its leadership structure.
V Jayasankar and Sourav Mallik have been announced as managing directors and co-CEOs, taking on joint responsibility for the subsidiary of Kotak Mahindra Bank from August 1.
The investment bank advises on mergers and acquisitions, capital raising, IPOs and debt issuances. It took the top spot in India’s equity capital markets league tables for the first half of 2026 with a 13.75 per cent market share, according to Bloomberg.
The new structure reflects the longstanding partnership and shared commitment to the bank’s clients and employees and its growth strategy, Kotak said in a statement.
“Jayasankar and Sourav are exceptionally well placed to lead the business,” Uday Kotak, the group’s founder and chair, said in the statement.
In addition, the bank has named the incumbent CEO Ramesh Srinivasan as non-executive vice-chair for a three-year term, also from August 1. Srinivasan has been with the bank for more than 30 years.