Financial authorities should nail down rigorous plans to smooth the transition away from the world’s most widely used interest rate benchmark, two major global regulatory bodies cautioned on Thursday.
An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.
U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.
German prosecutors are reportedly investigating individuals at Wirecard on suspicion of money laundering, on top of ongoing probes into the company for alleged accounting fraud and market manipulation, as troubles continue to mount for the insolvent payments processor.
Fidelity National Information Services said on Thursday that it has launched Ethos, a data ecosystem that will give clients a “unified view of data across their entire enterprise,” as data takes on increasing importance for financial institutions.
The European Commission will adopt new provisions allowing the EU continued access to the U.K.'s financial industry and derivatives clearing houses after the post-Brexit transition period expires at the end of 2020.
Vanguard Asset Management, with an eye toward the voracious demand for environmental, social and governance-focused investing, will launch its first U.S.-based corporate bond fund screened for these values, it said Thursday.
Coinbase may become the first-ever cryptocurrency exchange to go public as soon as this year in a move that could make digital currencies more mainstream, Reuters reported Thursday.
Punjab National Bank, India’s second-largest state-run lender, said Thursday that it has been hit with loan fraud of 36.9 billion rupees ($492 million), the latest setback for the struggling institution.
Mortgage credit availability hit a six-year low in June as lenders remained skittish about making large home loans amid continued economic uncertainty, the Mortgage Bankers Association said Wednesday.
Citibank, ING and VTB are among the banks seeking to lend €542 million ($612 million) to Bulgaria’s state-run natural gas company as it looks to expand abroad, the firm said Thursday.
Four major U.S. banks partnered with a clean energy nonprofit for an initiative that would put the financial industry on track to lower carbon emissions to net-zero by 2050.
A leading U.S. banking trade group is asking federal regulators to drop proposed rule changes that would allow credit unions to raise unsecured debt, warning that such changes could result in credit unions that are run more “bank-like.”
Embattled reinsurer IRB Brasil Resseguros said Thursday that it will raise as much as 2.3 billion reais ($430 million) as it bolsters its capital position at the request of Brazil’s insurance regulator.
Wells Fargo said Thursday that it has launched a new $400 million fund that will be fed through the donation of its Paycheck Protection Program fees in order to help small businesses that have taken the brunt of the economic damage caused by the continuing COVID-19 pandemic.
Goldman Sachs’ asset-management arm said on Thursday that it was launching a new exchange-traded fund for investment-grade corporate bonds that uses a smart beta approach.
A hailstorm that pummeled Calgary last month was the most expensive in Canada’s history, costing insurers 1.2 billion Canadian dollars ($884 million) in property damages, the Insurance Bureau of Canada said Wednesday.
Canada’s CI Financial Corp. said Wednesday that it increased its recently established U.S. presence by closing on deals to acquire interests in The Cabana Group and Congress Wealth Management, advancing its strategy of becoming a more global firm.
Wealth management company Northern Trust has taken on three new European insurance clients, it said Thursday, providing global custody services to help protect the companies’ assets.
The Federal Reserve Bank of Boston on Wednesday released a state-by-state list of lenders that have registered for the Main Street Lending Program, revealing a selection of the banks that have chosen to participate in the mid-size business loan program.