Credit Suisse looks to take full ownership of China joint venture

Credit Suisse said it’s eyeing full ownership of its Chinese securities joint venture just one month after claiming a majority stake in the entity, as the lender looks to expand its presence in China.

DWS partners with Northwestern Mutual to grow private markets business

Asset manager DWS said Thursday it has entered into a strategic partnership with the private markets division of Northwestern Mutual “to identify and develop private market opportunities.”

Prudential Retirement closes $1.7B in longevity reinsurance deals in first half of 2020

Despite the global pandemic’s economic impact, Prudential Retirement said Thursday that it has flourished in the first half of 2020, closing some $1.7 billion in new longevity reinsurance transactions thanks to a resilient U.K. pension market.

Global insurance premium volumes will return to pre-crisis levels in 2021: Swiss Re

Global insurance premium volumes are set to recover to pre-coronavirus pandemic levels in 2021, despite a more “protracted recovery” in the global economy, Swiss Re Institute said Thursday.

CFO Young to depart fintech Broadridge for agtech startup

New York-based Broadridge Financial Services is on the prowl for a new chief financial officer, disclosing Thursday that its CFO of six years, Jim Young, will step down, marking the latest C-suite shakeup at the global fintech.

Bank of China’s Malaysia arm adopts UnionPay QR code payments

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

Chinese banks brace for sanctions possible with passing of US law

China’s largest banks are preparing for a possible worst-case scenario following the passage of legislation by the U.S. Senate earlier this week that would impose harsh penalties on financial institutions that implement Beijing’s new security law for Hong Kong.

JPMorgan Chase pauses plans to open up Ohio offices as COVID-19 cases climb

JPMorgan Chase suspended plans to open its offices in Columbus, Ohio, after the Midwestern state had its highest day for new coronavirus cases on July 3, bank spokesperson Carlene Lule told Fastinform Wednesday.

ECB was right to fine French bank but gave poor reasons, EU court rules

Europe's second-highest court ruled Wednesday that the European Central Bank gave "inadequate reasons" for imposing €4.8 million ($5.4 million) in regulatory fines on French bank Crédit Agricole and its subsidiaries in 2018.

Nationwide, Bold Penguin test online insurance platform for independent agents

U.S. insurer Nationwide and insurtech Bold Penguin will begin testing a new digital portal designed to connect independent insurance agents and small-business owners while lockdowns force many customers to rely on online insurance shopping.

Munich Re launches new US professional liability line despite growing claims

German insurer Munich Re has launched a new miscellaneous professional liability insurance through its U.S.-based specialty unit, despite an uptick in claims within the past year that has caused some carriers to curtail coverage.

DBS hires former Morgan Stanley veteran to lead greater China private bank

DBS’ Hong Kong business tapped Peter Tung, a veteran of Morgan Stanley and UBS, to head its private banking unit for greater China as financial firms compete for growth in a cooling market.

US DOJ investigating Wirecard as part of probe into alleged bank-fraud conspiracy: WSJ

The U.S. Department of Justice is looking into whether scandal-plagued German payments processor Wirecard was involved in an alleged $100 million bank-fraud conspiracy relating to an online marijuana marketplace, The Wall Street Journal reported Wednesday.

US bank earnings could drop 69% in the second quarter, Goldman Sachs says

Earnings for the top seven U.S. banks are likely to plunge almost 70% year-over-year in the second quarter, with near-zero interest rates cutting deep into income, analysts from Goldman Sachs projected.

Genworth Mortgage Insurance boosts capital protection to prepare for COVID-19-related defaults

North Carolina-based Genworth Mortgage Insurance has secured up to $300 million of additional capital protection, the company said Wednesday, providing it with reinsurance coverage above what is legally required in anticipation of increased delinquencies because of COVID-19.

ICE releases beta of forward-looking interest rate benchmark as LIBOR era closes

Intercontinental Exchange released the beta version of its new interest rate benchmark Tuesday, which provides reference rates similar to the soon-defunct London Interbank Offered Rate.

BNY Mellon, Deutsche Bank create system that shrinks foreign-exchange transaction times

Bank of New York Mellon and Deutsche Bank developed a foreign-exchange tool to expedite currency trades in restricted emerging markets, the banks said Wednesday, aiming to reduce the pre-trade life cycle “to seconds from hours.”

US housing market shows strength as buyers capitalize on low interest rates

The U.S. housing market continued on the path to recovery, buoyed by low interest rates and an improving job market, according to data released by the Mortgage Bankers Association this week.

Nationwide, Verisk strike partnership to develop data-driven auto policies

Auto insurer Nationwide has agreed to share driver data in a new partnership with Verisk Analytics, allowing it to speed up the insurance sign-up process and fulfill growing consumer demand for usage-based policies.

Amundi adopts ‘temperature rating’ climate assessment to inform ESG investments

Amundi will use a model for environmentally focused investing that assigns a “temperature rating” to each holding based on its global warming impact, as the firm looks to quantify sustainability in all of its investments by 2021.

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