Bank of America on Tuesday made a standout commitment as financial institutions continue to emphasize their corporate philanthropy in the wake of COVID-19, promising against the backdrop of protests and national unrest to spend $1 billion over four years to support local communities struggling with economic and racial inequalities exacerbated by the pandemic.
Continued civil unrest across the U.S. has the potential to turn into a significant loss for insurance and reinsurance carriers – a loss that could be exacerbated even further by both the ongoing COVID-19 pandemic and a predicted harsh hurricane season.
The European Banking Authority has released new details of a revised framework dealing with diversity and risk profiles of investment firms in the EU.
Freddie Mac has appointed Christian M. Lown as its new executive vice president and chief financial officer, after Lown resigned from the CFO position at Navient Corporation in order to accept the offer.
Shinsei Bank said Tuesday it has agreed to buy UDC Finance from Australia and New Zealand Banking Group for $484.6 million in its largest overseas acquisition, as Japanese businesses frustrated by a sluggish domestic market look abroad for growth opportunities.
A Southeastern regional bank that provided an allegedly fraudulent $2 million Paycheck Protection Program loan to a reality TV star is now facing a civil probe by the U.S. Department of Justice into its handling of the initiative, the bank said Tuesday in a regulatory filing.
Japanese financial institutions hold a nearly 20% market share of risky debt securities known as collateralized loan obligations, a survey released on Tuesday shows.
The U.S. housing market got more potentially encouraging news Tuesday as a monthly index showed home prices are holding steady, although it remains to be seen how prices reacted to COVID-19’s peak in many states.
Bain Capital and Cyrus Capital are the last two bidders in the running to acquire Virgin Australia, the collapsed carrier’s administrator said Tuesday after whittling down a list of reportedly more than a dozen interested parties.
Regulators should mandate climate stress tests and risk disclosures as part of financial institutions’ COVID-19 recovery plans, a leading sustainable investing group said, cautioning that a rush of liquidity into high-carbon sectors could worsen climate change.
AIA Group’s new chief executive Lee Yuan Siong began his tenure Monday as the Asian insurance giant sought to recover from depressed revenues driven by lockdown restrictions and months of anti-government protests in Hong Kong.
Tokio Marine HCC completed its acquisition of GCube, expanding the carrier’s footprint in the renewable energy insurance market and capping a recent streak of acquisitions.
In the wake of recent legal turbulence, Sterling Bancorp said Monday that veteran financial services executive Thomas M. O’Brien will be taking over as its chairman, president and CEO.
The Certified Financial Planner Board of Standards on Friday said it adopted sweeping new disciplinary enforcement rules, expanding the industry body’s access to information during investigations and treating regulatory settlements as evidence of wrongdoing.
Eight insurance companies agreed to participate in a test case that Britain’s financial regulator is bringing to its High Court in an attempt to bring clarity to a slew of disputes over whether business interruption policies cover coronavirus-induced claims.
A majority of investors who responded to a feedback request from the London Stock Exchange expressed support for reducing its trading hours, the exchange revealed Monday, saying it would revisit the issue once other European exchanges considering similar changes released their findings.
KKR, Cinven and Providence have launched a 2.96 billion euro ($3.3 billion) voluntary takeover bid for Spanish telecom operator MasMovil, the company said Monday.
Allianz Life's investment management arm is growing with the addition of exchange-traded fund (ETF) offerings that aim to lure clients by insulating them from downside risk associated with market volatility, the firm said Monday.
A buyout leaves Pacific Premier as a major player in Western U.S. banking.
Sweden, Belgium, and Denmark were found to have the best pension systems worldwide in a ranked list of 70 countries released by Allianz SE after the financial firm analyzed the countries’ pension plans based on demographic and fiscal data to measure sustainability and adequacy.