BoA promises $1B to battle COVID-19, economic inequities

June 2, 2020.
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.

Riots could make 2020 losses even bigger for insurers

June 2, 2020.
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.

EBA moves forward with new investment firm regulatory framework

June 2, 2020.
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 taps Navient executive for CFO role

June 2, 2020.
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 to buy ANZ subsidiary for $484.6M

June 2, 2020.
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.

DOJ investigating Georgia bank over Paycheck Protection Program loans

June 2, 2020.
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 firms own nearly 20% of world’s CLO balance: survey

June 2, 2020.
Japanese financial institutions hold a nearly 20% market share of risky debt securities known as collateralized loan obligations, a survey released on Tuesday shows.

Home prices stable in April as data points toward market recovery

June 2, 2020.
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, Cyrus picked as final bidders for Virgin Australia

June 2, 2020.
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.

Ceres calls on financial regulators to demand ‘climate-smart’ recovery

June 1, 2020.
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’s Lee takes CEO post as insurer plots recovery

June 1, 2020.
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 completes acquisition of GCube

June 1, 2020.
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.

Troubled Sterling Bancorp names new CEO

June 1, 2020.
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.

Certified financial planners face new disciplinary rules

June 1, 2020.
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 insurers to join UK pandemic business interruption test case

June 1, 2020.
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.

Investors back shortening London Stock Exchange hours

June 1, 2020.
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, Providence launch $3.3 billion bid for Spanish telecom

June 1, 2020.
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.

AllianzIM expands with 'buffered outcome' ETFs

June 1, 2020.
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.

Pacific Premier completes Opus purchase

June 1, 2020.
A buyout leaves Pacific Premier as a major player in Western U.S. banking.

Sweden tops global index of strong pension plans

May 29, 2020.
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.