JPMorgan Chase has opened north of 120 branches this year and will continue to plow ahead with expansion while many smaller rivals opt to shutter brick-and-mortar locations amid a pandemic-accelerated shift to digital banking, an executive said.
India plans to limit the share of transactions that can be managed by third-party processors on the country’s most popular digital payments platform, prompting Google, a top player in the rapidly growing space, to warn that the move could stifle innovation.
The U.K.’s largest commercial lender Lloyds Bank and London-based working capital fintech Demica said Friday that they teamed up on a new supply chain finance platform for Britain’s businesses, as such projects pose increasing appeal during the COVID-19 pandemic.
An alliance of global investors managing $5 trillion in assets sharply cautioned portfolio companies against involvement in thermal coal projects Friday, noting possible divestment as its members decarbonize their investments.
Canadian investment and wealth management company CI Financial declared Thursday that it applied to list its common shares on the New York Stock Exchange, just as the firm surpassed 10 acquisitions of U.S.-based registered investment advisors in 2020.
Insurers won’t be allowed to not renew or cancel certain residential property policies in California for one year, the state’s insurance commissioner declared Thursday, as the regulator of the largest U.S. insurance market continues to fret about the availability of homeowners insurance amid devastating wildfires.
Munich Re expects a continued sizable impact from event cancellations through the end of the year, notwithstanding a recent decision to suspend the sale of pandemic-related coverage for business losses in new property and casualty insurance contracts that the reinsurer’s financial chief stated Thursday affects “pretty much all lines of business.”
Banco Bilbao Vizcaya Argentaria said Wednesday that it teamed with Amazon Web Services and Bloomberg to develop “one of the most cutting-edge platforms available in the financial markets sector,” which will be used for its corporate and investment banking unit’s equity markets area.
Canadian company CI Financial continued to augment its U.S. wealth business, declaring Tuesday that it took a majority interest in Texas-based Stavis & Cohen Financial, which has $570 million in assets, its seventh acquisition of an American registered investment advisor this year.
A half-dozen global investor organizations and nonprofits representing tens of trillions of dollars in assets implored the U.S. to rejoin the Paris climate accord Wednesday, as the withdrawal initiated by President Donald Trump became official and the country awaits the conclusion of a close election in which challenger Joe Biden promised to reverse course.
State Farm must pay more than $10 million, Allstate will cough up over $1 million and American International Group was fined more than a half-million dollars after New York’s state financial regulator said it identified “numerous violations” of insurance laws related to personal automobile claims practices, policy cancellations and notice requirements.
AXA’s revenue for the first nine months of 2020 fell 8% from a year prior, to EUR 73.4 billion ($85.9 billion), the world’s largest insurer said Tuesday, while reaffirming its estimate for a “limited impact” from claims related to the second wave of COVID-19 lockdowns.
The ability of the largest U.S. banks to remain solvent during an extended recession hinges on continued government support because they are in “a significantly shakier position” than they appear, highlighting the need for an immediate halt in dividend payments, according to an advocacy group.
The Carlyle Group revealed Monday that it nabbed Aditya Puri, who just ended a quarter-century run as CEO of India’s biggest private-sector bank, HDFC Bank, to be a senior advisor in Asia as the firm looks to build out regional investments, including nearly $5 billion in financial services.
The U.K. Supreme Court on Monday said it would permit six insurance companies and Britain’s financial regulator to appeal a landmark decision that insurers should have to pay most business interruption claims stemming from the COVID-19 pandemic, scheduling a hearing to start Nov. 16 in the closely-watched case.
A $40 billion Australian pension fund said Monday that it settled a closely watched lawsuit brought by an environmentally conscious young investor, agreeing to cut carbon emissions out of its portfolio by 2050 and “enhance its consideration” of climate risks when making investments.
UBS will open a wealth management operation in Qatar under a non-binding agreement with the Middle Eastern country’s Investment Promotion Agency that was signed Sunday, the first day at the helm for the Swiss bank’s new CEO, Ralph Hamers.
Citigroup on Friday revealed what it described as the largest-ever private-sector social bond, raising $2.5 billion for affordable housing, following a pandemic-driven string of similar issuances.
Swiss Re’s financial chief on Friday predicted that the COVID-19 pandemic will make event cancellation insurance harder to come by, as the world’s largest reinsurer expects heavy losses in that line until at least 2021.
Apollo Global Management executives said Thursday that they hope to release the findings of an investigation into ties between co-founder Leon Black and convicted sex offender Jeffrey Epstein before 2021, as Black gave more details about the relationship while his colleagues maintained it does not pose a serious threat to the company’s bottom line.