Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.
Consumers could face added pressure to settle debts in a future economic downturn as higher volumes of debt are turned over to collectors and alternatives for handling delinquencies remain scarce, the Consumer Financial Protection Bureau said Friday.
Itaú CorpBanca Chile, Chile’s fifth-largest private-sector bank, on Thursday revealed an impairment charge of about CLP 764 billion ($964 million), a sum likely to scrap the lender’s 2020 profit.
Bulgaria and Croatia were accepted into a waiting room to the eurozone on Friday, as European Union officials agreed to put the countries on a path to adopt the euro as an official currency as early as 2023.
Banco Bilbao Vizcaya Argentaria said Friday that it issued a GBP 300 million bond (nearly $379 million) in order to improve its capital position to meet a European Union rules change.
HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.
California state lawmakers on Thursday introduced legislation to establish a public bank, an institution proponents argue would support the state’s push for equitable economic recovery following the coronavirus crisis.
AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.
Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.
Amundi introduced three new exchange-traded funds aimed at the European Union’s Paris Climate Agreement-based targets, the French asset manager with EUR 1.5 trillion ($1.7 trillion) in assets under management said on Thursday.
Corporate America’s flight from offices isn’t expected to be permanent, but if the transition to remote working becomes more entrenched, commercial-backed mortgage securities could seek a dramatic surge in default risk, Moody’s said in a new report Thursday.
China’s central bank has sold some of its stake in India’s Housing Development Finance Corporation amid rising tensions between the world’s two most populous countries.
Amsterdam-based ING Group said Friday it will close about a quarter of its bank branches in the Netherlands as lockdown measures aimed at containing the coronavirus outbreak have hastened the adoption of online banking.
Brokerage firm BTIG said Friday it expects its U.S. employees to continue working remotely for the rest of the year, joining the ranks of employers who say their staff have adjusted to the new normal and prefer to play it safe as transmission rates spike in parts of the country.
The president and CEO of BNCCORP, Inc., the holding company of BNC National Bank, has stepped down after seven years in the role, the company said Friday, marking the second leadership change in less than a year for the North Dakota bank.
Dozens of state and national financial trade groups sent letters to U.S. lawmakers on Thursday in support of the Paycheck Protection Program Small Business Forgiveness Act, which would provide the majority of PPP small business recipients with an easier loan forgiveness application process and potentially save banks millions of dollars.
Marqeta, a fintech that provides a platform for card issuers and whose backers include Visa and Goldman Sachs, is exploring an initial public offering, Reuters reported on Thursday.
India’s beleaguered Yes Bank set a significant discount in the floor price of its INR 150 billion (approximately US$2 billion) further public offering, a regulatory filing showed Friday.
Julius Baer said Friday that it is creating a new unit for direct private investments for its ultra-wealthy clients, with the new division’s head joining from Switzerland’s largest bank, UBS.
Wells Fargo, the largest home lender by volume in the U.S., said Thursday that it has named financial services veteran Kristy Fercho as the new head of its home lending division, where she will succeed the retiring Michael DeVito.