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A Wall Street street sign is framed by a giant American flag hanging on the New York Stock Exchange in New York. (AP Photo/Mary Altaffer, File)
A Wall Street street sign is framed by a giant American flag hanging on the New York Stock Exchange in New York. (AP Photo/Mary Altaffer, File)Lufax, a Chinese online lending and wealth management firm, raised $2.36 billion through an initial public offering in the U.S., scoring one of the year’s largest listings in the country as geopolitical tensions continue to simmer.

In this Sunday, Sept. 1, 2019 photo, a man sets up his camera in the Victoria Peak area to photograph Hong Kong's skyline. (AP Photo/Jae C. Hong)
In this Sunday, Sept. 1, 2019 photo, a man sets up his camera in the Victoria Peak area to photograph Hong Kong's skyline. (AP Photo/Jae C. Hong)Canadian insurer and asset manager Sun Life Financial debuted a Hong Kong-based index fund that factors in environmental, social and governance concerns, the company said Friday, combining the growing investing trend of ESG with the long-standing one of passively managed funds.

Intuit CEO Sasan Goodarzi and Credit Karma Founder and CEO Kenneth Lin seen at Intuit Headquarters on Thursday, Feb. 20, 2020 in Mountain View, Calif. (Alison Yin/AP Images for Intuit)
Intuit CEO Sasan Goodarzi and Credit Karma Founder and CEO Kenneth Lin seen at Intuit Headquarters on Thursday, Feb. 20, 2020 in Mountain View, Calif. (Alison Yin/AP Images for Intuit)Personal-finance firm Credit Karma is in talks to sell its tax-preparation unit Square to ease federal antitrust concerns over its pending $7.1 billion buyout by TurboTax operator Intuit, The Wall Street Journal reported Friday.

In this Nov. 23, 2015 file photo, a customer uses an ATM at a Bank of America in New York.  (AP Photo/Mark Lennihan, File)
In this Nov. 23, 2015 file photo, a customer uses an ATM at a Bank of America in New York.  (AP Photo/Mark Lennihan, File)Bank of America will no longer provide semi-monthly $200 payments that have provided branch workers with supplemental income during the COVID-19 pandemic after the end of the month, a spokesperson said Thursday.

Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)
Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)U.S. Sen. Marco Rubio introduced a new bill that would restrict U.S. banks, insurers and other financial institutions from investing in certain Chinese companies, marking another escalation of tensions between the two countries.

Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)
Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)Chinese fintech Ant Group is seeking to raise more than $34 billion from its upcoming blockbuster initial public offering, as the company disclosed pricing terms Monday for its two listings in Hong Kong and Shanghai that would make its IPO the largest ever.

This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)
This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)S&P Global will become the first wholly foreign-owned ratings agency approved to operate in China for exchange-traded bonds, in the latest effort by the Chinese government to open up the country's financial sector to the rest of the world.

In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Chinese online lending and wealth management firm Lufax Holding, which is backed by China's largest insurer Ping An Insurance Group, is seeking to raise up to $2.36 billion from an initial public offering in the U.S.

A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)
A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)Stock exchanges in Hong Kong and mainland China are considering adding shares from Shanghai’s Nasdaq-style STAR Market to a program connecting the two bourses, a move which would open the board to foreign investors.

Laurence D. Fink, CEO of BlackRock, speaks at an economic summit a day before the China Development Forum in Beijing, China, March 24, 2018. (AP Photo/Ng Han Guan)
Laurence D. Fink, CEO of BlackRock, speaks at an economic summit a day before the China Development Forum in Beijing, China, March 24, 2018. (AP Photo/Ng Han Guan)BlackRock’s Chinese subsidiary is closing several private investment vehicles in order to comply with regulations as it focuses on its new mutual fund business in the country, Chinese financial publication Caixin reported on Thursday.

In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Citigroup is planning to create an investment banking unit in China as the country claims an increasingly large share of the global equities market and is buoyed by a surge of initial public offerings, Bloomberg reported Thursday.

Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.

A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.

Vanguard Group has returned $21 billion in managed assets to state funds in China, Bloomberg reported Friday, as the asset management firm continues to pare back its international business to focus on catering to individual investors.

Lufax Holding, a Chinese online wealth management and lending platform, backed by China's largest insurer Ping An Insurance Group, is looking to go public in the U.S. , as Chinese companies continue to look to U.S. markets despite political tensions.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

FTSE Russell will include Chinese government bonds in its World Government Bond Index beginning in October 2021, in a move that could result in up to $140 billion in additional inflows for China.

Chinese companies need to develop more rigorous standards for disclosing and understanding risks posed by climate change, researchers from Chinese insurer Ping An said in a report Thursday.

Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.