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.
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.
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.
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.
U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.
Citibank, ING and VTB are among the banks seeking to lend €542 million ($612 million) to Bulgaria’s state-run natural gas company as it looks to expand abroad, the firm said Thursday.
Despite the global pandemic’s economic impact, Prudential Retirement said Thursday that it has flourished in the first half of 2020, closing some $1.7 billion in new longevity reinsurance transactions thanks to a resilient U.K. pension market.
Global insurance premium volumes are set to recover to pre-coronavirus pandemic levels in 2021, despite a more “protracted recovery” in the global economy, Swiss Re Institute said Thursday.
New York-based Broadridge Financial Services is on the prowl for a new chief financial officer, disclosing Thursday that its CFO of six years, Jim Young, will step down, marking the latest C-suite shakeup at the global fintech.
The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.
JPMorgan Chase suspended plans to open its offices in Columbus, Ohio, after the Midwestern state had its highest day for new coronavirus cases on July 3, bank spokesperson Carlene Lule told Fastinform Wednesday.
DBS’ Hong Kong business tapped Peter Tung, a veteran of Morgan Stanley and UBS, to head its private banking unit for greater China as financial firms compete for growth in a cooling market.
The U.S. housing market continued on the path to recovery, buoyed by low interest rates and an improving job market, according to data released by the Mortgage Bankers Association this week.
Discover Financial Services has signed an agreement with Saudi Arabia’s government-controlled payment authority that will allow the use of the company’s network cards in Saudi Arabia as well as allow Saudi banks to issue cards that will be accepted on Discover’s worldwide payment network.
Indian lender ICICI Bank shared plans on Wednesday to bolster its financial footing by raising 150 billion rupees ($2 billion), as banks across the country brace for continuing fallout from the coronavirus pandemic.
The European Insurance and Occupational Pensions Authority urged insurance companies to identify products that have been affected by the coronavirus pandemic and examine whether policyholders are being treated fairly in light of swiftly changing market conditions.
Australia’s banks will extend loan repayment deferrals for up to four months to help consumers struggling to pay off their debt through the coronavirus pandemic and to avoid a “cliff” come September, when the original relief program was set to expire, the country’s banking trade association said Wednesday.