Credit Suisse looks to halve its mainland China investment banking unit: Caixin

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.

EQT agrees to pay $854M for New Zealand retirement community firm in renewed deal

An entity owned by EQT’s infrastructure fund reached a new deal to acquire a leading New Zealand retirement village operator, agreeing to pay $854 million, after having scrapped an earlier bid due to the COVID-19 pandemic.

BTIG expects employees to work from home through 2020

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.

Interactive Brokers expands Singapore presence with new local entity

Interactive Brokers said on Tuesday that it has expanded its presence in Singapore with the opening of an office and the establishment of a local operating entity, moves that come as the company reports a rising clientele in Asia.

Signature Bank grows California presence with 15 new private client teams

New York-based Signature Bank said Wednesday that it plans to significantly increase its footprint in California, expanding into the Los Angeles area with the appointment of a new executive director and 45 banking professionals who will staff 15 private client teams.

KKR to boost permanent capital with Global Atlantic purchase

Private equity firm KKR & Co. said on Wednesday that it will acquire retirement and life insurance company Global Atlantic Financial Group for around $4.4 billion, a deal that will significantly increase its permanent capital base and expand its position in the insurance industry.

Bank of America to phase U.S. employees back to offices after Labor Day

Bank of America will begin the process of bringing its 185,000 employees who have been working from home back into the office after Labor Day, Sept. 7, a spokesperson said Tuesday.

Australian Unity launches green bond fund to lower carbon emissions

Insurer Australian Unity made two executive appointments on Monday and launched a new fund that will invest in green, social and sustainable fixed interest securities, a move prompted by destruction from Australia's bushfires.

Russia’s VTB appoints new heads of Europe board, investment management division

Russia-based VTB Bank said Tuesday that it appointed a new chairman of its European branch’s board and a new chief executive officer of its Russia-focused investment management division as the bank continues to expand despite tensions abroad.

AXA launches new life insurance policy that turns dependents into policyholders

AXA’s Hong Kong and Macau arms introduced a new participating life insurance policy that allows the policyholder, upon their death, to pass along the policy to dependents so that benefits can potentially continue to grow.

HSBC expands Chinese fintech, wealth management operations as US sanctions loom

HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.

Taiwan seeks to attract Hong Kong’s bankers and other skilled workers

Taiwan officially launched an office on Wednesday that will facilitate migration from Hong Kong in a bid to attract bankers, skilled workers and companies that want to escape China’s increasing control over the former British colony.

Aon to roll back COVID-19 pay cuts, keep no-layoffs pledge

Aon said Tuesday that it will rescind its pay cuts of up to 20% for most of its staff that were instituted earlier this year due to the COVID-19 economic downturn and repay employees, and vowed to maintain its previous promise not to conduct layoffs because of the outbreak.

Fiduciaries could collect more compensation for benefit plan advice under rule change

Investment fiduciaries may be allowed to take more compensation for their advice on employee benefit plans and to engage in principal transactions under a proposed legal change by the Department of Labor.

MetLife partners with PlanSource to improve employee benefits experience

Global insurance provider MetLife said Tuesday that it will be joining PlanSource’s program called Boost to revamp its benefits administration process.

Workers' comp premiums may not return to pre-pandemic levels until 2023, says Deloitte

Workers’ compensation premiums could drop around 20% in the second quarter of 2020 and may continue to decline through the first quarter of 2021, as the coronavirus pandemic continues to weigh on the economy, Deloitte said in a new report.

UK to give financial regulator more power for smoother LIBOR transition

U.K. officials plan to empower a financial regulatory body to ease the retirement of the London Interbank Offered Rate, allowing for some contracts to continue to be pegged to the rate if they can’t be changed before a cutoff date in 2021.

NatWest Markets’ US arm could lose 90 jobs as RBS continues restructuring

The Royal Bank of Scotland will continue its extensive overhaul of its investment banking arm, NatWest Markets, with nearly a quarter of its U.S. full-time staff seeing layoffs on the horizon, a company spokesperson confirmed Wednesday.

Japan's economy may have bottomed out, but banks are still at risk

Though Japan's economy has mostly hit bottom following the worst of the impacts from the COVID-19 pandemic, its recovery period could threaten labor capacity and further deteriorate financial institutions, the country’s central bank said.

Aon reveals pooled employer plan as effective date for new U.S. PEPs nears

Aon plc said Wednesday it will offer a pooled employer plan for U.S. retirement savings starting next year, after federal lawmakers codified rules in December allowing more businesses to offer plans with greater ease by sharing resources with multiple employers.

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