The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
The U.S. Federal Reserve has corrected stress test results for five of the country’s largest banks after discovering an error in projected trading losses, decreasing the capital requirements for Goldman Sachs and Morgan Stanley as a result.
A merger between two U.S. banks will create the largest Black-owned lender in the country, with $1.1 billion in assets, as the financial sector continues efforts to promote more diversity within its upper ranks.
Goldman Sachs is trying to avoid pleading guilty and paying a $2 billion-plus fine for its role in the 1Malaysia Development Berhad case, one of the largest foreign bribery and corruption scandals in recent history, the New York Times reported Thursday.
The Libra Association, the group behind Facebook’s planned cryptocurrency, has nabbed another high-profile hire, announcing Wednesday that Credit Suisse executive Sterling Daines will serve as its new chief compliance officer.
Goldman Sachs’ online retail banking arm Marcus will temporarily stop accepting new retail customers in the United Kingdom starting Wednesday due to a coronavirus-related surge in deposits that neared regulatory limits, a spokesperson confirmed to Fastinform.
As Beijing looks to strengthen its hold on Hong Kong with a new security law, a growing number of multinational financial firms are considering scaling down their operations in the semi-autonomous territory, while others, including HSBC, have publicly backed the contentious legislation.
A lawsuit lodged by major institutional investors against more than a dozen of the world’s biggest banks -- including Bank of America, JPMorgan Chase and Citigroup -- will proceed, a federal judge ruled Thursday, declining to throw out claims that the banks conspired to rig foreign exchange rates.
HSBC is set to acquire the remainder of its life insurance joint venture in Shanghai, the bank said Monday, making it the latest financial institution to take advantage of recently relaxed foreign ownership rules to gain a greater foothold in China.