The U.S. Federal Reserve rolled out new capital requirements for 34 of the country’s largest banks on Monday, imposing the highest requirements on Goldman Sachs and Morgan Stanley based on stress tests conducted earlier this year.
Wealth management units of European banks such as UBS showed greater financial resilience to shocks from COVID-19 than their peers in the U.S., with higher levels of fund inflows and revenue recovery, DBRS Morningstar said.
Quicken Loans parent Rocket Companies debuted on the New York Stock Exchange on Thursday at $18 per share, lower than the company had estimated last week and cutting the company’s expected raise by over $1 billion.
Seventy global investors controlling more than $16 trillion pitched a novel framework Wednesday that they say should enable asset owners and managers to heed intensifying calls to cut carbon out of their portfolios by 2050.
A trio of Japan’s largest banking groups earned negative outlooks from Fitch Ratings on Tuesday, a week after the firm took a similar view of the country’s sovereign rating amid concerns of plummeting asset quality and rising credit losses.
French regulators said late Monday that they had suspended Morgan Stanley from acting as a primary dealer for government bonds for at least three months after the investment bank was found to have manipulated prices in the midst of the Greek debt crisis.
Morgan Stanley is now writing property and casualty policies for its wealthy clientele in partnership with major insurance brokers, targeting a market that remains relatively unimpacted by COVID-19.
After snagging big-name members including Bank of America and Morgan Stanley in recent weeks, the Partnership for Carbon Accounting Financials on Monday released a draft of the first international standard for measuring and disclosing the climate impact of financial institutions’ loans and investments.
Morgan Stanley will help lead a group of financial firms and cloud computing companies as they develop a framework for more secure cloud data management, an issue of growing importance as businesses operate remotely and cybersecurity risk increases.
Bank of America on Wednesday said that it became the largest U.S. financial institution to commit to disclosing the climate impact of its loan and investment portfolio as a member of the Partnership for Carbon Accounting Financials, boosting the group’s leverage as it prepares to release a draft methodology next week.
Ameriprise Financial posted adjusted earnings of $333 million in the second quarter -- down 40% from the prior-year period -- after taking a hit to profitability due in part to U.S. Federal Reserve interest rate cuts.
Internet and cable TV provider Altice USA said on Wednesday that it will sell nearly half of its Lightpath fiber division to Morgan Stanley Infrastructure Partners for around $2.3 billion in cash.
Citigroup said Wednesday that it will dedicate another quarter-trillion dollars to financing and facilitating green projects over the next five years, as part of a new sustainability strategy for the fourth-largest bank in the U.S.
Rocket Companies is seeking to raise up to $3.3 billion in its upcoming initial public offering, according to a filing with the U.S. Securities and Exchange Commission.
Mitsubishi UFJ Financial Group said Monday that it expanded its fixed-income trading platform with the hires of two co-heads of flow products.
Boston-based BrightSphere Investment Group plans to buy back shares and pay down debt using proceeds netted from reducing ownership in two affiliate asset managers, the company said Sunday.
Bank of America reached a settlement Thursday with the U.S. Justice Department over claims the bank denied loan applications and home equity lines of credit to disabled people from 2010 to 2017.
Morgan Stanley is being asked to release a group of Black former employees from nondisclosure agreements so that they can be allowed to speak about the alleged racial bias they experienced while working for the investment bank.
U.K. lender HSBC on Tuesday launched a new reporting service designed to give institutional investors and their asset managers independent measurements of the environmental, social and governance performance of their large holdings.
Europe’s sixth-largest bank by assets has thrown its weight behind a new government-backed, cross-sector alliance that will prod the banking sector to help finance the U.K.’s transition to a carbonless economy.