Federal Reserve issues capital requirements tied to stress tests for large banks

August 10, 2020.
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.

European wealth managers handle COVID-19 shock better than US peers: DBRS Morningstar

August 6, 2020.
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 prices IPO lower than expected

August 6, 2020.
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.

Global alliance managing $16T pushes plan to decarbonize investments

August 5, 2020.
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.

Fitch hits top Japanese banks with negative outlooks after shifting view on sovereign rating

August 4, 2020.
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.

France suspends Morgan Stanley from government bond sales

August 4, 2020.
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 partners with top brokers, expanding insurance line for wealthy clients

August 3, 2020.
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.

With big banks’ backing, group pitches landmark carbon accounting standards

August 3, 2020.
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 to co-chair working group on data security as financial industry shifts to cloud

July 30, 2020.
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 amplifies muscle of carbon accounting standards group

July 30, 2020.
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 took earnings hit, bought back $382 million in shares during Q2

July 29, 2020.
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.

Morgan Stanley unit to buy stake in Lightpath fiber business in $2.3B deal

Last modified July 29, 2020. Published July 29, 2020.
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 launches 5-year sustainability strategy with $250B in green financing

July 29, 2020.
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.

Quicken Loans parent seeks to raise at least $3B in IPO

July 28, 2020.
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.

MUFG beefs up fixed-income platform with hires from Morgan Stanley, Deutsche Bank

July 28, 2020.
Mitsubishi UFJ Financial Group said Monday that it expanded its fixed-income trading platform with the hires of two co-heads of flow products.

BrightSphere chases ‘double-digit accretion’ with divestment, share-buyback move

July 27, 2020.
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 settles with US Justice Department over discrimination against disabled borrowers

July 23, 2020.
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 urged to release Black employees alleging racial bias from NDAs

July 22, 2020.
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.

HSBC premieres ESG portfolio reporting service amid rising demand for sustainable holdings

July 21, 2020.
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.

Barclays joins initiative defining banks’ role in UK climate transition

July 21, 2020.
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.