Standard Chartered will soon provide employees in several markets with greater flexibility in working patterns and locations, the U.K.-based bank said Friday, implementing lessons learned during the coronavirus pandemic to create a hybrid workforce of remote and office-based employees.
Wealthy Chinese businessman Guo Wengui is suing Swiss investment bank UBS in London in an attempt to reclaim $500 million he lost after the bank called in a margin loan in 2015, Bloomberg reported Friday.
The Financial Industry Regulatory Authority levied a $300,000 fine against a Wells Fargo unit after the bank’s investment management arm allegedly provided inaccurate monthly and quarterly account statements to over 2,300 customers, in violation of a 2016 rule amendment.
U.S. Federal Reserve Chair Jerome Powell said Thursday that the entire government must work together to help the economy recover from COVID-19, calling for additional fiscal measures from Congress as the pace of recovery slows.
Liberty Mutual is offering select eligible employees an early retirement package, the Massachusetts-based insurer said Wednesday, even as profits rose and operating costs fell during the third quarter despite the global COVID-19 pandemic.
JPMorgan Chase has agreed to pay at least $800,000 in back wages and set aside at least $9 million over five years for compensation adjustments in order to settle a yearslong legal dispute with the U.S. Department of Labor in which the bank is accused of underpaying women.
Developing nation assets would likely fare well under a Joe Biden presidency, a BlackRock executive said Wednesday, as U.S. election officials continued to count votes to determine the makeup of the country’s government.
The U.K’s Financial Conduct Authority said Wednesday it will allow banks and asset managers to continue using exchanges in the European Union to trade shares when the Brexit transition period ends in January, a decision in stark contrast to the more restrictive expectations the European Union outlined last month.
Australian wealth management firm AMP has added BT and MetLife to its selection of life insurance providers available to clients of its aligned advisers, the company said Wednesday, bringing the number of life insurers available for new policies to five.
Chinese regulators issued draft microfinance business rules Monday, increasing what is required of online microlenders that provide loans to consumers and limiting the amount they can lend.
BNP Paribas said Tuesday it does not expect Europe’s second COVID-19 lockdown to impact the bank's financial performance as much as the initial lockdown did earlier this year with strong liquidity in the firm and many industries internalizing lessons learned over the past eight months.
The Cayman Islands has laid out an initial regulatory framework for virtual asset service providers in a bid to attract crypto businesses while still implementing measures meant to prevent money laundering, terrorism financing and proliferation financing.
European Central Bank President Christine Lagarde said Sunday the ECB is seeking input from the public about potential issuance of a digital euro, a sign that the central bank is seriously considering a retail central bank digital currency and not just one intended for interbank transactions.
Hurricane Zeta may have caused nearly $3.5 billion in insured losses last week, risk modeling company AIR Worldwide said Monday, adding to an unusually busy hurricane season that has seen the U.S. Gulf Coast targeted several times.
Mastercard unveiled a new set of tools aimed at helping banks other financial firms assess cyber risk and prevent potential breaches, further boosting the card company's artificial intelligence-based security offerings.
Private equity firm KKR is positioning itself for more deals and more growth after a soaring above competitors in the third quarter by posting a 338% increase in profits over the same period in 2019.
Zurich-based Credit Suisse is increasing its diversity goals and will expand the representation of Black employees in its senior leadership, the bank said Thursday, just weeks after reporting by The New York Times earlier this month forced the financial institution to apologize for a racially insensitive incident.
Credit Suisse said Thursday that its board has approved a plan to resume share buybacks in January, despite recording a 30% year-over-year drop in profit in the third quarter, and plans to shutter several underperforming funds as its asset management unit struggles amid the COVID-19 pandemic.
Deutsche Bank CEO Christian Sewing said Wednesday the German lender remains ahead of schedule on its restructuring efforts despite global economic headwinds, with the bank delivering a profitable third quarter driven by revenue growth in its investment bank and reduced costs.
Wells Fargo has eliminated dozens of fixed-income analyst jobs and is cutting back on its distribution of research to clients as the bank continues to take aggressive steps to increase efficiency and cut costs.