Regions Financial is being investigated by a U.S. consumer protection watchdog, which is looking into policies that allowed the lender to take in hundreds of millions of dollars in overdraft and non-sufficient funds fees last year.
American International Group executives said the carrier’s third-quarter turnaround allows it to push ahead with structural overhauls, including divesting its life insurance business through either an initial public offering or private sale.
American International Group reported adjusted earnings of $709 million for the third quarter, exceeding Wall Street projections as rate improvements and improved investment returns outweighed heavy catastrophe losses for the carrier.
MetLife executives said they expect the carrier to show improved profitability following a third quarter in which it expanded its major U.S. and Asia businesses, grew sales and cut expenses.
MetLife beat analyst expectations for the third quarter, reporting adjusted earnings up 33% from the comparable 2019 period as rising equity markets boosted the insurer’s investment returns and hardening trends improved its underwriting results.
Abu Dhabi's sovereign wealth fund led an investor group to chip in $700 million to a startup supported by SoftBank Group, as the fund continues to shift its oil-heavy portfolio toward technology-focused companies.
Lloyds Banking Group, the U.K.’s largest domestic lender, will cut over 1,000 jobs mainly from its retail and technology units as the firm pares down operations amid an economic recession and a COVID-19 resurgence.
U.S. insurer Ameriprise Financial was downgraded Tuesday by S&P Global Ratings, which cited concerns that the firm’s growing asset and wealth management business would expose it to higher risks.
Bank of Nova Scotia’s asset management arm has rolled out a slate of four new exchange-traded funds designed to track stock and bond indexes weighted by market capitalization.
A European Union markets watchdog said that German regulators were deficient in their supervision of Wirecard, the former fintech star now embroiled in criminal investigations related to a $2 billion accounting scandal.
Apollo Global Management added a new general counsel for litigation and regulation while the private equity firm investigates co-founder Leon Black's relationship with convicted sex offender Jeffrey Epstein.
SoftBank’s $100-billion Vision Fund lost its chief operating officer and four partners, as the technology and venture capital conglomerate faces a string of departures from its flagship investment vehicle, Bloomberg reported.
Guy Carpenter, a subsidiary of broker Marsh & McLennan, has debuted a new unit dedicated to setting up reinsurance for carriers that write coverage for companies in the marine and energy industries.
Lufax, a Chinese online lending and wealth management firm, raised $2.36 billion through an initial public offering in the U.S., scoring one of the year’s largest listings in the country as geopolitical tensions continue to simmer.
A pair of money market funds managed by Goldman Sachs have absorbed large liquidity buffers since taking a hit from pandemic-related withdrawals in March, ahead of a U.S. presidential election that could again shake the $4.35 trillion industry.
The Swiss subsidiary of Gazprombank was given approval by Switzerland’s financial regulator to launch cryptocurrency custody services, tapping growing international demand as Russia’s government plays down decentralized currencies’ prospects at home.
Aegon sold the Transamerica Pyramid Center, a San Francisco landmark, for $650 million as part of a larger push to strengthen the firm’s balance sheet following a bruising first half of the 2020 fiscal year.
ReAlign Insurance Holdings has formed Summit Specialty Insurance, a surplus lines carrier, as the company builds out a nationwide network to capitalize on growth in the specialty insurance segment.
BBVA launched an online platform allowing businesses to streamline their payments to suppliers, as the lender builds out its supply chain finance offering in the U.S., Europe and parts of Latin America.
Coinbase said Wednesday that it will now offer a cryptocurrency debit card to U.S. customers, expanding its footprint in the country as more companies launch payment tools designed to tap the growing crypto market.