State Street on Tuesday reported a rise in client assets under management which helped the custodian bank rake in more fees from the service, sending its shares up 0.8% in premarket trading.
The central banks of the United Arab Emirates (UAE) and Ethiopia on Tuesday signed a bilateral currency swap agreement with a value of up to 3 billion dirhams ($816.79 million).
PNC Financial reported an increase in second-quarter profit on Tuesday as higher fees from underwriting and advising on deals helped the bank offset a decline in interest income.
Bank of America’s second-quarter profit dropped as higher deposit costs pushed interest income lower, but beat analysts’ estimates due to strength in investment banking and trading businesses.
A resurgence in investment banking helped Morgan Stanley’s profit beat Wall Street expectations for the second quarter, but weakness in its key wealth business sent the bank’s shares nearly 3% lower before the bell on Tuesday.
PricewaterhouseCoopers (PwC) is considering slashing up to half its financial services auditing staff in China, two people with knowledge of the matter said, as a regulatory investigation and an exodus of clients darken business prospects.
A unit of state-owned brokerage China Galaxy Securities (CGS) plans to expand its investment banking team in Southeast Asia to 50 people next year from 30 now, a senior executive said, betting on a rise in dealmaking in the region amid a sluggish market at home.
South Africa’s Reserve Bank will leave its repo rate on hold this week but cut rates by 25 basis points to 8.00% in September as inflation cools, a Reuters poll found on Monday, earlier than a November move that was expected in a June survey.