Russia’s International Investment Bank (IIB) will relocate its headquarters from Budapest back to Russia, according to a statement published on the bank’s website on Wednesday.
The biggest threat to the economic outlook is a credit squeeze that has not finished filtering through the financial system, a senior official at Fidelity Investments told a European equities conference on Wednesday.
Spanish lenders may feel the impact from rising global risks, such as the higher cost of funding and liquidity stress, though their cash positions remained stable in March, Bank of Spain officials said on Wednesday.
Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading.
U.S. Bancorp (USB) on Wednesday beat estimates for first-quarter profit as rapid rate hikes from the Federal Reserve helped the lender earn more from the interest charged on loans.
The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament’s rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees.
Citizens Financial Group Inc reported a first-quarter profit on Wednesday that missed Wall Street estimates as the lender recorded a drop in deposits and set aside more rainy-day funds to cover for loans, amid fears of a looming recession.
Property and casualty insurer Travelers Companies Inc on Wednesday reported a fall in quarterly profit, hurt by severe wind and hail storms in parts of the United States in March.
Citigroup raised its 2023 global economic growth forecast to 2.4%, citing “solid” performance in the United States, euro area and China, and also pushed out its expectation for a U.S. recession to the fourth quarter of the year.
Russia’s state-owned Promsvyazbank on Wednesday said it was opening more branches in the four regions of Ukraine that Moscow claimed to have annexed last year, as Russia aims to provide civilians and soldiers with cheap credit and banking services.
