Lazard Ltd CEO Ken Jacobs is expected to step down from his role and hand the reins to Peter Orszag, who currently runs the investment bank’s financial advisory unit, a person familiar with the matter said on Thursday.
Troubled Australian wealth manager AMP Ltd will pay a court-mandated penalty of A$24 million ($16.3 million) for billing dead clients for insurance and financial advice, effectively drawing the curtains to a scandalous saga dating back to 2018.
Australia’s Westpac Banking Corp said it will refinance loans for some borrowers who don’t meet an industry standard that assesses their ability to repay, putting pressure on the bank regulator to relax guidelines after a year of interest rate hikes.
U.S. regional bank stocks edged higher on Thursday, rallying from earlier session losses, as market expectations that the sector is moving past its troubles continue to buoy trading.
U.S. Treasury Secretary Janet Yellen reaffirmed the strength and soundness of the country’s banking system in a meeting with bank CEOs on Thursday, a Treasury Department statement said.
U.S. Senator Elizabeth Warren is questioning federal bank regulators on their decision to sell First Republic Bank to the nation’s largest bank, JP Morgan Chase.
Charles Schwab Corp is looking to raise up to $2.5 billion through a debt offering, the brokerage said on Thursday as more companies aim to benefit from investors trying to capitalize on a spike in yields.
