British fund manager Abrdn is poised to cut hundreds of jobs, a source familiar with the matter told Reuters, as it seeks to improve its fortunes after years of outflows of client funds.
Most big banks in Europe are failing to adjust their business to the looming decarbonisation of the bloc’s economy and thus face increased financial, reputational and legal risk, the European Central Bank (ECB) said on Tuesday.
Four of Canada’s biggest pension funds managing nearly C$1 trillion ($742 billion) in assets have begun a major expansion into private credit, moving into an area previously dominated by banks.
Bank of America on Tuesday announced job cuts of around 20 bankers in Asia, three sources with knowledge of the matter said, as plunging markets in China and Hong Kong weighed on deal prospects.
China’s Fosun will keep supporting the development of Portugal’s Millennium bcp bank as it remains optimistic about the Portuguese market, despite having reduced its stake in the lender, a Fosun spokesman said on Tuesday.
UBS on Tuesday unveiled its biggest branding campaign since 2016 to drive growth, spending tens of millions of dollars to freshen its image after the takeover of Credit Suisse.
British finance minister Jeremy Hunt received a boost as he works on possible tax cuts before a national election expected later this year when data showed that he would have more wiggle room in his March budget plan than previously expected.
An Australian regulator is reviewing how pension funds value unlisted assets, ranging from private equity to office towers, as part of a long-term push to limit risks within the illiquid holdings popular in the A$2.5 trillion ($1.7 trillion) sector.
Shares of India’s ICICI Bank hit a record 1,059.4 rupees on Tuesday after its third-quarter profit beat estimates on robust loan growth and margins met expectations.
