Global financial companies are falling behind on the monitoring and archiving of all business-related communications using personal messaging apps, a survey released on Wednesday showed, potentially running the risk of regulatory breaches and fines.
U.S. Bancorp cut its forecast for full-year interest income and reported a 22% fall in first-quarter profit on Wednesday, as higher deposit costs and a larger corpus of rainy-day funds to cover potential defaults continue to weigh on the sector.
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week, sources said, as they ramp up cost-cutting, with weaker dealmaking and sluggish markets in China and Hong Kong weighing on business prospects.
Travelers Companies’ first-quarter profit rose 13%, driven by higher investment income and strong underwriting that offset a hit from a jump in catastrophe losses, the insurance bellwether said on Wednesday.
“Non-banks” such as insurers, hedge funds, family offices and commodities traders should hold sufficient cash and draw up contingency plans for coping with spikes in collateral used to back derivatives positions against default, the G20’s financial watchdog proposed on Wednesday.
HSBC is expected to cut an additional 20 investment banking jobs in Asia on a deals slump, takes the total cuts to around 30 this week, three sources with knowledge of the matter said.
There was no agreement following a fourth round of talks between management of Deutsche Bank’s Postbank arm and employee representatives in a months-long wage dispute, the Verdi labour union said on Wednesday.
Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud, according to three bank documents and new official information provided to Reuters by a person with access to the documents.
Global property and casualty insurers showed “alarming” underwriting losses in 2022 as natural catastrophes increased and risk models failed to keep up, a report from consultants Capgemini said on Wednesday.
