HSBC has been fined 57.4 million pounds for “serious failings” in protecting up to 112 billion pounds ($142 billion)of deposits over several years, in the first penalty of its kind under UK rules designed to protect customers if banks fail.
Decision time is close at hand for the Federal Reserve to plan the mechanics of how it ends the winddown of a balance sheet that remains swollen by historic standards.
Zurich Insurance on Tuesday said its plan to offload its $20 billion Zurich Life Legacy back book in Germany to Viridium Holding has fallen through after the insurance consolidator pulled out of the deal.
Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, reported on Tuesday a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks.
Five of the Bank of Korea’s (BOK) six board members think monetary policy needs to stay restrictive for some time to bring inflation down to its 2% target as supply-side uncertainties persist, minutes of the bank’s Jan. 11 meeting showed on Tuesday.
Italy’s top insurer Assicurazioni Generali will launch a 500 million euro ($540 million) share buyback plan this year, it said on Tuesday, confirming its focus on returns to investors.
BBVA posted higher than expected fourth quarter net profit and announced a new share buyback on Tuesday, lifting its shares, although a strong Mexican showing was somewhat marred by lower lending income and a weaker performance in South America.
Grupo Financiero Banorte, one of Mexico’s largest financial companies, on Monday launched bineo, a digital bank which will offer savings accounts and personal loans with the aim of adding 2.8 million new clients in the next five years.
Jim Esposito, co-head of Goldman Sachs’ global banking and markets division, plans to retire after almost three decades at the bank, the latest executive to leave the Wall Street giant in recent months.
