Marsh & McLennan reported a better-than-expected quarterly profit on Thursday, helped by an increase in interest income the insurance brokerage earned from funds held on behalf of clients.
UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country, said three sources with direct knowledge of the matter.
KeyCorp and Comerica are expecting a fall in interest income in 2024 as higher borrowing costs temper loan demand, they said on Thursday, echoing fears flagged by bigger U.S. lenders this earnings season.
Blackstone Inc , the world’s largest private equity firm, said on Thursday that its first-quarter distributable earnings rose 1% year-on-year supported by growth in fee-related earnings that was partly offset by a decline in income from asset divestments.
Widespread outages affecting customers at Deutsche Bank’s Postbank arm have prompted consumer rights campaigners to call for law to provide compensation.
Basel Committee Chair Pablo Hernandez De Cos on Thursday urged banks to fully implement the so-called Basel III international capital rules “as soon as possible” across jurisdictions to ensure financial stability.
Cryptocurrency exchange Binance said on Thursday it had secured a licence from Dubai’s regulator VARA that will allow the platform to target retail clients in addition to qualified and institutional ones.
Norway’s $1.6 trillion wealth fund, the world’s largest, posted a record profit of 1.2 trillion crowns ($109 billion) on Thursday for the first quarter of 2024, boosted by strong tech stocks and a continuing boom in artificial intelligence.
Norway’s $1.6 trillion sovereign wealth fund, one of the world’s largest investors, said on Thursday it would vote in favour of a proposal letting NatWest buy back more of its stock from the British government, amid efforts to speed up privatisation.
Finland’s Nordea reported first-quarter profits above expectations on Thursday and said its strong performance would continue this year and next, despite falling interest rates.
