Asset and wealth manager Northern Trust posted a 38% fall in first-quarter profit on Tuesday as a loss on the sale of some debt investments offset gains from higher fee income for servicing and managing client assets.
Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday.
Morgan Stanley’s first-quarter profit beat estimates on Tuesday, fueled by a resurgence in investment banking and growth in wealth management, sending shares up 1.8%.
PNC Financial Services reported a 21% fall in first-quarter profit on Tuesday, hurt by lower interest income as the lender paid more to hold customer deposits in a high interest rate environment.
Bank of America reported a drop in first-quarter profit as the lender set aside more money to cover souring loans, but still beat estimates on surging investment banking fees.
Bank of New York Mellon beat Wall Street expectations on Tuesday with a 5% increase in profits, as rising asset values boosted investment services fees, more than offsetting lower interest income for the world’s largest custodian bank.
Baloise investor zCapital has won broad support for its campaign to change the voting regulations at the Swiss insurer, the asset manager said on Tuesday.
Denmark’s Saxo Bank is exploring a possible sale, 18 months after talks to merge with a blank-cheque company fell apart, four people familiar with the matter told Reuters.
HSBC is laying off more than a dozen of its investment banking staff in Asia as dealmaking in the region slows, three people with knowledge of the matter told Reuters on Tuesday.
Investors have increased their allocations to stocks and commodities and dumped bonds, Bank of America’s monthly fund manager survey for April showed, which they said was the most bullish such survey since January 2022.
