StanChart folds industries team into M&A, cutting over 20 jobs, source says

Standard Chartered has folded its industries coverage team into its dedicated mergers and acquisitions advisory team, eliminating more than 20 roles globally to reduce duplication, a source with direct knowledge of the matter told Reuters.

If the U.S. Federal Reserve does not start cutting interest rates relatively soon, U.S. consumers could become dispirited, Bank of America CEO Brian Moynihan said on Sunday.

Citigroup’s wealth unit has initiated a process to sell its trust administration and fiduciary services business, the bank said in a statement on Friday. “To enhance our focus on delivering the wealth structuring advice that matters most to our global clients, Citi Wealth has initiated a process to sell our trust administration-fiduciary services platform”, the bank said.

Customers Bancorp named industry veteran Allen Love its chief compliance and anti-money-laundering officer on Friday.

Goldman Sachs’ fund division is to leave investor engagement group Climate Action 100+, joining other financial services companies which have pulled out amid a political backlash in the United States.

Swift is popular among insurers as she rarely cancels concerts, a source said.

China Evergrande’s liquidators have invited investors interested in restructuring the heavily indebted property developer or any of its parts, it said in a filing on Friday.

Investment bank Evercore has hired a top Goldman Sachs dealmaker as a senior managing director to help drive its coverage of private equity firms and alternative asset managers, people familiar with the matter said on Friday.

The non-performing loan ratio of commercial banks in China was 1.56% at the end of June, down 0.03 percentage points from the end of the previous quarter, the National Financial Regulatory Administration said on Friday.

Harvest Fund Management, one of China’s largest asset managers, said on Friday Chairman Zhao Xuejun had resigned and is cooperating with authorities regarding an investigation pertaining to “personal problems”, without elaborating.

Global Investor is sent every weekday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.

Want to stop receiving this email? Unsubscribe here. To manage which newsletters you’re signed up for, click here.

Reuters Terms & Conditions and Privacy Statement