State Street reported record net inflows of $103 billion in its Global Advisors unit in the fourth quarter, which also saw a jump in fees earned from managing client assets, sending shares of the custodian bank up 5% in premarket trading on Friday.
Huntington Bancshares reported a 62% fall in fourth-quarter profit on Friday, hurt by a $214 million charge related to replenishing a government deposit insurance fund and a decline in the lender’s income from interest on loans.
Fifth Third Bancorp posted a 30% drop in quarterly profit and warned of a lower net interest income in 2024 as sluggish loan growth and higher deposit costs pressure the bank’s margins.
Four U.S. banks warned of lower interest income for this year on Friday, capping a week of dour commentary from the industry that has been under pressure from high deposit costs.
Travelers Cos said on Friday its fourth-quarter profit more than doubled, powered by stronger underwriting, higher investment returns and lower catastrophe losses, sending the shares of the insurer up 6% in premarket trading.
Hedge fund Bridgewater Associates’ China business is set to grow to about 40 billion yuan ($5.56 billion) following a fresh round of fundraising, a source familiar with the matter said, marking a doubling of assets over the past year while local rivals have struggled.
Citigroup CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank’s sweeping overhaul, according to two sources familiar with the situation, as it eliminated more leadership roles this week.
Two major U.S. regional banks raised a total $4.75 billion selling bonds on Thursday, on the back of strong demand in a sign that fixed income investors are no longer jittery about regional banks after the March banking crisis.
