The U.S. Federal Reserve on Thursday released scenarios for its annual bank health checks which will assess how well 32 large lenders would fare under a severe economic shock, including a U.S. jobless rate of 10% and a collapse of real estate prices.
Canada’s largest insurer Manulife Financial Corp on Thursday extended its goal to account Asia unit for half of its core earnings by 2025 by 2 years, citing the pandemic and a change in accounting method.
The New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil , after a review of the companies’ readiness to transition to a low-carbon economy, New York Comptroller Thomas DiNapoli, who oversees retirement assets, said.
New York Community Bancorp has more than $18.7 billion in reciprocal deposit capacity to offer its customers expanded deposit insurance, the lender said on Thursday, as it looks to win investor confidence after a steep selloff in its shares.
The Reserve Bank of India has ordered Visa to stop using an unauthorized route to make business-to-business (B2B) card payments, two sources familiar with the matter said on Thursday, the latest clampdown by the financial regulator in the fast-changing payment sector.
U.S. banks could lose up to $35 billion in revenues in 2025 under current proposals for new capital rules that could “relevel the playing field” for European lenders, a study showed on Thursday.
European banks have about 1.4 trillion euros ($1.50 trillion) in loans to the troubled commercial property industry, amid a steep fall in office prices on both sides of the Atlantic and investor concerns about lenders’ ability to handle the risk.
Ukraine has refused to remove Raiffeisen Bank International from a “sponsors of war” blacklist, challenging the biggest Western bank in Russia to sever its ties to Moscow.
Germany’s Commerzbank on Thursday posted its biggest profit in 15 years in 2023, a 55% increase from the previous year, as it benefited from higher interest rates, and the lender said it was aiming for another profit rise in 2024.
City National Bank, the American unit of Royal Bank of Canada , has cut around 100 jobs after recent financial losses, management changes and a regulatory fine of $65 million.
