Australia's Macquarie Group Ltd has overtaken Goldman Sachs to break into the top three banks for commodities business, having significantly expanded its U.S. energy operations in recent years while rivals cut back. More »
Investors have been piling into currency-hedged equity tracker funds, seeking protection against big moves in foreign exchange rates. More »
People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. The dollar was stuck near its lowest level in more than a year against the euro on Wednesday while stocks edged higher in light trading ahead of Janet Yellen’s testi... More »
Picture of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 6, 2017. REUTERS/Staff/Remote World stocks are poised to end the week at six-week lows in the face of oil weakness, a spike in bond yields and anticipation of... More »
FILE PHOTO: The logo of the Commonwealth Bank of Australia (CBA) is displayed outside a branch in Sydney, Australia, March 21, 2016. REUTERS/David Gray/File Photo Surprise taxes levied on Australia’s banking sector are frightening off potential foreign investo... More »
FILE PHOTO: New home construction is seen in San Diego, California, U.S. on August 21, 2015. REUTERS/Mike Blake/File Photo U.S. mortgage lenders are bracing for rockier times as consumers demand for home loans slows and competition in the mortgage industry int... More »
Lisa Schiff, New York based art advisor looks at the artwork ‘Rob Pruitt’s Official Art World/Celebrity Look-Alikes from 2016/2017’ by US artist Rob Pruitt at the Unlimited exhibition during the Art Basel in Basel, Switzerland June 13, 2017. REUTERS/Moritz Hag... More »
Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 13, 2017. REUTERS/Staff/Remote Stocks rose on Wednesday, but worries about stretched valuations and caution before a near-certain rate hike by t... More »
FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul’s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall/File Photo Global investors are distinguishing between the UK and the rest of Europe as ... More »
Prudential Financial Inc shareholders on Tuesday approved the company’s compensation for executives and sided with directors in rejecting a proposal that would require an independent board chairman. More »
Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel Credit Suisse (CSGN.S) has taken out adverts in British Sunday newspapers stressing a zero-tolerance policy on tax evasion, as the Swiss bank tries to limit ... More »
The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo Grupo BTG Pactual SA’s stock is undervalued based on its ability to outperform peer banks in Latin America, where investment-ba... More »
U.S.-based venture capital firm Blockchain Capital LLC said on Thursday it plans to raise $50 million for a third fund through capital from its partners and a sale of its own digital tokens. More »
FILE PHOTO – A Bitcoin sign is seen in a window in Toronto, May 8, 2014. REUTERS/Mark Blinch/File Photo Dreyfuss More »
The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland January 18, 2017. REUTERS/Arnd Wiegmann Credit Swiss will transfer its Swiss asset management business to a new entity due to begin operations under its own license at th... More »
A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville London Stock Exchange (LSE.L) said its proposed merger with Deutsche Boerse AG (DB1Gn.DE) was unlikely to be approved by the European... More »
FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. REUTERS/Jason Lee/File Photo China’s securities regul... More »
The offices of international finance companies are seen in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh Commodities-related revenue at the 12 biggest investment banks fell by 7 percent last year, mainly due t... More »
The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File Photo Managers of BlackRock Inc’s (BLK.N) largest mutual fund, fearing Trump administration policies could hurt technology companies with hefty for... More »
FILE PHOTO: Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017. REUTERS/Kevin Coombs/File Photo Rock-bottom interest rates hurt more big European banks in 2016 than in the previous year, but the worst could soon be over with... More »
FILE PHOTO: The Canary Wharf business district is seen reflected in windows at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville/File Photo Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory... More »
A man enters the Credit Suisse offices in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermid Credit Suisse (CSGN.S) on Tuesday posted a 2.35 billion Swiss franc ($2.34 billion) net loss for the fourth quarter on the back of a U... More »
Natixis SA appointed Jean Raby chief executive of Natixis Global Asset Management, effective Feb. 20. More »
FILE PHOTO: Gold granules at the Austrian Gold and Silver Separating Plant ‘Oegussa’ in Vienna April 16, 2013. REUTERS/Heinz-Peter Bader/File Photo Fears of inflexibility and rising costs are sapping enthusiasm for the London Metal Exchange’s new suite of gold... More »
FILE PHOTO – Mohamed El-Erian speaks during the ”Financial Recovery: When and How?” panel at the 2009 Milken Institute Global Conference in Beverly Hills, California April 27, 2009. REUTERS/Phil McCarten/File Photo Global growth could be better than expected i... More »
An Alcoa aluminum plant in Alcoa, Tennessee, U.S. is seen in this April 8, 2014 file photo REUTERS/Wade Payne/File Photo Plans to provide government support to keep open a 30-year-old aluminum smelter in Australia owned by Alcoa (AA.N) have made “progress”, pa... More »
Post-trade provider the Depository Trust & Clearing Corporation (DTCC) will use blockchain technology this year to rebuild its platform that processes $11 trillion worth of credit default swaps, as Wall Street intensifies efforts to take advantage of the emerg... More »
Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, in this picture illustration taken January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo Global equity raising fell by more than a quarter in 2016, data s... More »
A woman shows her phone operating Ant Check, an Alibaba-linked platform, at a cafe in Beijing, China, April 11, 2016. REUTERS/Shirley Feng/File Photo Ma Yiqing, 24, is typical of China’s younger generation – he uses his credit card frequently and borrows from ... More »
The Credit Suisse logo is seen at the headquarters in Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini/File Photo Credit Suisse on Friday said it would lower investors’ hurdle to redeeming two popular exchange-traded notes, used to bet on the price of o... More »
Investors are paying a price for not finding buyers for popular exchange-traded notes (ETN), used to bet on oil prices, that delisted from U.S. exchanges this week. More »
Banks involved in the blockchain consortium R3 CEV have expressed interest in investing $59 million in the company’s first funding round, less than half its overall target, a person close to the deal said on Friday. More »
Amundi CEO Yves Perrier poses during a ceremony for the debuts of Europe’s top asset manager on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France, November 12, 2015. REUTERS/Jacky Naegelen Italian bank U... More »
A fisherman repairs nets in Maputo, Mozambique, September 26, 2016. REUTERS/Grant Lee Neuenburg/File Photo Mozambique’s finance minister has a plan to deal with a debt crisis that threatens to derail one of Africa’s most promising frontier economies but invest... More »
The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz in Zurich, Switzerland November 3, 2016. REUTERS/Arnd Wiegmann Credit Suisse reported an unexpected net profit for a second quarter in a row on Thursday though the surprise was... More »
The logo of Swiss bank Credit Suisse is seen below the Swiss national flag at a building in the Federal Square in Bern May 15, 2014. REUTERS/Ruben Sprich/File Photo Credit Suisse has agreed to pay 109.5 million euros ($119 million) in taxes and penalties to se... More »
U.S. Democratic presidential nominee Hillary Clinton speaks at a voter registration rally at Wayne State University in Detroit, Michigan, U.S. October 10, 2016. REUTERS/Lucy Nicholson A longtime political adviser to Hillary Clinton last year urged her presiden... More »
The Deutsche Bank headquarters are seen in Frankfurt, Germany October 28, 2015. REUTERS/Kai Pfaffenbach/File Photo Deutsche Bank (DBKGn.DE) is throwing its energies into reaching a settlement before next month’s presidential election with U.S. authorities dema... More »
The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File Photo BlackRock Inc (BLK.N), the world’s largest asset manager, will offer infrastructure funds for the first time through independent financial ad... More »
A red traffic light is pictured in front of the Deutsche Bank headquarters in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach While possibly Europe’s biggest “pain trade”, fund managers are under pressure to buy banking stocks despite the deep ... More »
The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, in this October 12, 2010 file photo. REUTERS/Lucy Nicholson/File Photo JPMorgan retained its place at the top of ... More »
A federal appeals court on Friday rejected an investor’s attempt to revive lawsuits accusing major U.S. exchanges of selling early access to market data to high-frequency traders, the subject of Michael Lewis’ 2014 best-seller “Flash Boys.” More »
LONDON Swiss private bank EFG International (EFGN.S) now expects to pay 1.05 billion Swiss francs ($1.08 billion) to buy rival BSI from Grupo BTG Pactual SA (BBTG11.SA), almost 300 million francs less than previously announced. EFG hopes the BSI tie-up, origin... More »
MILAN Italian bank Monte dei Paschi di Siena has secured underwriters to back a turnaround plan involving the sale of 9.2 billion euros ($10.3 billion) in bad loans and a 5 billion euros capital increase, the lender said in a statement on Friday. The country’s... More »
NEW YORK Big U.S. brokerages are redefining the term “wealthy” in their pursuit of ever-richer clients to prop up margins eroded by historically low interest rates and growing regulatory burdens. Brokerages owned by Morgan Stanley, Bank of America Corp and Wel... More »
ZURICH/MOSCOW Credit Suisse plans to close its booking platform for its private banking business in Russia, the bank said on Monday, the latest move in a major restructure by Switzerland’s second-largest lender. “Credit Suisse has revised its private banking o... More »
ZURICH Credit Suisse (CSGN.S) predicted on Tuesday financial markets would remain tough, after the Swiss bank started the year with a quarterly loss for the first time since 2008 amid a major restructuring. The result, which comes as Chief Executive Tidjane Th... More »
NEW YORK BlackRock Inc is accelerating its push in Latin America, making plans for its first launch of a private equity infrastructure fund targeting that market, a company document showed. The launch is anticipated this year, according to the document, an inf... More »
ZURICH Credit Suisse (CSGN.S) is placing asset management under the twin direction of its wealth management and Swiss banking divisions, it said on Sunday, announcing a further strategy rejig after a shake-up in October. Switzerland’s second largest bank will ... More »
WASHINGTON The U.S. Treasury Department inched closer on Friday toward finalizing a rule requiring banks to identify the legal owners of shell companies, a move it hopes will help prevent illegal financial activities such as money laundering. The White House’s... More »
(This version of the April 4th story fixes spelling of analyst name in 13th paragraph) By Joshua Franklin ZURICH On Jan. 19, Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam contacted the head of the Swiss bank’s markets business asking for more details ab... More »
SINGAPORE Scanning a bank statement into a computer may not sound particularly high-tech, but it’s unsettling some of Asia’s private bankers. By aggregating all the monthly statements mailed to high net worth individuals on the multiple accounts they hold at d... More »
BERN/GENEVA Banking watchdogs across Europe have begun checking whether lenders have ties to a massive document leak from Panama that showed how offshore companies are used to stash clients’ wealth. Switzerland’s financial watchdog FINMA said on Thursday that ... More »
ZURICH Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam received 18.9 million Swiss francs ($19.4 million) from the Swiss bank in 2015 even after he asked to have his bonus cut by 40 percent, according to its annual report published on Thursday. Thiam, who... More »
ZURICH A slump in investment banking revenues pushed Credit Suisse (CSGN.S) to accelerate its cost-cutting plan as Chief Executive Tidjane Thiam admitted he had been unaware of trading positions that triggered more big writedowns in the first quarter. Switzerl... More »
NEW YORK S&P Dow Jones Indices is negotiating with asset managers to license its new index, which it says represents companies that focus on the long term rather than the current quarter. The Long-Term Value Creation Global Index .SPLTVCUN could be the basis f... More »
ZURICH Credit Suisse (CSGN.VX) Chief Executive Officer Tidjane Thiam has asked the bank’s board to cut his 2015 bonus by between 25 percent and 50 percent, the Financial Times reported on Monday, after the bank posted a 2.94 billion Swiss franc ($2.96 billion)... More »
WASHINGTON Barclays (BARC.L) and Credit Suisse (CSGN.VX) have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, federal and New York state officials said ... More »
NEW YORK BlackRock Inc said on Friday it will change the benchmarks on four iShares Treasury exchange-traded funds (ETFs) from Barclays’ Treasury bond indexes to ICE’s Treasury bond indexes, effective on or after March 31. The four iShares ETFs affected by the... More »
FRANKFURT Chinese investment group Fosun has withdrawn its offer for wealth management group BHF Kleinwort Benson, the Belgian stock market regulator said on Friday. Fosun had offered 5.10 euros per share for BHF, but its bid was challenged by French private b... More »
BRUSSELS EU antitrust regulators have dropped charges against 13 banks including Citigroup and Deutsche Bank for blocking exchanges from derivatives markets, but will continue their case against data company Markit and trade body ISDA. The European Commission ... More »
SAO PAULO The reliance of Brazil’s Grupo BTG Pactual SA on market funding may pose an immediate challenge for new boss Persio Arida, who sought to calm clients on Friday after its shares fell for a third straight day. The São Paulo-based investment bank tapped... More »
In the race to compete with low-cost, online algorithm-based investing services, financial advisers are constantly bombarded by sales pitches about the latest and greatest in financial technology. And they’re buying. In North America, adviser spending on digit... More »
NEW YORK Fidelity Investments is building an automated portfolio-management service for individual investors, joining a growing group of money and brokers that have bought or designed such “robo-advisers,” a spokesman for the firm said Friday. The platform, ca... More »
BEIJING/HONG KONG Google, part of Alphabet Inc (GOOGL.O), aims to launch the China version of its Google Play smartphone app store next year, according to people familiar with the matter, its first major foray in the market since ending localized product suppo... More »
LONDONBanks struggled again to make money trading bonds, currencies and commodities in the third quarter, as regulatory changes squeezed liquidity and intensified the pressure to cut costs, staff and activity. Revenue and profit fell for most of the world’s ma... More »
FRANKFURT Deutsche Bank Chief Executive John Cryan will present details of a deep overhaul of Germany’s biggest lender on Thursday, hoping his changes will please investors after rival Credit Suisse’s plan drew a tepid response. One top 30 institutional shareh... More »
ZURICH/LONDON When Tidjane Thiam unveils his plans for Credit Suisse on Wednesday the Swiss bank’s new chief executive will likely rest his case on three Cs: capital, cuts and charm. Thiam will show his hand after taking the reins at Zurich-based Credit Suisse... More »
NEW YORK Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. ... More »
NEW YORK The financial sector is expected to be a bright spot for U.S. earnings growth in the third quarter, but options traders are playing it safe by snapping up protection against any surprises. Market volatility tends to rise during earnings season, and wi... More »
The U.S. Supreme Court’s June decision to legalize same-sex marriage did not eliminate the unique financial planning needs of lesbian, gay, bisexual and transgender (LGBT) clients. For years, same-sex couples in domestic partnerships needed financial advisers ... More »
ZURICH Swiss bank Credit Suisse plans to tap investors for a “substantial” capital raising to fund a restructuring of the bank under new Chief Executive Tidjane Thiam, the Financial Times said on Thursday. Since taking charge of Credit Suisse in July, Thiam ha... More »
Now that the U.S. Federal Reserve has held back again on interest rates, advisers are taking advantage of attractive financing options before that window begins to close. Mortgaging property when rates are low is well-known advice. But unprecedented transparen... More »
As the fall wedding season begins, advisers should make sure they have a comprehensive plan to help clients who are getting married. Advisers need to look at the big picture, like if the couple’s retirement goals align, and the nitty gritty, such as insurance ... More »
NEW YORK Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank’s plans. A lack of in... More »
College and professional athletes may be clients financial advisers love to get, but many also find good homes on the other side of the desk. Penn Mutual Life Insurance Company, for example, is discovering that its three-year, $1.5 million sponsorship, through... More »
Credit Suisse Group AG (CSGN.VX) is in talks to settle allegations related to its Crossfinder “dark pool” trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with... More »
Australia’s Macquarie Group (MQG.AX) is entering the U.S exchange-traded fund market making business, officials told Reuters in an interview. Market makers provide ETF issuers with an array of services, including providing seed capital and distribution. They u... More »
SAO PAULO HSBC Holdings Plc (HSBA.L) agreed to sell its Brazilian unit to Banco Bradesco SA (BBDC4.SA) for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe’s No. 1 bank said in a statemen... More »
SAO PAULO Swiss lender UBS AG made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil’s currency market and will receive no punishment in the case, a local newspaper reported on Friday. The investigation, which involv... More »
