Exclusive: Goldman Sachs to cut asset management investments that weighed on earnings
Goldman Sachs Group Inc’s asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank’s earnings, an executive told Reuters.
Exclusive: Morgan Stanley to slash 2022 banker bonuses in Asia by up to half
Morgan Stanley plans to slash investment bankers’ annual bonuses by as much as 50% in Asia, said two people with direct knowledge of the matter, as the Wall Street firm reins in costs to tackle tough market conditions that have hit its revenue.
Spain’s Iberdrola to invest $47 bln in energy transition in 2023-25
Spain’s Iberdrola will invest 47 billion euros ($47 billion) in electricity networks, renewable energy production and customer businesses over the next two years but protecting its balance sheet is a key focus, its chairman said on Wednesday.
Analysis: Cracks appear in Credit Suisse comeback plans
After months of reflecting, Credit Suisse’s chairman Axel Lehmann revealed an overhaul “to rebuild Credit Suisse as a strong … bank with a firm foundation, rock-solid like our Swiss mountains”. It did not take long for the first cracks to appear.
Canada’s Scotiabank profit rises on lending strength in international unit
Bank of Nova Scotia reported third-quarter profit a touch below estimates on Tuesday, but earnings rose from a year earlier as strong loan growth, particularly in its international business helped offset challenges in its wealth and capital markets units.
Bank of America posts drop in quarterly profit as dealmaking slumps
Bank of America Corp (BAC.N) posted a nearly 34% drop in second-quarter profit on Monday, hit by a slump in investment banking revenue as dealmaking activity was at a fraction of last year’s record levels.
Explainer: Washington holds key to Russia’s sovereign default
The prospect of a Russia sovereign default is moving centre stage again with a deadline for a U.S. license allowing Moscow to make payments expiring on May 25 and $100 million in interest payments due shortly after.
Explainer: Can Russia pay its creditors, and what happens if not?
Russia is due to pay $117 million in interest on two dollar-denominated sovereign bonds on Wednesday – the first such payments since its invasion of Ukraine which sparked a raft of sanctions from Western capitals and countermeasures from Moscow.
Analysis: China’s real estate woes sap property investment products
Chinese investors are abandoning an age-old attachment to property investment products and seeking returns in equities and other corners of the capital markets, as the authorities crack down on the debt-fuelled property sector.
