Citigroup Inc said on Friday its Russian unit had agreed to sell a portfolio of personal installment loans to commercial bank Uralsib, as the major U.S. lender looks to retreat from the country and reduce its exposure to Russia.
Investors took advantage of a wipeout in U.S. tech stocks this week to snap up equities, even though this sector is one of the most vulnerable as major central banks keep hiking rates, Bank of America Global Research said on Friday.
China's largest lenders have posted third-quarter profit rises of more than 4% as their diverse lending portfolios kept them above the fray of property market woes.
The Swiss National Bank endorses the measures Credit Suisse has taken to transform the embattled Swiss bank and shore up its capital, SNB Vice Chairman Martin Schlegel said.
Life Insurance Corp of India (LIC) is planning to transfer nearly $22 billion from policy holders' funds into a fund earmarked to pay dividends or issue bonus shares, two sources said on Friday, as the country's largest insurer aims to shore up both its own net worth and investor confidence.
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.
The Bank of Japan kept ultra-low interest rates on Friday and maintained its dovish guidance, cementing its status as an outlier among global central banks tightening monetary policy, as recession fears dampen prospects for a solid recovery.
The likelihood of a euro zone recession is rising but the European Central Bank needs to keep raising interest rates as inflation remains high and projections may even need to be raised, Lithuanian policymaker Gediminas Simkus said on Friday.
Amundi posted net outflows of 12.9 billion euros ($12.86 billion) in the third quarter, the French asset manager said on Friday, hurt by weak markets and concern about the economic outlook following the war in Ukraine.
NatWest's shares fell as much as 9% on Friday after the British bank warned of rising costs, and as its third-quarter results were hit by a deteriorating UK economic outlook that prompted an increase in bad debt provisions.
