Asset and wealth manager Northern Trust reported a 17% drop in second-quarter profit on Wednesday, as lower fee-based income dragged down gains from a boost in interest income.
US Bancorp forecast full-year net interest income (NII) below Wall Street estimates, sending the lender's shares down more than 1% in premarket trading on Wednesday.
Goldman Sachs' profit dropped 60% in the second quarter, missing Wall Street forecasts, as its retreat from consumer businesses and declining investment values reduced its earnings by $1.4 billion.
Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, a senior executive told Reuters.
M&T Bank Corporation beat Wall Street estimates for second-quarter profit on Wednesday, as the U.S. Federal Reserve's rapid rate hikes to tame inflation boosted the lender's interest income.
French bank Societe Generale has become the first company in France to obtain a license for crypto services, as a growing number of mainstream financial companies embrace crypto globally this year.
Credit Suisse is set to launch a new round of layoffs which may impact more than 40 employees in one of its China units, two people with direct knowledge of the matter said, as the now subsidiary of former Swiss rival UBS cut costs following its takeover last month.
U.S. financial technology companies are tightening their lending standards, a move that has bolstered their access to debt financing from Wall Street investors, according to industry executives.
Consolidation within the global wealth management sector will speed up while managers continue to face regulatory challenges, a report based on a global survey by Citigroup showed.
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