Bank of America’s third-quarter profit dropped as it paid more to customers to hold their deposits, but its earnings beat estimates, driven by investment banking and trading. The gains echoed those at rival JPMorgan Chase, Goldman Sachs and Citigroup, which...
Singapore’s economy grew 4.1% year-on-year (y-o-y) in the third quarter of 2024, much faster than the 2.9% growth in the previous quarter, according to official advance estimates. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 2.1%, stated the...
Citi's Token Services for Cash has gone live, enabling institutional clients to move money between branches around the world 24/7. Citi Token Services for Cash processes multimillion dollar transactions and provides clients with 24/7, always-on cross-border liquidity and payments between...
JPMorgan Chase’s third-quarter profit dropped as it set aside more money to cover potential loan defaults, while rising interest payments and investment banking revenue lifted its shares before the market open. Banks are building up stockpiles – which act as...
Russia is pushing for the creation of a new cross-border payment system for Brics countries as part of a scheme that would help the country to evade financial sanctions and reduce its reliance on the US dollar. A report on...
Japanese payments company Infcurion is planning an initial public offering (IPO) in Tokyo in 2025 as the company looks to accelerate its growth including through mergers and acquisitions (M&A). Last month Infcurion said it secured backing from Sumitomo Mitsui Financial...
Global merchandise trade turned upwards in the first half of 2024 with a 2.3% year-on-year increase, which should be followed by further moderate expansion in the rest of the year and in 2025, according to Global Trade Outlook for...
Wells Fargo’s profit beat analysts’ expectations in the third quarter, helped by resilience in wealth management and lower provisions for credit losses, which sent its shares up 3.5 per cent before the bell. The bank, however, forecast a bigger-than-expected 9...
BlackRock pulled in US$160 billion of client cash to its long-term investment funds last quarter, pushing the world’s largest money manager to a record US$11.5 trillion of assets as it seeks to become a one-stop shop for stocks, bonds...
New Zealand's central bank has slashed its benchmark interest rate by 50 basis points after its monetary policy meeting, marking a second straight cut to its benchmark interest rate. The cut brings the Reserve Bank of New Zealand's interest rate...
