Banks’ restructuring, expansion efforts seen closing gap with U.S. giants. While Wall Street’s big investment banks have been outperforming their European rivals, that gap is expected to narrow over the next couple of years, says Fitch Ratings. In a new report,...
Its third-quarter profit increases to US$2.99 billion, from US$2.06 billion in the corresponding period a year earlier. Goldman Sachs’ profit has jumped 45 per cent in the third quarter, as the investment bank benefited from a rebound in dealmaking. It joined...
Clients can request pricing quotations and get responses digitally. Standard Chartered has introduced Autoquote, digital request quote module (RFQ), on its digital banking platform Straight2Bank. Autoquote enables clients globally to request pricing quotations for their letters of credit (LC) confirmation and...
Fidelity International has launched what it believes is the first globally available ‘blue transition’ bond fund. Kris Atkinson and Shamil Gohil manage the Fidelity Funds 2 – Blue Transition Bond Fund and have a combined 42 years’ experience. According to Fidelity,...
The non-oil GDP growth in Saudi Arabia remains strong in the second quarter, recording a 4.9% increase year-on-year. Lead indicators such as non-oil PMI remains healthy driven by jobs creation and new orders. Other high frequency data such as cement...
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...
