breaking financial news
- Finance
Bank of America CEO says dealmaker fees down by up to 60% in fourth quarter
Bank of America chief executive, Brian Moynihan, said that investment banking fees at the bank will slide by up to 60%…
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What Celsius Network’s bankruptcy case means for other failed crypto platforms
The judge overseeing Celsius Network’s bankruptcy case is expected to decide if the crypto firm has full ownership rights over…
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Fintech Files: BlockFi bust, ex-Celsius directors tell all, Tory super-crypto donor does it again
Just when you thought crypto couldn’t get more chaotic, another firm has filed for bankruptcy — lender BlockFi. The firm was one of…
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Activist who called for Credit Suisse break-up says latest overhaul isn’t enough
An activist investor who called for Credit Suisse’s break-up five years ago said that the Swiss bank’s new overhaul “barely scratches…
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‘The labour market is still hot’ — what economists say about the numbers
This section is Presented This section was produced by the editorial department. The client was not given the opportunity to…
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Here’s where the jobs are for November 2022 — in one chart
The U.S. job market beat expectations again in November, adding 263,000 payrolls led by the service sector. Leisure and hospitality…
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Payrolls and wages blow past expectations, flying in the face of Fed rate hikes
An employee works at the BMW manufacturing plant in Greer, South Carolina, October 19, 2022. Bob Strong | Reuters Job…
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The unbearable uselessness of crypto
Andrés Velasco, a former presidential candidate and finance minister of Chile, is dean of the School of Public Policy at…
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FTX’s Sam Bankman-Fried says he didn’t know scale of bad Alameda bets
Sam Bankman-Fried said that he didn’t intend to commit any fraud or use customer funds to back leveraged bets that…
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Blackstone sells stake in MGM Grand, Mandalay Bay as Las Vegas icons valued at $5.5bn
Blackstone has agreed to sell its 49.9% stake in two Las Vegas hotels in a deal that values the properties at…
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Canadians hold back spending on Black Friday, Cyber Monday deals as sales drop
Breadcrumb Trail Links Retail & Marketing News Economy Online sales were down eight per cent year over year to $280.8…
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Fed hikes and a stronger dollar are fueling risks of political instability in Africa
ACCRA, GHANA – NOVEMBER 05: Ghanaians march during the ‘Ku Me Preko’ demonstration on November 5, 2022, in Accra, Ghana.…
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Job openings fall in October amid Fed efforts to cool labor market
Workers sort packages at a FedEx Express facility on Cyber Monday in Garden City, New York, on Monday, Nov. 28,…
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‘Grow up,’ ex-Celsius directors warn crypto as BlockFi joins bankruptcy club
Two former directors of the collapsed crypto lender Celsius Network have a warning for digital assets firms wishing to avoid…
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Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession
Tesla Motors CEO Elon Musk unveils a new all-wheel-drive version of the Model S car in Hawthorne, California October 9,…
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Jupiter agrees performance fee cut on Chrysalis trust after managers’ payouts slammed
Performance fees charged by the well-known Chrysalis investment trust have been slashed after its managers came under criticism last year for the size…
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Transitory inflation talk is back. But economists say higher prices are here to stay
Prices of fruit and vegetables are on display in a store in Brooklyn, New York City, March 29, 2022. Andrew…
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FTSE Russell launches first crypto-based index series
FTSE Russell has launched its first index series covering the digital asset market. The firm said it had worked with crypto…
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‘Frankly, I want to grow trade:’ Experts weigh in on Canada’s first Indo-Pacific strategy
This section is Presented This section was produced by the editorial department. The client was not given the opportunity to…
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Hedge funds shift to decentralised platforms after FTX collapse
Hedge funds are increasingly turning towards private wallets and self-custody after FTX’s collapse showed up the risk of relying on…
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BlockFi files for bankruptcy as crypto rout claims latest victim
Cryptocurrency lender BlockFi filed for bankruptcy on 28 November, making it the latest major digital assets company to fail since…
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Trading Places: RBC’s new Germany sponsor head, Morgan Stanley’s Franck Petitgas steps down, Allen & Overy bolsters team
This week marked Financial News’ celebration of 100 women who made the cut to be on a ranking of Europe’s most…
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Businesses relieved as Trudeau’s $2.3-billion Asia strategy leaves room to deal with China
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UK fund manager profit squeeze set to shrink bonuses by 20%
Some of the UK and Europe’s largest fund management houses have seen assets under management shrink this year as volatile…
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Alberta forecasts smaller surplus as Danielle Smith opts to spend some of the oil windfall
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Sean Fraser: ‘Unacceptable’ that immigrant surgeons are working as taxi drivers
This section is Presented This section was produced by the editorial department. The client was not given the opportunity to…
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Top women in finance gather for celebration at FN headquarters
Some of the most senior women in European financial services gathered together at Financial News‘ headquarters last night for a dinner…
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Meet Denis Okema — the ex-political refugee now fighting to diversify the investment industry
SEI Investments director Denis Okema fled his home country as a political refugee after he was the target of an…
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Litigation funder Harbour targets $400m war chest to invest in legal cases
Harbour Litigation Funding is gearing up to raise a new $400m fund to invest in legal cases. The litigation finance…
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FTX hires former regulators to investigate what led to the crypto giant’s bankruptcy
Cryptocurrency exchange FTX, whose recent collapse has led to questions about lacking regulatory oversight, has hired a fitting team to…
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U.S. Blocks Dominican Republic Sugar Imports, Citing Forced Labor
Charity Ryerson, the executive director at Corporate Accountability Lab, a Chicago-based human rights organization, said the restrictions would be a…
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Morgan Stanley names new leaders for European financial sponsors unit in dealmaker shake-up
Morgan Stanley has installed new heads of its financial sponsors business in Europe, the latest changes at the US bank,…
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Bank of Canada’s Carolyn Rogers flags first-time homebuyers facing ‘trigger rates’ as risk
This section is Presented This section was produced by the editorial department. The client was not given the opportunity to…
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BoE ‘will need to extend’ gilt support, says ex-pensions minister
Former Conservative pensions minister Baroness Ros Altmann says it is “highly likely” the Bank of England will need to continue…
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Roiling British markets push pension funds into real-time firefighting
Pension funds, used to thinking in decades, have been thrown into real-time firefighting mode by the crisis roiling British markets.…
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Hedge funds fall for Dubai over lower tax rates, softer regulation — portfolio managers want in
London hedge funds are joining a trend of investment firms looking towards Dubai for expansion, lured by lower tax rates, softer…
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ESG indices jump 50% but new investors are still unsure
ESG futures indices are booming, but many new investors are still not confident enough to back them. CME Group’s global head…
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Alvarez & Marsal hires ex-Lloyds heavyweight to bolster financial services unit
Former Lloyds Banking Group senior executive Adrian Walker has joined professional services firm Alvarez & Marsal to strengthen its financial…
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JPMorgan’s investment banking fees slide by 47% as dealmaking boom tumbles
Investment banking fees at JPMorgan slipped by 47% during the third quarter, kicking off what is expected to be a…
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Liz Truss U-turns on plan to scrap corporation tax increase
Prime minister Liz Truss announced a U-turn on the government’s plans to cut corporation tax, shortly after installing new chancellor…
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Bankers brace for job cuts after fees plunge at JPMorgan, Morgan Stanley and Citi
Dealmakers face an anxious final three months of 2022, as investment banks face growing pressure to cut costs after a…
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Liberum pushes equity research into the US with Raymond James tie-up
City investment bank, Liberum, is pushing its equity research into the US through a tie-up with Florida-headquartered bank, Raymond James.…
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Hargreaves Lansdown chief Chris Hill to step down
Hargreaves Lansdown has announced that chief executive Chris Hill will retire from the company after six years at the helm.…
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Kirkland poaches Clifford Chance London M&A partner as infrastructure push continues
Kirkland & Ellis poached Clifford Chance’s infrastructure co-head in London as it builds out a team in the sector in…
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Why Bain’s private equity head thinks the sector should get ‘back to basics’
A leadership transition at consulting firm Bain & Co., which has advised private equity firms and their portfolio companies for…
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Credit Suisse dealmaking chief Christian Meissner set to exit as bank readies overhaul
Credit Suisse’s investment banking boss Christian Meissner is to leave the firm in the coming weeks, according to reports. The…
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Banker bonus cap wasn’t working, says new Chancellor Jeremy Hunt
The UK government’s plan to remove the cap on City bonuses is going ahead, new Chancellor Jeremy Hunt confirmed. “I…
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Abrdn, Amundi, Aviva Investors: FTX collapse a ‘major setback’ for crypto uptake
Heavyweight fund groups including Abrdn and Aviva Investors said other big name investors that have steered clear of cryptocurrencies will be extra…
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Hunt postpones worst fiscal pain and hoped-for City reforms
On the whole, the chancellor’s Autumn Statement was rather understated. Jeremy Hunt unveiled a huge package of tax and spending…
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JPMorgan dealmaking veteran Carlos Hernandez to retire
JPMorgan executive Carlos Hernandez, the leader of the bank’s investment banking staff and a member of Jamie Dimon’s inner management…
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