Citigroup Profit Falls 73%
The New York bank's second-quarter profit fell 73%, weighed down by the $7.9 billion the bank set aside for potentially rising loan losses.
Wells Fargo Swings to First Loss in More Than a Decade
The San Francisco-based bank lost $2.38 billion in the second quarter
JPMorgan Sets Aside Billions to Cover Coronavirus Loan Losses
The bank's profit dropped 51% in the latest quarter as it set aside $10.47 billion to cover potential losses on loans to borrowers hurt by the pandemic.
Oat-Milk Company Draws Investment From Blackstone-Led Group Including Oprah
Swedish oat-milk maker Oatly has sold a $200 million stake to a group led by private-equity giant Blackstone Group that includes Oprah Winfrey, Natalie Portman, former Starbucks chief Howard Schultz and the entertainment company founded by Jay-Z.
Fed's Williams: SOFR Rate System Has Performed Well During Crisis
Federal Reserve Bank of New York President John Williams said that a replacement for the scandal-plagued Libor interest-rate reference regime has fared well amid the stresses seen in the financial system during the coronavirus pandemic.
Bridgewater Loses Claims It Brought Against Ex-Employees
The firm lost an arbitration dispute with two former investment staffers who started their own hedge fund, a rare setback for Bridgewater that could hamper its ability to limit ex-employees' options after they leave.
Financial Services Roundup: Market Talk
The latest Market Talks covering Financial Services
Hedge Fund Challenges Latam Shareholders to Finance Airline's Bankruptcy
Hedge fund Knighthead Capital Management and other investors challenged a proposed loan to carry Latam Airlines Group through bankruptcy, saying the rescue financing would enrich some of the company's largest shareholders.
London Banks Urged to Pay Reparations for Links to Slavery
The Black Lives Matter movement is reinvigorating a yearslong campaign to push some of London's oldest financial institutions to pay reparations to the descendants of slaves.
Jefferies Names Barclays Executive as New Finance Chief
The former CFO of Jefferies, Peg Broadbent, died from complications related to Covid-19-the disease caused by the novel coronavirus-in late March.
