'This Is Not a Normal Recession': Banks Ready for Wave of Coronavirus Defaults
The largest U.S. banks signaled that the worst of the coronavirus recession is yet to come, opting to stow away tens of billions of dollars to prepare for an expected wave of loan losses.
Fed's Brainard Sees Substantial Economic Risks and Slow Recovery
Fed governor Lael Brainard said the broad recovery seen in recent months was due largely to "rapid and sizable fiscal support," such as one-time relief payments and unemployment insurance benefits that are set to expire in the coming weeks.
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.
New Zealand Banks Tighten Lending to Hard-Hit Industries
New Zealand banks have tightened lending to industries worst hit by the pandemic and expect lower demand for credit despite easier monetary conditions, according to a central bank survey.
