U.S. Federal Reserve Chairman Jerome Powell takes questions from reporters during a press conference after the release of the Fed policy decision to leave interest rates unchanged, at the Federal Reserve in Washington, U.S, September 20, 2023. Evelyn Hockstein | Reuters UBS expects the U.S. Federal Reserve to cut interest rates by as much as … Read more
A pedestrian walks pass a branch of Industrial & Commercial Bank of China (ICBC) in Fuzhou, Fujian province of China. VCG | Getty Images The U.S. financial services division of Chinese bank ICBC was hit with a cyberattack that reportedly disrupted the trading of Treasurys. ICBC, the world’s largest lender by assets, said on Thursday … Read more
HSBC is the largest bank in Europe by total assets. Nicolas Economou | Nurphoto | Getty Images HSBC on Wednesday announced it will offer custody services for tokenized securities, making the British bank the latest major institution to embrace digital assets. HSBC is using technology from Swiss crypto custody firm Metaco, which was recently acquired … Read more
A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, July 26, 2023. Brendan McDermid | Reuters The world’s major central banks paused their interest rate hiking cycles in … Read more
The Nasdaq MarketSite in New York, June 9, 2023. Michael Nagle | Bloomberg | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here. … Read more
A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. Denis Balibouse | Reuters UBS on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse. Analysts polled by Reuters had anticipated the Swiss banking giant would record quarterly net loss of … Read more
NEW YORK, NEW YORK – MARCH 05: A view of the skyline with The Trump Tower and Federal Hall on Wall Street in Downtown Manhattan on March 05, 2021 in New York City. (Photo by Roy Rochlin/Getty Images) Roy Rochlin | Getty Images Entertainment | Getty Images This report is from today’s CNBC Daily Open, … Read more
“Buy-now, pay-later” firm Klarna aims to return to profit by summer 2023. Jakub Porzycki | NurPhoto | Getty Images Buy now, pay later firm Klarna has established a holding company in the U.K. that will sit at the top of its corporate structure, in a symbolic move that paves the path for an eventual listing. … Read more
CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC. Alex Wong | Getty Images When Citigroup CEO Jane Fraser announced in September that her sweeping corporate overhaul would result in an undisclosed number … Read more
DBS branch in Hong Kong. Budrul Chukrut | SOPA Images, LightRocket | Getty Images Southeast Asia’s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment. During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to SG$2.24 billion a year ago. … Read more