Morgan Stanley on Friday disclosed a loss of almost $1 billion from the collapse of private fund Archegos Capital Management, undercutting an otherwise upbeat 150% jump in first-quarter profit. The Wall Street giant was one of six banks that had exposure to Archegos, a family office fund run by controversial former hedge fund manager Bill
JPMorgan Chase & Co said on Thursday that it will commit $2.5 trillion towards sustainability and development initiatives over the next decade. $1 trillion of the pledged funding has been earmarked solely for investment in green projects, including renewable energy and clean technologies. The $2.5 trillion target for investment, which begins in 2021 and will
Coinbase, the US’s largest cryptocurrency exchange, reached a valuation of over $100 billion on its first day of public trading on Wednesday. The company was valued at $99.6 billion when trading opened, with stocks priced at $381 apiece. This price would later fall to $328.28, but not before reaching the $100 billion milestone. Read More
US stock indexes were set to rise on Wednesday following positive earnings reports from investment banks. JPMorgan Chase & Co and Goldman Sachs Group Inc both beat analysts’ expectations for first-quarter profit. Goldman saw its overall investment banking revenue jump 73% to $3.77 billion, the highest amount seen since 2010. The bank managed to effectively
Non-essential shops and services have reopened across England and Wales as lockdown rules are eased across the UK. Gyms, hairdressers and zoos can now reopen, while pubs and restaurants are able to host customers in outdoor areas. Prime Minister Boris Johnson has urged people taking advantage of the eased restrictions to “behave responsibly” and continue
Covid-19 has had a profound financial impact on everyone, with 40% of people experiencing a pandemic-related income shock. While some can fall back on their savings or access credit to soften the blow, it can be much more damaging for those who are financially excluded. This consequence can be severe and far-reaching – affecting someone’s
The Biden Administration has proposed sweeping tax reforms to the OECD intended to limit multinational corporations’ ability to move profits overseas, in addition to a worldwide minimum corporate tax rate. Plans leaked to the Financial Times showed that the administration is pushing for multinational corporations to be taxed not only on the basis of where
Being faced with long-term illness or disability is incredibly stressful, and can cause serious implications for your finances. For those who have become financially vulnerable due to ongoing illness, or are looking for ways to plan for unexpected circumstances, business growth consultant Daniel Groves has compiled some the resources that can help. Read More
Amsterdam-based tech investor Prosus NV netted $14.6 billion overnight from the sale of a 2% stake in Tencent, the company announced on Thursday. A filing from Tencent at the Hong Kong Stock Exchange revealed that Prosus had sold 191.89 million shares at HK$595.00 per share. “Our belief in Tencent and its management team is steadfast,
In the world of finance, the convergence of two institutions – outside of an M&A – is uncommon. Beyond this, we rarely see two financial brands come together for a common cause. However, when it does happen, it’s critical that they present a clear and unified proposition if they are to achieve success. And the
Credit Suisse will overhaul the leadership of its investment bank and risk division following the collapse of hedge fund Archegos Capital, which the firm estimates will cost it $4.7 billion. In a statement on Tuesday, the firm said it would take a hit of 4.4 billion Swiss francs from “the failure by a US-based hedge
Unsurprisingly, financial services firms and their troves of sensitive data were a big target for threat actors in 2020. The rapid shift to remote work, coupled with insufficient budgets and a lack of training and awareness to mitigate attacks, led to an increased risk for many sectors. Despite the need for cybersecurity and the cost
