Bloomberg JPMorgan Chase & Co. has appointed veteran dealmaker Houston Huang to lead its Chinese securities venture as the Wall Street firm steps up expansion in the country. Huang will become chief executive officer and head of investment banking for JPMorgan Securities (China) Co., according to an internal memo seen by Bloomberg News. He will be responsible for implementing the ...

Bloomberg Wall Street’s worst fears about the fallout from Covid-19 are receding. Three of the biggest US lenders — JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. — cut their combined reserves for losses on loans by more than $5 billion, helping fourth-quarter profit top estimates even as they faced headwinds from low interest rates. While posting ...

Bloomberg Hong Kong police have arrested seven current and former bank staff in the city in an alleged money laundering case involving HK$6.3 billion ($810 million) in dirty money flows over the past four years. Five men and two women, between the ages of 30 and 37, were arrested, the police said in a statement on Wednesday after making raids ...

Bloomberg Bank of America Corp. (BofA) said it plans to repurchase $2.9 billion worth of stock this quarter, the most it can under new Federal Reserve guidelines. The buybacks come on top of its 18-cent dividend and $300 million in repurchases that offset stock awards, the bank said in a statement that came ahead of its fourth-quarter results. Bank of ...

Bloomberg Zimbabwean banks have closed about 17% of their branches as an escalation in the number of coronavirus infections spurs lenders to shut their doors for the time being and accelerate a digitisation drive. Of the 300 branches in the country, 10% were permanently closed last year due to the digitisation push. An additional 23 branches are now temporarily under ...

Bloomberg India’s troubled shadow banks face mounting challenges to a nascent recovery from pandemic, with their asset quality set to deteriorate further as flagged by the financial regulator. Non-performing assets already swelled in the most recent data to the highest in at least five years, at 6.3% as of March 2020 even before the worst of the pandemic impact, the ...

Bloomberg European stocks tracked US equity futures higher on Wednesday, buoyed by earnings and hopes for more stimulus. The dollar extended its retreat. Nasdaq futures rallied and tech shares led gains in the Stoxx 600 Index following strong earnings from Netflix Inc. and chipmaker ASML Holding NV. S&P 500 contracts edged higher a day after US Treasury Secretary nominee Janet ...

Bloomberg Donald Trump’s presidency promised a more confrontational approach towards China. While he certainly achieved that, he also helped create a winner in Taiwan’s stock market. The Taiex benchmark surged 92% in US dollar terms since Trump’s inauguration on January 20, 2017, the best performance among 93 global gauges tracked by Bloomberg and far beating the MSCI All-Country World Index’s ...

Bloomberg India stocks rise, buoyed by prospects of earnings growth. The S&P BSE Sensex climbed 0.3% to 49,568.70 as of 10:01 am in Mumbai, while the NSE Nifty 50 Index advanced 0.4%. Both measures are set to gain for a second day. Foreign fund purchases have pushed India’s key equity gauges to successive new records this year, while all five ...

ABU DHABI / WAM Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, said that the Arab world’s problems cannot be resolved without key players on the regional and global scene collaborating to strengthen “the spirit of solidarity and unity while addressing the menacing threats to peace and security.” This came as the UAE minister delivered the statement ...