Bloomberg JPMorgan Chase & Co. raised the stake in its Chinese securities joint venture to 71%, taking a step closer to becoming the first foreign bank to attain full ownership of a firm as the country opens its $50 trillion financial market. The bank bought a 20% stake put up for sale by Shanghai Waigaoqiao FTZ for 177.7 million yuan …

Bloomberg The largest US banks are less healthy than they appear, boosted by temporary accounting and capital-relief measures as well as massive market support from the Federal Reserve, an advocacy group said. Although the six biggest banks’ leverage ratios reported at the end of June averaged almost 2 percentage points above the regulatory minimums, the actual average would have been …

Bloomberg Westpac Banking Corp.’s full-year profit plunged after the lender was hit with a record fine for breaching anti-money laundering laws, and the coronavirus-induced recession swelled bad-debt charges. Cash earnings fall 62% to A$2.61 billion ($1.8 billion) in the 12 months ended September 30, the Sydney-based bank said in a statement. The results include a previously disclosed A$1.2 billion charge …