Credit Suisse Group AG reported its fourth straight loss as its investment bank continued to struggle, wealthy clients fled and the lender booked a charge related to a critical overhaul that’s been in the making for months. The net loss of 4.03 billion Swiss francs ($4.08 billion) in the three months through September included a 3.7 billion-franc impairment of deferred …

JPMorgan Chase & Co. is building out teams that handle card transactions and other payments for businesses by recruiting staff across key Asian markets amid the boom in digital commerce. The New York-based lender has begun providing services within its merchant-acquiring unit in Australia, India, Japan, Singapore, South Korea and New Zealand this year, with Hong Kong planned by the …

The European Central Bank (ECB) is searching for ways to stop lenders from profiting unduly as it raises interest rates to combat record inflation. The issue concerns about €2.1 trillion ($2 trillion) of ultra-cheap loans, known as TLTROs, that were granted at the height of the pandemic to keep credit flowing and stave off deflation. While the initiative was successful, …

Meta Platforms Inc shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $520 billion in the past year, and now it’s on the brink of getting booted from the ranks of the 20 largest US companies. The punishment shows no signs of easing anytime soon. Meta’s stock is down …

Chinese stocks in Hong Kong extended their recovery from a rout earlier this week, as investors focused on a slew of earnings and awaited further policy guidance following the Party congress. The Hang Seng China Enterprises Index, a gauge of Chinese equities trading in Hong Kong, climbed 0.5%. The third day of advance helped pare losses from a historic 7.3% …

L’Oreal SA said there are signs that shoppers are trading down to cheaper skincare products in fresh evidence that soaring inflation is eroding household budgets. The change in consumer behaviour is most pronounced in the UK “where the inflation is the highest,” with trading down affecting the skincare category there but not haircare nor fragrance, said Chief Executive Officer Nicolas …

Some bondholders of Hong Kong Airlines are seeking to block a $6.2 billion debt restructuring plan, which they say treats them unfavorably compared with the company’s owner and its affiliates. The ad-hoc group, representing some holders of perpetual notes and advised by law firm Allen & Overy, will vote down a proposal to reduce the debt of the embattled carrier …

After ending its partnership with Ye’s Yeezy label last month, Gap Inc. is now pulling all remaining Yeezy Gap products from its stores and online after the rapper and designer made antisemitic remarks. In a statement, Gap said it would take immediate steps to remove Yeezy Gap items and shut down e-commerce site YeezyGap.com. It now redirects to Gap.com. Last …

Air Canada agreed to expand a plane order from Airbus SE as the carrier looks to enlarge bits fleet amid the post-Covid rebound in air travel. The carrier said it’s adding 15 A220-300 jets by converting options into firm orders, according to a statement that confirmed an earlier report by Bloomberg News. The order follows a deal closed in 2016 …

UBS Group AG posted a robust quarter on the back of surging rates and cost control, enabling the Swiss bank to confirm a plan to return around $5.5 billion to investors this year. UBS said net income in the three months to September was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue …