Russia's economy contractions slows down to 10.9% in May
Russia's economy declined by 10.9% in May, year-on-year, data showed on Friday, following a sharper fall of 12% in April when the country was locked down to combat the coronavirus.
Finance
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Piraeus Bank hires advisers to auction off $7.8 billion of bad loans: sources
Piraeus Bank has hired JPMorgan and UBS to sell two portfolios of soured loans worth about 7 billion euros as it scrambles to clean up its balance sheet and tackle a new debt crisis triggered by the novel coronavirus, sources told Reuters.
JPMorgan gets China's nod for first fully foreign-owned futures business
China on Thursday approved JPMorgan's application to operate the first fully foreign-owned futures business, as the world's second-largest economy pushes ahead with opening its multi-trillion-dollar financial market.
Ex-Morgan Stanley diversity officer says bank slashed her budget by 71%
A lawyer representing a former Morgan Stanley diversity officer who is suing the bank over racial discrimination said on Wednesday the bank cut her client's budget for promoting diversity and financial education by 71% from the time she started in wealth management to 2019.
HSBC revives 35,000 job cut plan after pandemic pause
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
Cerberus vows no let up in push for change at Commerzbank
Cerberus will use "alternative paths" to force leadership change at Commerzbank if it continues to resist calls to reform, the activist investor said in a letter to Germany's second-biggest bank seen by Reuters on Tuesday.
Intesa, BPER revise terms to try to clear antitrust hurdles to UBI deal
Italy's Intesa Sanpaolo has agreed to sell more branches and assets to rival BPER to try to overcome antitrust objections to its proposed takeover of UBI Banca .
Commerzbank preparing to make more job cuts: board member
Commerzbank will announce "considerably" more branch closures and job cuts when it lays out its strategy review in August, a member of the bank's supervisory board said on Monday.
Recovery rally has further to run, so buy stocks: Morgan Stanley
Stock market gains have further to run and investors are still under-pricing the scale of the world's coronavirus recovery, investment bank Morgan Stanley said in an outlook note.
Tesla at $1,000: too much too soon for some analysts
Top Wall Street brokerages Goldman Sachs and Morgan Stanley downgraded their ratings on Tesla Inc saying the electric carmaker's shares were overpriced, two days after the high-flying stock crossed $1,000 per share.
Business News
Apple to shut some U.S. stores again due to rising COVID-19 cases
Apple Inc said on Friday it is temporarily shutting some stores again in Florida, Arizona, South Carolina, and North Carolina in the United States, as novel coronavirus cases continue to rise in the country.