Citigroup Profit Falls 34%
The bank set aside billions of dollars in the third quarter to cover potential losses in the coronavirus recession. Still, the results were better than the second quarter's and topped analyst expectations.
Delta Says Air Travel Recovery Still Far Off Amid Pandemic
Delta Air Lines said its losses were mounting, as the coronavirus pandemic looks likely to continue weighing on travel for years, but it offered cautious optimism that demand is starting to return.
JPMorgan Profit Shows Resilience in Face of Covid-19
The largest bank in the U.S. by assets set aside just $611 million for potential future loan losses, compared with $10.47 billion in the previous quarter.
Royal Caribbean Could Idle More Vessels
Royal Caribbean Group said it could reassess the employment of its U.S. shoreside workforce, including those coming back from furlough, and idle more ships as it seeks to cut costs in the event of a prolonged sailing hiatus
J&J Vaccine Pause Shows Challenges Still Ahead for Covid-19 Shots
The suspension of Johnson & Johnson's trials poses another setback for global efforts to develop a shot to protect lives and jump-start economies battered by the pandemic, as well as a reminder of the challenges of fast-tracking vaccine development.
BlackRock's Third-Quarter Profit Climbs on Steady Inflows, Higher Fee Revenue
Money-management giant BlackRock Inc.'s quarterly profit rose 22% as investors turned to many of its funds to quickly get into markets as well as try to beat them.
Maersk Lifts Guidance, Will Cut 2,000 Jobs in Restructuring
The shipping company lifted its full-year guidance, noting a faster-than-expected rebound in shipping volumes and freight rates, but it will take a $100 million restructuring charge in the third quarter to cover the costs of cutting 2,000 jobs.
Blackstone-Backed Lender Is Set for IPO
Finance of America Equity Capital, a Blackstone Group-backed consumer-lending platform, is set to go public with a $1.9 billion valuation in a merger with blank-check company Replay Acquisition.
Uber, Lyft Have a Lot Riding on Election Day
Gig-economy companies Uber and Lyft have spent millions toward avoiding reclassification of their drivers in California, all of which could be rendered worthless come Election Day.
Tencent Powers Up With a Game-Streaming Super Platform
China's two largest game-streaming companies will merge into a Twitch-like giant under the control of Tencent, giving the company another avenue to promote its wares.
(END) Dow Jones Newswires
10-13-20 0915ET
