Société Générale Retreats From Risky Structured Products

Société Générale, stung by coronavirus-related trading losses earlier this year, plans a retreat in its investment banking unit and posted a surprise loss, even as rivals thrived on the increase in stock and bond trading. 


 
HSBC Profit Slumps on Coronavirus, Trade Tensions

HSBC's net profit plummeted in the second quarter as the impact of the coronavirus pandemic complicated the bank's efforts to refocus on Asia while dealing with rising U.S.-China political tensions. 


 
SocGen Reports Another Quarterly Loss

Societe Generale vowed to cut costs in its global markets business after the lender swung to an unexpected loss of EUR1.26 billion in the second quarter, as it set aside more money for potential loan losses. 


 
GCM Grosvenor to Merge With Cantor Fitzgerald SPAC

GCM Grosvenor is merging with a special purpose acquisition company in a deal that will take the Chicago asset manager public. 


 
Financial Services Roundup: Market Talk

The latest Market Talks covering Financial Services 


 
Fed Weighs Abandoning Pre-Emptive Rate Moves to Curb Inflation

The U.S. central bank is preparing to effectively abandon its strategy of pre-emptively lifting interest rates to head off higher inflation, a practice it has followed for more than three decades. 


 
Bitcoin Is Riding High Again as Investors Embrace Risk

The market boom that pushed stocks, bonds and commodities to their best combined four-month spurt in decades has found its way into the most notoriously volatile and speculative asset on the planet: bitcoin. 


 
Wells Fargo Sold Assets Amid Market Turmoil to Stay Within Fed's Limits

Wells Fargo unloaded hundreds of millions of dollars of assets during this spring's market collapse to stay out of trouble with the Federal Reserve. 


 
Fintech Varo Money Gets Rare Green Light to Become Bank

Financial-technology firm Varo Money said it had received a national bank charter, clearing the final hurdle in its quest to become a bank 


 
Why Some Small Businesses Are Breaking Up With Their Banks

When their regular banks didn't come through with PPP loans, some business owners moved their money to smaller rivals.