Beleaguered Public Pension Funds Make Record Gains in Second Quarter
Double-digit stock gains gave a welcome boost to investment returns of many public pension funds, yet many remain far off long-term targets.
AIG Swings to Quarterly Loss
Global insurer American International Group swung to a loss for the second quarter driven in part by substantial costs tied to the pandemic.
Manhattan Prosecutor Seeking Trump Taxes Says Request Is Justified
The Manhattan district attorney's office says it is justified in seeking financial documents from President Trump and his company as part of a complex investigation into alleged insurance and bank fraud.
Commerzbank Names New Chairman, Defying Big Investor Cerberus
German lender Commerzbank appointed former state bank executive Hans-Jörg Vetter as its new chairman, ignoring opposition from its second-largest shareholder, Cerberus Capital Management.
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.
Hedge-Fund Launches Pick Up Despite Pandemic
Hedge-fund manager Gaurav Kapadia has raised more than $1 billion in committed capital for his new firm, XN, according to people familiar with the fund, and is up 7.4% after fees in its public investments since its July 1 start.
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.
