Fed Official Warns Pandemic Response Is Hobbling Economic Rebound

Boston Fed President Eric Rosengren said a recent slowdown in U.S. economic activity is likely to persist because of difficulties states have encountered in suppressing the coronavirus pandemic. 


 
Goldman Sachs Vies for GM's Credit Card, Betting on Connected Cars

The Wall Street firm is among a small number of bidders for the auto maker's credit-card business, which has about $3 billion in outstanding balances, according to people familiar with the matter. Barclays is also in the running. 


 
This European Digital Bank Is Prospering in the Pandemic

Shares of an Italian internet bank which doesn't operate a traditional branch network are soaring, bucking a broader downward trend. 


 
Two U.S. Agencies Examining Investments Sold by Crowdfunding Site YieldStreet

Two U.S. agencies are looking into investments sold by YieldStreet, an online platform that pitches itself as giving people the chance to get in on deals usually reserved for the largest investors. 


 
ABN AMRO Launches Corporate Banking Overhaul

ABN AMRO plans to streamline its business and exit all non-European corporate banking activities, as the Dutch bank reported a EUR5 million net loss for the second quarter. 


 
Financial Services Roundup: Market Talk

The latest Market Talks covering Financial Services 


 
Commercial Properties' Ability to Repay Mortgages Was Overstated, Study Finds

Many borrowers are struggling because of the coronavirus. The study showed that even during normal economic times, mortgaged properties' net income often falls short of the amount underwritten by lenders. 


 
High-Speed Trader Virtu Discloses $6.9 Million Hacking Loss

Virtu Financial is suing Axis Insurance to get the insurer to cover the May loss, in which fake emails were used to send fraudulent wire transfers to bank accounts in China. 


 
Commonwealth Bank Cash Earnings Slide on Covid-19 Impairments

Commonwealth Bank of Australia will pay a final dividend, despite seeing its cash earnings slide partly due to a provision for the expected impacts of the ongoing coronavirus pandemic. 


 
Prudential to Exit U.S. Business

Prudential PLC said it plans a full separation of its U.S. arm in order to focus on growth opportunities in Asia and Africa, as it reported a slight fall in first half operating profit to $2.54 billion.