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Bank of America’s financial planning app draws US$55 billion over two-plus years

BANK of America Corp’s (BofA) digital personal finance tool, Life Plan, has attracted more than US$55 billion in new money since its launch in late 2020, as customers use technology to set financial goals.

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FDIC hires Newmark to sell US$60 billion of Signature Bank loans

THE Federal Deposit Insurance Corporation (FDIC) hired real estate advisory firm Newmark Group to sell about US$60 billion of Signature Bank loans, after the bank’s collapse into receivership amid turmoil that engulfed regional lenders.

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JPMorgan, Goldman plan to start trading private credit loans

WALL Street banks are looking to start trading private credit loans as they seek to make inroads into the lucrative world of direct lending, a potential first step that could ultimately reshape the largely buy-and-hold market.

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Partners in Singapore unite on cleaner shipping

The shipping industry drives global trade and has long helped to accelerate the growth of maritime hubs like Singapore. The Lion City is the busiest container transhipment port globally and is consistently ranked as the world’s leading port, and top maritime centre, by the Xinhua-Baltic index.

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China Life profit falls 37% on stock market slump, Covid impacts

CHINA Life Insurance said profit fell 37 per cent last year as a stock-market rout eroded investment returns while Covid lockdowns and outbreaks hampered sales.

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Investors pull US$1.6 billion from Binance after CFTC lawsuit

INVESTORS withdrew US$1.6 billion of cryptocurrency from crypto exchange Binance since it was sued by the US CFTC on Monday (Mar 27), blockchain data tracker Nansen said on Wednesday.

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Bank of Singapore appoints Ranjit Khanna as global market head of Middle East

INDUSTRY veteran Ranjit Khanna will join Bank of Singapore as its global market head of Middle East and chief executive of its Dubai International Financial Centre (DIFC) branch, the bank announced on Wednesday (Mar 29).

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The only cure for the bank-run contagion is time, but the damage is already done

THE current banking crisis proves that – even after reforms brought on by the Great Depression and the global financial crisis – the financial system has few defences against periodic bouts of primal fear.

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BOE says global investors’ appetite for risk is falling sharply

THE Bank of England said global investors are reining in their appetite for risk sharply due to turmoil in the financial system, and that more than half of respondents to a survey early this year are braced for a “high-impact” event.

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UBS brings back Ermotti as CEO to oversee Credit Suisse deal

UBS Group is bringing back Sergio Ermotti as chief executive officer to oversee the complicated acquisition of Credit Suisse Group, replacing Ralph Hamers after a tenure that lasted just over two years.

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