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All articles tagged with #financial services

Corebridge and Equitable Forge $22B All-Stock Merger to Create a $1.5T AUM Financial Platform
business16 days ago

Corebridge and Equitable Forge $22B All-Stock Merger to Create a $1.5T AUM Financial Platform

Corebridge Financial and Equitable Holdings announced an all-stock merger valued at about $22 billion to form a leading retirement, life, wealth and asset management platform with roughly $1.5 trillion in assets under management and over 12 million customers. The combined company will trade under the Equitable brand as EQH, be headquartered in Houston, and after closing (targeted for year-end 2026) will be owned about 51% by Corebridge and 49% by Equitable. Marc Costantini (Corebridge) will serve as CEO and Mark Pearson (Equitable) as executive chair, with a 14-member board and Robin Raju (Equitable) as CFO. The deal is expected to deliver immediate earnings-per-share accretion, generate meaningful cash flow and run-rate synergies of over $500 million by 2028, and expand scale through alliances such as AllianceBernstein.

via Business Wire|
#alliancebernstein#assets-under-management#business
Jefferies clears First Brands exposure with a $10m hit amid ongoing legal scrutiny
business16 days ago

Jefferies clears First Brands exposure with a $10m hit amid ongoing legal scrutiny

Jefferies posted $2.9B in Q1 revenue and a $156M net income, but took a $10M loss after writing its direct exposure to collapsed car-parts supplier First Brands to zero (total exposure, $17M including Market Financial Solutions). The First Brands financing, off‑balance sheet through Point Bonita, is linked to a broader legal fight and SEC probe into disclosures to investors. Western Alliance has sued Jefferies over a related loan, and shares have fallen this year amid takeover talk from Sumitomo Mitsui Financial Group.

via Financial Times|
#business#financial-services#first-brands-group
Retail private credit stalls on a liquidity paradox
markets1 month ago

Retail private credit stalls on a liquidity paradox

FT’s Unhedged argues that retail private credit is structurally illiquid: redemptions and fund liquidity constraints threaten the model even as asset quality remains unthreatened, potentially capping growth and forcing internal support in downturns. The piece also notes Korea’s volatile week driven by AI hype and high margin debt, with governance and AI as long‑run positives but continued near‑term volatility.

via Financial Times|
#financial-services#korea#markets
Treasury, Industry Unveil Practical AI Cybersecurity Toolkit for Banking
technology1 month ago

Treasury, Industry Unveil Practical AI Cybersecurity Toolkit for Banking

The U.S. Treasury, in support of the AI Action Plan, led a public-private collaboration to release six resources in February through the Artificial Intelligence Executive Oversight Group, aimed at strengthening governance, data practices, transparency, fraud prevention, and digital identity for AI in the financial system. The tools prioritize practical, non-prescriptive guidance to help financial institutions—especially small and mid-sized ones—adopt AI securely and more resiliently while promoting innovation.

via U.S. Department of the Treasury (.gov)|
#ai-governance#cybersecurity#financial-services
Trump escalates bid to curb CFPB amid cost-of-regulation claims
us-politics-and-policy1 month ago

Trump escalates bid to curb CFPB amid cost-of-regulation claims

The Trump administration has stepped up its bid to dismantle the CFPB, citing a White House–Council of Economic Advisers analysis that its rules have raised borrowing costs for Americans—estimates range from about $237 billion to $369 billion—while court rulings have kept the agency operating during litigation; Democrats counter with different cost calculations and highlight CFPB gains, noting the agency has returned nearly $20 billion to consumers and secured $5 billion in fines, but critics say the regulatory burden has restricted credit and driven up costs.

via Financial Times|
#consumer-financial-protection-bureau#donald-trump#financial-services
Goldman Sachs Promotes 638 to Managing Director Amidst Gender and Regional Shifts
business5 months ago

Goldman Sachs Promotes 638 to Managing Director Amidst Gender and Regional Shifts

Goldman Sachs promoted 638 employees to managing director, about 5% more than in 2023, with over 70% from revenue-generating divisions, reflecting a strong year for dealmaking and trading. The new class includes 27% women, with diversity statistics also provided, and the promotions are part of Goldman Sachs' biennial leadership advancement process.

via Business Insider|
#business#corporate-leadership#financial-services
Wall Street Bonuses Expected to Rise Again Amid Tech and M&A Boom
business5 months ago

Wall Street Bonuses Expected to Rise Again Amid Tech and M&A Boom

Bonuses in the financial sector are expected to rise significantly this year, with equity traders and investment bankers seeing the largest increases in a decade, driven by higher revenues and increased demand for talent, while Goldman Sachs partners emphasize a focus on talent and people. Meanwhile, notable transactions and personnel changes highlight ongoing shifts in the industry.

via eFinancialCareers|
#bonuses#business#financial-services
South Africa's Outsourcing Boom Turns Sector into Goldmine
business5 months ago

South Africa's Outsourcing Boom Turns Sector into Goldmine

South Africa's outsourcing sector, especially in financial services, has become a significant economic contributor, creating thousands of jobs and offering lucrative opportunities for young professionals, despite challenges like education quality and regional disparities. The industry is expected to continue growing, with potential expansion across Africa, providing hope and economic upliftment for many South Africans.

via BBC|
#business#education#financial-services