News Highlights: Top Financial Services News of the Day

This article was originally published on this site

Morgan Stanley Profit Rises, Powered by Deal Making, Trading 

The New York bank said third-quarter profit rose 36%.

Citigroup Profit Jumps 48% After Releasing Rainy-Day Funds 

The bank, which reported a third-quarter profit of $4.64 billion, freed up $1.16 billion it had set aside for bad loans early in the pandemic. The quarterly result beat analyst expectations.

Bank of America Profit Rises on Higher Interest Income 

The second-largest U.S. bank earned $7.69 billion in the third quarter, as it benefited from a rebound in net interest income. The quarterly result topped analysts’ expectations.

Wells Fargo Profit Rises 59% on Reserve Release 

The bank’s quarterly profit beat analyst expectations, lifted by a release of funds it had set aside for potential loan losses during the pandemic, but revenue fell 2%.

Fund to Let Retail Investors Bet on Early Tech Startups 

Regulators typically limit the purchase of private shares to individual investors with a net worth of more than $1 million or annual income above $200,000.

Junk Loans Shine as Investors Pile Into Riskiest Parts of CLOs 

The riskiest securities tied to collateralized loan obligations returned over 29% to investors through August, beating major stock indexes.

EU's Debut Green Bond Underpins Growth Prospect of Green Debt Issues 

Blockbuster demand for the European Union’s inaugural green bond issuance earlier this week highlights the vast growth prospect this market segment has in the foreseeable future, Credit Agricole CIB, one of the lead managers of the transaction, told Dow Jones Newswires on Thursday.

U.S. SPAC Frenzy Inspires a Reboot in Asia 

SPACs have lost some luster in America, but stock exchanges in Singapore and Hong Kong are betting the vehicles will boost their allure to global investors and startups in the region.

Bitcoin Fans Flock to the Futures Market 

The premium on bitcoin futures has doubled this month as investors wager that the SEC will soon approve the first futures-based bitcoin ETF.

Evolution Equity Banks $400 Million for Second Fund 

The firm’s focus on cybersecurity helped draw new investors from Asia and the Middle East.


(END) Dow Jones Newswires

October 14, 2021 11:15 ET (15:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.