Bank of America's wealth unit is losing financial advisers who cannot meet performance targets because their books of business are too small, Chief Executive Brian Moynihan said on Monday.
"I don't see a chance that this is an independent company in 24 months," Ross Levinsohn said.
Legal & General has increased the price of its property fund, saying conditions have stabilised since the week in which several similar funds suspended trading.
Santander is ploughing a further $100m (£75.3m) into its venture fund to invest in fintech startups around the world.
A huge payday.
A new round of cuts coming ?
Known for hiring hundreds of people every year.
Goldman Sachs’s fixed-income traders were supposed to take back market share in the second quarter, halting years of declines. That now looks harder, after JPMorgan and Citigroup blew past analysts’ estimates last week.
Deutsche Bank said two investment vehicles of members of the Qatari royal family, which are among its biggest shareholders, increased their stakes in the company after the stock slid.
Britain’s vote to leave the European Union will probably reduce global investment banks’ revenue by about $8bn and could push securities firms to exit some trading businesses, according to a report by the Boston Consulting Group.
London now has the second most over-valued property market in the world, beaten only by Vancouver in Canada, according to a new “Bubble index” compiled by Swiss bank UBS.
Commerzbank aims to cut around 9,000 jobs in the next few years and will scrap its 2016 dividend as part of efforts to reduce costs in the face of negative interest rates, a source close to the bank's supervisory board said on Tuesday.
Deutsche Bank shares plunged to a new record low today, dropping 7.5 per cent to close at €10.55, prompted by reports in Focus magazine over the weekend that German Chancellor Angela Merkel has ruled out state assistance for the bank.