Financial Services and Banking

Reuters | |

JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase.

The venture — JPMorgan's first overseas retail bank — is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed.

Kimberly Redmond | |

Authorities in the US and Germany are investigating Deutsche Bank’s asset management arm DWS Group following allegations that the firm exaggerated the use of sustainable criteria to manage its assets.

The probe was launched after DWS Group’s former head sustainability officer, Desiree Fixler, told The Wall Street Journal earlier this month that the $1 trillion Frankfurt-based asset manager overstated its environmental, social and governance (ESG) investing efforts.

Kimberly Redmond | |

Walmart Inc (NYSE: WMT) is launching a new delivery service business, Walmart GoLocal, which enables other merchants to tap into the retail giant’s delivery platform to get orders to their customers.

In a press release Tuesday, Walmart said the B2B offering provides small and large retailers alike a new option for last-mile delivery — the final leg of an online order’s route to a customer’s doorstep — and will be ready in time for the busy holiday shopping season.

Reuters | |

Cryptocurrency exchange Binance said on Friday it would demand stricter background checks on customers to bolster efforts against money laundering, with immediate effect, a move that comes after weeks of pressure by regulators globally.

Binance, the world's biggest crypto platform, has faced warnings and business curbs from financial watchdogs from Britain and Germany to Japan, who are concerned over the use of crypto in money laundering and risks to consumers.

Reuters | |

Digital lender Kakao Bank Corp made a stunning debut on Friday, surging 79% from its IPO price to become South Korea's biggest financial services firm by market value.

It is the first online-only bank in Asia to go public, according to a person who worked on the deal - a milestone that has prompted frenzied demand, particularly as Chinese listings have fallen out of favour in the wake of regulatory crackdowns.

AP News | |

Robinhood’s stock will begin trading Thursday on Wall Street, the very place the online brokerage has rattled with its stated goal of democratizing finance.

Through its app, Robinhood has introduced millions to investing and reshaped the brokerage industry, all while racking up a long list of controversies in less than eight years.

Kimberly Redmond | |

JP Morgan Chase & Co (NYSE: JPM) gave its chief executive officer Jamie Dimon new stock options to entice him to lead the banking giant for a few more years.

The bank’s board of directors granted Dimon a retention bonus in the form of 1.5 million options that he can exercise in 2026, according to a filing with the US Securities and Exchange Commission.

Reuters | |

Seven in 10 institutional investors expect to invest in or buy digital assets in the future, although price volatility is the main barrier for new entrants, a study by Fidelity's cryptocurrency business found.

More than half of the 1,100 institutional investors surveyed globally by Coalition Greenwich on behalf of Fidelity Digital Assets between December and April said they had digital asset investments.

Reuters | |

Morgan Stanley reported a more than 11% jump in quarterly profit on Thursday, as its investment banking business benefited from record levels of activity in deal making and capital markets.

The Wall Street bank said its net income applicable to common shareholders rose to $3.4 billion, or $1.85 per share, in the second quarter ended June 30 from $3.05 billion, or $1.96 per share, a year earlier.

Reuters | |

BlackRock Inc, the world's largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company's funds, boosting its assets under management to new highs.

BlackRock's assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier.