China’s Economy ‘Not Going Over a Cliff,’ JPMorgan Says
Its GDP growth is slowing to 7.5% from a 10-year average of 9.9%, according to a JPMorgan portfolio manager.
10 Biggest Banks in the World (*With a Footnote)
SNL Financial released its first ranking of 100 biggest banks, but noted that their respective accounting regimes affected placement.
SEC Enforcement Roundup: Hedge Fund Manager Fined $44 Million in China Scheme
Among recent enforcement actions taken by the SEC were charges against a Miami-based entrepreneur for defrauding investors.
China Construction Considering Dim Sum Bond Issue
The second largest bank in China is considering using London as the venue for an issue of yuan-denominated bonds for offshore sale.
Spain Downgraded, Seen Asking for Bailout Saturday
Fitch cut Spain’s credit rating by three notches late Thursday, leaving it two levels above junk, and Friday morning word circulated that the country would ask for a bailout on Saturday.
Q3 Earnings: BofA Tops Estimates as Merrill Boosts Advisor Count
Net inflows of client assets were nearly $2 billion in the third quarter for the wealth-management unit vs. outflows of about $2.5 billion last year.
Can Bank of America Survive Another Beating?
The once nearly orphaned Merrill Lynch is BofA’s most successful business unit and it is its corporate parent that looks to be near the precipice.
BofA Sells Half Its Stake in Chinese Bank for $8.3 Billion
Bank of America said Monday it was selling about 13 billion common shares, or 5%, of China Construction Bank to a group of investors for some $8.3 billion in cash and an after-tax gain of $3.3 billion.