, Europe

Weekly Global News Wrap: US banks’ profits to fall; Crypto lender Celsius goes bankrupt

And UBS appoints Iqbal Khan as head of its wealth management division.

From Reuters:
The second quarter profits of US banks are expected to fall sharply compared to Q2 2021 on increased loan loss reserves, as banks brace for the possibility of a recession.

Analysts expect JPMorgan Chase & Co will report a 25% drop in profit on Thursday, and Citigroup and Wells Fargo to show 38% and 42% profit declines, respectively on Friday, according to Refinitiv I/B/E/S data.

Bank of America Corp, which like its peers has big consumer and business lending franchises, is expected to show a 29% drop in profit when it reports on July 18.
 
From Bloomberg:
Crypto lender Celsius Network filed for Chapter 11 bankruptcy in New York, a month after it froze customer withdrawals.

In a statement, the embattled crypto firm said that it initiated proceedings voluntarily to get the opportunity “to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders."From

From Reuters:
Swiss bank UBS has named Iqbal Khan as the sole head of its global wealth management division.

Khan will take over when co-president Tom Naratil steps down in October.

Naureen Hassan, the second-ranking officer at the New York Federal Reserve, will replace Naratil in his second role as president of UBS Americas.

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.