News Highlights: Top Financial Services News of the Day

08/05/2020 | 12:16am
Insurers Report Mixed Results From Covid-19 

Two giant sellers of insurance to consumers-Allstate and Prudential Financial-reported results that reflected the far-ranging impact of Covid-19.

Blackstone Joins Clearlake and Insight in Backing Software Maker Diligent 

Blackstone Group is joining investors in Diligent in a deal that values the maker of corporate-governance software at north of $4 billion.

RBC Seeks to Pump Up Its AI Models With a New Platform 

Its new AI private cloud can analyze more than 13 million client records in under 20 minutes, the bank says.

Turkish Lira's Borrowing Cost Shoots Up on Offshore Markets 

The interest rate attached to swapping dollars for lira reached 1,000%, traders said, as Turkey restricted access to a currency that was once a darling of emerging-market investors.

KKR Reports Second-Quarter Profit Amid Financial-Market Recovery 

The result marked a rebound for the asset-management company after it logged a large first-quarter loss.

Beleaguered Public Pension Funds Make Record Gains in Second Quarter 

Double-digit stock gains gave a welcome boost to investment returns of many public pension funds, yet many remain far off long-term targets.

Financial Services Roundup: Market Talk 

The latest Market Talks covering Financial Services

AIG Results Look Grim but Represent Progress 

The finalized sale of a legacy reinsurance unit generated huge accounting losses but is a necessary step in slimming and firming AIG's core business.

Manhattan Prosecutor Seeking Trump Taxes Says Request Is Justified 

The Manhattan district attorney's office says it is justified in seeking financial documents from President Trump and his company as part of a complex investigation into alleged insurance and bank fraud.

Commerzbank Names New Chairman, Defying Big Investor Cerberus 

German lender Commerzbank appointed former state bank executive Hans-Jörg Vetter as its new chairman, ignoring opposition from its second-largest shareholder, Cerberus Capital Management.


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