After months of regulatory pressure, Wall Street banks on Thursday took a U-turn, when they said they would compensate tens of thousands of investors who find themselves stuck in the frozen market for auction-rate securities.
Fortis on Thursday said it expected to receive Chinese approval for the sale of half its asset management business to Ping An Insurance later this year, following reports of a delay.
13 European countries including Germany and France rejected a European Union plan to restrict banks' investments in asset-backed bonds and other risk-sharing instruments.