March 31, 2021

falls

Share of black employees in senior US finance roles falls despite diversity efforts

Black employees held a lower share of top US financial services jobs in 2018 than they did more than a decade earlier, according to new research by the Financial Times, underlining the shortcomings of Wall Street’s long-running efforts to improve racial diversity.

The FT analysed the most recently available anonymised data on the demographics of 3.6m staff across 13,000 financial services employers in the US from 2007 to 2018. All companies with more than 100 staff were required to submit the information to the Equal Employment Opportunity Commission from 2007. 

Black staff account for 13 per cent of all finance

Read More

Indian shares flat as HDFC weighs; Muthoot Finance falls

BENGALURU (Reuters) – Indian shares ended flat on Monday, as losses in top non-banking finance company HDFC countered gains in information technology and energy stocks, while top gold financing company Muthoot Finance fell after the death of its chairman.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, November 9, 2016. REUTERS/Danish Siddiqui/Files

The blue chip NSE Nifty 50 index added 0.12% to close at 14,956.20, while the benchmark S&P BSE Sensex gained 0.07% to close at 50,441.07. Both indexes had gained as much as 1.2% earlier in the session.

Market sentiment

Read More

Bringing New Money-Laundering Law Into Force Falls to Tiny Treasury Unit

Over the next year, a small, relatively obscure bureau of the U.S. Treasury Department will take a lead role in plugging what many experts consider the biggest hole in the U.S.’s anti-money-laundering protections.

It won’t be easy for the Financial Crimes Enforcement Network, say experts and almost a dozen former Treasury officials and veterans of the bureau. Sweeping anti-money-laundering legislation, approved this year, requires the agency to build a state-of-the-art corporate ownership registry meant to help authorities unmask the beneficial owners of anonymous shell companies and track the flow of illicit money.

FinCEN—whose roughly 300 employees account for less than

Read More

AIG profit falls on catastrophes, travel insurance and COVID impact

Insurance conglomerate American International Group Inc.’s net income swung to a loss on mark-to-market adjustments in hedging programs primarily for certain products sold by its life-insurance unit.

The company’s closely watched adjusted income fell 10% in the fourth quarter, hurt by additional COVID-19 costs.

Across the life-insurance industry, Wall Street analysts treat such mark-to-market movements as a less important measure of performance than adjusted earnings, which exclude items considered nonrecurring. The value of the hedges jump around based on changes in interest

Read More