China's CITIC Securities plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing's call to bridge income inequality in the financial sector, people with knowledge of the matter said.
Morgan Stanley's profit beat estimates as growth in its wealth management business offset lower trading revenue in the second quarter, and executives expressed optimism about the economic environment.
Bank of America's second-quarter profit beat Wall Street estimates as it earned more from customers' loan payments while investment banking and trading fared better than expected.
Citigroup beat analysts' estimates for second-quarter profit on Friday as higher interest payments from borrowers partly countered a blow to its Wall Street businesses from a slump in trading.