According to a new survey from State Street, institutional investors still retain high levels of confidence in their asset managers amid the COVID-19 crisis. Specifically, 76% of institutional investors stated that they have faith in their asset managers’ ability to navigate the crisis.
Former Citizens CFO John Fawcett is coming out of retirement to serve as interim CFO. Current CFO Eric Aboaf is stepping down effective December 16, 2016.
State Street will acquire GE Asset Management, GE’s investment management arm, for up to $485 million, subject to adjustments. The sale is expected to close in Q3/16.
Bloomberg reported that JPMorgan Chase, Bank of America and Wells Fargo are among eight large U.S. banks that had credit grades cut one level by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis.
Moody’s Investors Service said it has concluded its review of eight large U.S. banking groups, lowering by one notch the senior holding company ratings of Morgan Stanley, Goldman Sachs, JPMorgan and Bank of New York Mellon.