Italian bank UniCredit SpA will retract its offer for Banco BPM SpA if the Italian government fails to clarify the deal's terms, said UniCredit CEO Andrea Orcel at the Goldman Sachs conference, writes Bloomberg. “If their meaning isn’t entirely clear, after we finalize the agreement, we face the danger of a €20 billion penalty,” he stated. “The chances of us accepting that risk are nonexistent,...

Citigroup Inc. plans to raise its loan loss reserves by several hundred million dollars in the second quarter of 2025 relative to the first quarter, according to Viswas Raghavan, Citi's banking head, during a conference hosted by Morgan Stanley. He ascribed the anticipated rise in charge-offs to the ‘macroeconomic environment.’  Citigroup ranks among the largest retail banks in the United...

Blackstone Inc. of the U.S. intends to invest roughly $500 billion in Europe over the upcoming decade, according to Chief Executive Officer Steve Schwarzman in an interview with Bloomberg TV. “We perceive significant opportunities for ourselves here,” he stated. “Europe is beginning to adjust its strategy, and we believe the outcome will be enhanced economic growth.” Several other prominent...

Crane Co., a manufacturer of industrial products in the US, has reached an agreement to purchase the sensor technology division of Baker Hughes Co. for $1.15 billion. Crane stated that the acquisition of Precision Sensors & Instrumentation (PSI) will be cash-based, and its worth includes an anticipated tax advantage of approximately $90 million.  The deal is set to finalize in late...

Swiss bank UBS Group AG must set aside extra capital of up to $26bn as per the banking reform proposed by the nation's government. This figure surpasses earlier projections and could worsen the relationship between the bank and the government, according to Bloomberg. Previously, the agency wrote that UBS is contemplating relocating its headquarters from Switzerland if the authorities in the...

The UK fintech firm Wise has revealed plans to transition to a dual listing. Wise stated in its annual report that the main listing will shift to the US from the London Stock Exchange (LSE), where the company will maintain a secondary listing.  “This will enable Wise's shares to be traded on both the US stock market and the LSE, which will draw in new investors and enhance liquidity,” the...

Apple Inc. has lodged an appeal with the European Court of General Jurisdiction challenging the European Commission's directive to enhance the compatibility of its iOS operating system with rival products, according to The Wall Street Journal. At the end of March, the European Commission mandated that Apple guarantees device compatibility for iOS with other companies' products, such as...

The UK government has fully divested its holdings in NatWest Bank (previously Royal Bank of Scotland), according to the Financial Times. Earlier this month, the state's share has already dropped below 1%. In December 2023, it stood at 38%. The Royal Bank of Scotland, among the largest banks in the nation, was taken into public ownership following the financial crisis of 2008. Taxpayer funds...

Dell Technologies reduced net income by 3% in the first quarter of fiscal 2026 while boosting revenue by 5% and provided a positive outlook for the ongoing quarter. In a press release, the company reported that its net income for the quarter ending May 2 was $965 million, down from $992 million in the same period of the prior fiscal year. Earnings per share remained the same at $1.37. Profits,...