Improper trading at Putnam Investments, the fund management business owned by Marsh & McLennan, threatens to push the total in fines and restitution the insurance broker faces over the $1bn mark.

Independent research commissioned by US regulators into Putnam found that improper trading may have cost clients $100m, or 10 times as much as the company initially estimated.

Putnam pushes Marsh & McLennan fines towards $1bn

Anuj Gangahar in New York

Marsh & McLennan

Danish sustainable investor AIP slashes workforce by 10%

Goldman Sachs ups bonuses for top UK bankers by almost 40%

William Blair eyes fresh European expansion under new boss Licudi 

Senior GIC private equity lawyer joins Dechert in London

https://images.fnlondon.com/im-14432569?size=1.5

US law firm hires private equity specialist from key client

Barclays poaches Citi managing director for wealth private credit push

https://images.fnlondon.com/im-30083951?size=1.21

Dale Walsh will accelerate growth of the private bank and wealth management’s lending business

Northern Trust taps UN pension fund for head of international role

https://images.fnlondon.com/im-84247389?size=0.8

Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

The country’s Competition and Markets Authority chose not to pursue a deeper investigation into the merger.

Aviva Takeover of Direct Line Gets Green Light From U.K. Antitrust Watchdog

The hedge-fund billionaire also paid a record $43.2 million for a copy of the U.S. Constitution four years ago.

Ken Griffin Pays Record $13.7 Million for Lincoln’s 13th Amendment Ending Slavery

The 51-50 vote on tax and Medicaid cuts sends the measure back to the House ahead of President Trump’s July 4 deadline. Vice President JD Vance cast the tie-breaking vote.

By Richard Rubin, Lindsay Wise and Jasmine Li

Senate Passes Trump’s Megabill After All-Night Session

The brokerage will allow European customers to trade more than 200 U.S. stocks and ETFs as digital tokens and is developing its own blockchain.

Robinhood Goes All In on Crypto With Major Product Push

Financial services companies like BNY and JPMorgan say AI’s capabilities are taking more and more cues from the way humans work.

Central bankers have conceded that they underestimated the impact of interruptions to supply on prices, having been more used to focusing on demand surges as a source of inflation.

ECB’s New Strategy Emphasizes ‘Forceful’ Responses to Inflation Shifts

The S&P 500 has now added more than 9% since President Trump announced sweeping tariffs.

From Tariff Pain to Record Highs, a Wild Quarter on Wall Street

The buyback program delivers on UBS’s plans to hand money back to shareholders after the Swiss government proposed tougher capital rules for the bank earlier this month.

The firm had big ambitions for three resorts with views of the Aegean Sea. It recently sold the properties, barely breaking even.

Goldman Sachs Scraps Plans to Build Hotel Brand in Greece

Blockbuster tie-ups continued in the second quarter in industries relatively insulated from tariffs.

By Ben Glickman, Miriam Gottfried and Corrie Driebusch

Wall Street Hangs On to Hopes for a Boom in Deals

Sixth Street’s Alan Waxman thinks his publicly traded rivals are turning private credit into a commoditized, lower-returning business.

By Miriam Gottfried | Photographs by Jason Henry for WSJ 

A Pioneer in Private Credit Warns the Industry Is Ruining Its Golden Era

Carney and Trump will try to reach an agreement by July 21, a Canadian spokeswoman said.

By Vipal Monga in Toronto and Paul Vieira in Ottawa 

Canada Rescinds Digital-Services Tax to Salvage Trade Discussions With U.S.

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