The total projected loss to the insurance industry is estimated at $203bn

Lloyds of London is set to pay between $3bn and $4.3bn to customers as a result of the pandemic but predicts the the insurance industry will have to stomach a $203bn loss over 2020 when factoring underwriting and portfolio falls.

The figure is on par with payouts linked to the 9/11 attacks and the combined impact of hurricanes Harvey, Irma and Maria in 2017. But Lloyd’s, the insurance marketplace, said in a 14 May statement that the overall cost to the global insurance industry of the coronavirus crisis will be far in excess of both historical events.

Lloyd’s to pay up to $4.3bn to customers hit by virus, predicts $200bn loss for insurers

Ryan Weeks

Novel Coronaviruses

Outbreaks/Epidemics

Political/General News

Respiratory Tract Diseases

Health

Medical Conditions

Infectious Diseases

Deutsche Bank’s UK MD numbers slide for the first time in four years

HSBC plans to increase staff surveillance as it moves to new London HQ

Why Deutsche Bank’s former FX chief is reinventing himself as an opera composer

Milbank hires private equity M&A rising star in Germany

https://images.fnlondon.com/im-43406752?size=1.5

Coutts hires ex-JPMorgan banker James Todd as next private client boss

https://images.fnlondon.com/im-95923804?size=1.42

Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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

Some firm leaders have shrugged off deals as unenforceable, while at least one has taken on trade work for the administration with no fanfare.

By Erin Mulvaney, C. Ryan Barber and Jess Bravin

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump

The “Taylor Swift tax,” among other levies, targets the rich. Will they be driven away?

Blue States Hunt for Ways to Wring More Taxes From the Wealthy

The S&P 500 and the Nasdaq composite both hit closing highs for a second straight session.

U.S. Stocks Amble to Fresh Records on Optimism for a September Rate Cut

The vice president is the most high-profile recent American visitor to the Cotswolds, an idyll that locals say is being disrupted by too many Yanks.

JD Vance’s English Countryside Vacation: Rolling Hills, Armored SUVs and Cranky Locals

Tricks of the trade gain new importance as 401(k) accounts open up to alternative investments.

How One Big Private-Equity Fund Makes Its Numbers Incomprehensible

The bank’s economists had predicted tariffs could cause inflation and slow economic growth.

Trump Calls on Goldman to Replace Economist Over Tariff Stance

Tech execs are paying tens of thousands to find brilliant dates or select high-IQ embryos. “They want to raise high-performing children.”

Inside Silicon Valley’s Growing Obsession With Having Smarter Babies

A 23-year-old former OpenAI researcher quickly amassed more than $1.5 billion for a firm he called a “brain trust on AI.” 

Billions Flow to New Hedge Funds Focused on AI-Related Bets

Top executives at JPMorgan Chase traveled through states including Mississippi and Alabama, where the bank is expanding its reach.

By Alexander Saeedy | Photographs by Emily Kask for WSJ 

Jamie Dimon Took a Bus Tour Down South. We Rode Along.

A pair of executive orders President Trump signed Thursday show how he is beginning to reshape the world of banking and finance.

Trump Shakes Up Wall Street With Orders on 401(k)s, ‘Debanking’

The U.K. central bank lowered its key rate for the fifth time in a year as it seeks to balance a pickup in inflation against a cooling jobs market.

Bank of England Cuts Rates After Tight Vote

The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

Exits Lift Carlyle in Second Quarter as Firm Sees Better Market Conditions

The bank’s quarterly net result declined but revenue rose 13% compared with a year ago, and it reaffirmed its capital returns plans.

Commerzbank Raises Guidance, Plans $1.2 Billion Buyback After Earnings Beat

A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

Blackstone Begins ‘Climb Back to Normalcy,’ Returns to Office After Shooting

The president recounted his experiences when asked about an executive order the White House is preparing.

Trump Says Banks Discriminate Against Conservatives—Including Him

Gold prices are climbing as the threat of a U.S. economic slowdown becomes increasingly real.

Gold Higher as U.S. Economy is Seen Stalling

The president is expected to sign an executive order as soon as this week that targets what is called debanking of businesses including crypto companies.

White House Preps Order to Punish Banks That Discriminate Against Conservatives

Some fear a decline in the world-leading economic statistics underpinning U.S. markets.

By Alexander Saeedy, Jack Pitcher and Peter Rudegeair

Trump’s BLS Firing Tests Wall Street’s Reliance on Government Data

Big stock awards have grown much bigger for the chief executives of Palantir and Broadcom, driven by dramatic market gains and, in some cases, complex multipliers.

For a Few CEOs, Pay Keeps Growing—by the Billions

The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

U.K. Bank Shares Rise After Car-Loan Ruling Softens Industry Blow

Gold futures rose as the speculation around an interest rate cut in September intensifies. Gold settled 0.8% higher, up for a second consecutive session.

Demand is up for private aviation, the luxury that separates the 1% from the 0.1%.

How Flying on a Private Jet Became the No. 1 Marker of Real Wealth

The hedge-fund founder’s move ends a tumultuous transition at the firm. Also, Brunei’s sovereign-wealth fund now owns almost 20% of the hedge fund.

Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire

The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.

Coinbase’s Profit Jumps on Crypto Investment Gains

The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

Wells Fargo to Name CEO Charlie Scharf Chairman

Microsoft joined Nvidia in the $4 trillion market-cap club, while Meta is closing in on the $2 trillion mark.

By Rolfe Winkler, Nate Rattner and Sebastian Herrera

Big Tech’s $400 Billion AI Spending Spree Just Got Wall Street’s Blessing

The New York investment firm posted a profit of $472.4 million, compared with $667.9 million a year earlier.

KKR Posts Higher Revenue, Increases Assets Under Management

America’s most powerful banker and the president have met twice in the past two months to talk about the economy, interest rates and trade.

By Alexander Saeedy and AnnaMaria Andriotis

Trump and Dimon Are Talking Again After Yearslong Rift

The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback

Britain’s Lottie Woad became one of the top players in the world by demolishing professionals while she was still an amateur. Now, she’s ready to start winning majors.

She Just Turned Pro—and She’s Already Taking Over Golf

Individual investors are trading with abandon, driving up prices of everything from stocks to crypto—and turbocharging the brokerage business.

In This Frothy Market, It’s Boom Times for Brokers Like Robinhood

The retail trading platform posted a profit of $386 million for the quarter.

Robinhood Second-Quarter Revenue Rose on Transaction Sales Growth

Work-to-party founder Adam Neumann liked to say he ran a tech company. WeWork’s new, postbankruptcy marketing chief is tasked with positioning the brand as an old-fashioned office space provider.

WeWork Wants You to Know It’s a Grown-Up Real-Estate Firm Now

Companies have long leaned on entry-level workers to do grunt work that doubles as on-the-job training. Now ChatGPT and other bots can do many of those chores.

By Lindsay Ellis and Katherine Bindley | Graphics by Rosie Ettenheim

AI Is Wrecking an Already Fragile Job Market for College Graduates

The shooter who killed four including Blackstone executive and NYPD officer left suicide note indicating he believed he had CTE from brain trauma, Adams says

By Jack Morphet, Miriam Gottfried and James Fanelli

Gunman Was Targeting NFL in Midtown Office Shooting Spree

U.S. stock futures and European indexes gained, while the dollar strengthened against the euro, after President Trump announced the trade agreement Sunday.

Global Markets Rise After U.S. and EU Reach Deal

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

https://www.wsj.com/?type=allesseh_content_full_list

https://www.fnlondon.com/client

MY ACCOUNT

ABOUT

SECTIONS

unbolded

Financial News