Weekly Global News Wrap: JPMorgan to pay $1b for China fund JV; Credit Suisse mulls job cuts

And Australia's BNPL firm Afterpay to acquire Spain's Pagantis.

From Reuters

JPMorgan would need to pay $1b for full ownership of its Chinese mutual fund venture, a statement on the Shanghai United Asset and Equity Exchange showed, a price tag that analysts said was expensive.

JPMorgan’s asset management business is to buy the 49% stake it does not already own in China International Fund Management (CIFM), a move which follows Beijing’s decision earlier this year to fully open up the mutual fund industry to foreign companies.

The CIFM stake is priced at $1.01b (CNY7b), according to the statement. JPMorgan, which owns 51% of CIFM, reached an agreement with its Chinese partner, Shanghai International Trust Co, for 100% ownership of the fund venture back in April.

From Reuters

Credit Suisse could cut up to 500 jobs in its Swiss banking business as it seeks to generate $110m (CHF100m) in annual savings through a new digitally-focused retail banking strategy reducing its branch footprint.

The overhaul is the latest stage in a revamp of its Swiss retail business and will see the bank fold its subsidiary Neue Aargauer Bank into its overall Credit Suisse brand and close about a quarter of its branches across the country.

It is part of a group-wide $440m (CHF400m) franc savings package unveiled at the end of July.

From Reuters

Australia’s buy-now-pay-later firm Afterpay has said it would acquire Spain-based peer Pagantis to expand its operations into Europe for a minimum consideration of $58.99m (EUR50m).

The company said it was working with Pagantis and engaging with retailers, aiming to launch in Q3 2021.

Afterpay became one of the country’s 20 most valuable companies last week, after it doubled its annual core earnings forecast. According to a regulatory filing, Japan’s Mitsubishi UFJ Financial Group had acquired about 5% of Afterpay, months after Chinese gaming and social media giant Tencent bought a 5% stake.