Wall Street banks see rare payday bonanza in India

MSCI's gauge of stocks across the globe shed 1.06% following modest declines in Europe and gains in Asia. On Wall Street, the Dow Jones Industrial Average fell 406.02 points, or 1.45%, to 27,534.45, the S&P 500 lost 60 points, or 1.77%, to 3,338.96 and the Nasdaq Composite dropped 221.97 points, or 1.99%, to 10,919.59.

HONG KONG: Major Wall Street banks in India raked in their second-highest fee income since the global financial crisis in the first nine months of this year, benefitting from a flurry of private-sector deals despite the coronavirus pandemic.

India has seen a number of multi-billion dollar transactions in 2020 from oil-to-telecom conglomerate Reliance Industries’ fundraising efforts to GlaxoSmithKline’s sale of its stake in Unilever’s Indian business, the country’s largest block trade.