UBS CEO Ermotti Steps Down, ING's Hamers Named New Chief 
 

UBS Group Chief Executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep boss Ralph Hamers, marking another leadership change at a major Swiss bank.

 
Air France-KLM Falls on Coronavirus Warning 
 

Shares in Air France-KLM fell sharply after the Franco-Dutch carrier warned the coronavirus epidemic could hit its 2020 operating result by EUR150-EUR200 million in the February to April period and that unit revenues would be down in the first quarter.

 
Maersk Warns of Lower Earnings from Coronavirus Blow 
 

Maersk swung to an unexpected net loss of $72 million in the fourth quarter and warned that earnings this year will be lower than 2019 as the coronavirus dampens demand and hits freight rates.

 
Swiss Re Falls Short of Estimates 
 

Swiss Re said its 2019 profit jumped to $727 million, despite steep losses at its property-and-casualty arm, although the bottom-line was well below forecasts.

 
Lloyds Banking Profits Tumble 
 

Lloyds Banking Group reported a sharp fall in annual profit to GBP4.39 billion, missing expectations, after it booked hefty PPI and tax charges.

 
Airbus to Cut Thousands of Jobs 
 

Airbus said its defense-and-space division has entered a consultation process with the European Works Council on its planned restructuring that will include 2,360 job cuts.

 
Victoria's Secret to Go Private at $1.1 Billion Valuation 
 

L Brands is near a deal to sell control of Victoria's Secret to a private-equity firm in a transaction that values the lingerie brand at about $1.1 billion, according to people familiar with the matter.

 
Petrobras Fourth-Quarter Net Income Almost Quadrupled 
 

Brazilian oil giant Petróleo Brasileiro SA, or Petrobras, said Wednesday that profit in the fourth quarter rose as new platforms in the company's rich offshore fields boosted output and cut production costs.

 
Federal Judge Slams PG&E's Efforts to  Prevent Wildfires 
 

U.S. District Judge William Alsup lambasted PG&E Corp. for falling behind on tree-trimming efforts near power lines to reduce the risk that they will spark more wildfires.

 
Investment Firm Buys Taxi-Medallion Loan Portfolio 
 

An investment firm known for buying up distressed assets has become the largest single owner of New York City taxi-medallion loans.

(END) Dow Jones Newswires

February 20, 2020 05:15 ET (10:15 GMT)