Corebridge Financial and Equitable Holdings to Merge
Corebridge Financial and Equitable Holdings have announced a definitive agreement to merge in an all-stock transaction valued at approximately $22 billion, creating a company that will serve over 12 million clients with about $1.5 trillion in assets under management. The merger, expected to close by the end of 2026 pending regulatory and shareholder approvals, will see Corebridge shareholders owning approximately 51% of the new entity, which will operate under the Equitable brand. Marc Costantini, currently CEO of Corebridge, will lead the combined organization, which aims to enhance distribution capabilities and drive profitability through synergies and expanded offerings.
Lloyds Banking Group compensates customers for tech glitch
Lloyds Banking Group is compensating nearly 447,936 customers affected by a significant tech glitch that occurred on March 12, which resulted in unauthorized transactions and exposed sensitive information across its mobile apps for Lloyds, Halifax, and Bank of Scotland. The bank has issued goodwill payments totaling over £139,000 to more than 3,600 customers, while also notifying regulatory bodies including the Financial Conduct Authority and the Information Commissioner’s Office. The incident has raised concerns about data security and potential regulatory repercussions.
Co-op Group CEO resigns after £125 million loss
The Co-op Group announced that its chief executive, Shirine Khoury-Haq, will resign on March 29 after the company reported an underlying loss of £125 million, a significant decline from a £45 million profit the previous year. This loss was attributed to a £107 million impact from a cyber-attack that occurred last April, which also caused a £285 million drop in sales. The retailer plans to cut £200 million in spending in 2026 as part of its recovery efforts.
UBS Suspends Withdrawals from Euroinvest Real Estate Fund
UBS has suspended withdrawals from its Euroinvest real estate fund, which has €406.8 million ($469 million) in assets under management, for up to three years due to insufficient liquidity to meet redemption requests. The decision, aimed at protecting investors' interests amid a challenging market environment, also includes a halt on new share issuance, as UBS warns that additional inflows would not materially improve liquidity and could expose investors to heightened risks.
Pernod Ricard and Brown-Forman Explore Merger Talks
Pernod Ricard SA is in discussions to merge with Brown-Forman Corp., the owner of Jack Daniel’s whiskey, as both companies seek to consolidate amid a downturn in the premium alcohol sector. Initial talks have taken place between the French and American spirits giants, whose combined market values are approximately €15.24 billion ($17.56 billion) and $11 billion, respectively. This potential merger follows a 15 percent decline in Pernod Ricard's U.S. sales last month and Brown-Forman's forecast of a minimal decline for the 2025-26 fiscal year.
