Intesa to break Eurizon in three as float pulled

Italy's Intesa Sanpaolo has cancelled its planned €3bn ($4bn) flotation of asset management and insurance subsidiary Eurizon as a result of "serious weaknesses" in its funds division, and will break the business into three parts.

The Italian bank said its plan was to build funds arm Eurizon Capital into a "player of European standing", but said yesterday it was not big enough to be competitive at a European level.

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Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on ItExternal link

Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It