Some of the world's biggest banks are considering a new experiment in financial engineering: offering debt relief to countries in exchange for environmental protections. This could be a win-win for both parties: the countries would get much-needed debt relief, while the banks would help to preserve the environment.

The clients have told JPMorgan that Michael's communications have been more than just announcing his change of employment, and that he is actively trying to set up meetings with them or otherwise trying to get them to do business with him at Morgan Stanley, the bank's lawyers wrote.

The market volatility and interest-rate hikes that gave US banks their biggest windfall last year may prove to be their biggest headache in 2023.

Bed Bath & Beyond Inc. reported a wider net loss than expected on Tuesday, which underscores the likelihood that the company will file for bankruptcy within the next couple of months. As one of the largest US home-goods retailers, a bankruptcy filing would have a significant impact on the market.

He added that the method may be quick and dirty, but it is much more likely to pass than it was five years ago.