Morgan Stanley, a big investment bank, has bought stakes in three groups, Avenue Capital, FrontPoint Partners and Lansdowne, at a total cost believed to be more than $1 billion.
The Federal Reserve came to the aid of insurance giant AIG, engineering an $85 billion rescue, staving off the bankruptcy and hoping to bring a measure of calm to a shellshocked global market.
The conglomerate is writing off 1.3bn dollars from the male shaving-and-grooming business in the current quarter, which comes on top of the 8bn dollars it wrote down in 2019.