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☆ Amazon CEO Andy Jassy broke federal labor law with anti-union remarks
▼ + stars: | 2024-05-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon CEO Andy Jassy violated federal labor law in comments he made to media outlets about unionization efforts at the company, a National Labor Relations Board judge ruled Wednesday. NLRB Administrative Law Judge Brian Gee cited interviews Jassy gave in 2022 to CNBC's "Squawk Box," Bloomberg Television and at The New York Times' DealBook conference. At the DealBook conference, Jassy said that without a union the workplace isn't "bureaucratic, it's not slow." The NLRB filed the complaint against Amazon and Jassy in October 2022. But the Amazon chief's other remarks that employees would be less empowered and "better off" without a union violated labor law, "because they went beyond merely commenting on the employee-employer relationship."

Persons: Andy Jassy, Brian Gee, Jassy, Gee, Mary Kate Paradis, Paradis Organizations: National Labor Relations, NLRB, Bloomberg Television, The New York Times, CNBC, Bloomberg, Amazon Locations: Amazon's

Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymaker Joachim Nagel said Wednesday that a rate cut for the institution looks increasingly likely for June, but added that certain parts of the incoming inflation data still look higher than desired. watch nowEarlier Wednesday, Mario Centeno, governor of Portugal's central bank, said it was "about time to change this monetary policy cycle." The ECB's June interest rate decision would be "very important," he said. Markets are widely pricing in the first rate cut from the ECB to take place in June. watch nowEarlier this week, ECB President Christine Lagarde said that unless there were any major shocks, the ECB was on track to cut interest rates soon.

Persons: Joachim Nagel, Alex Kraus, Central Bank policymaker Joachim Nagel, Germany's Bundesbank, Karen Tso, " Nagel, —, Mario Centeno, CNBC's Tso, Christine Lagarde, disinflation, CNBC's Sara Eisen, Robert Holzmann, Holzmann, wasn't Organizations: Deutsche Bundesbank, Bloomberg Television, Bloomberg, Getty, Central Bank, ECB Locations: Frankfurt, Germany, Washington ,, Europe, Portugal's, Austrian, East

☆ China's big market drop shouldn't lure investors, with the country facing a decade of slowing growth, Goldman Sachs wealth CIO says
▼ + stars: | 2024-03-05 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Investors shouldn't return to China, no matter how cheap it appears, Goldman Sachs Wealth Management CIO said. The CIO said China's reported 5.2% growth in 2023 should be considered "not real." "All our clients are asking us that question, given how cheap China appears, people inevitably say, well, has it discounted the worst news?" Mossavar-Rahmani added that there is skepticism around China's 5.2% growth last year, adding that it is likely "it was actually a lot weaker." "We really don't have a good grasp of what growth was last year, or what growth will be this year."

Persons: Goldman, China's, —, Sharmin, Rahmani Organizations: Goldman Sachs Wealth Management, Service, Goldman Sachs Wealth, Bloomberg Locations: China

He served as mayor of Solo city, where he was born to a working-class family in illegally built shacks along a river, then became governor of the capital, Jakarta, before clinching his first presidential term. Widodo was the first Indonesian president to emerge outside the political and military elite. But critics say he thrived on political compromises, became beholden to political party supporters and accommodated ex-generals who served under the late authoritarian leader Suharto. Under Widodo, Indonesia saw a period of remarkable growth averaging 5% annually, except in 2020, when the economy contracted due to the coronavirus pandemic. His economic roadmap, called “Golden Indonesia 2045,” projects Indonesia becoming one of the world’s top five economies with GDP of up to $9 trillion, exactly a century after it won independence from Dutch colonizers.

Persons: Widodo —, Barack Obama —, Widodo, Suharto, Prabowo Subianto, ” Widodo, Gibran Rakabuming Raka, Widodo’s, —, Metallica, Subianto, we’ve, ”, Dwi Mustikarini, Volodymyr Zelenskyy, Vladimir Putin, Joe Biden, Xi Jingping, Jim Gomez Organizations: White, Bloomberg Television, Associated Press Locations: JAKARTA, Indonesia, Borneo, Southeast Asia, Solo, Jakarta, Surakarta, Central Java, Widodo's, New York, Widodo, Kyiv, Moscow, China

☆ A Famed Analyst’s Final Forecast Is the Fall of the U.S. Economy
▼ + stars: | 2024-01-27 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention. Through thousands of newspaper interviews, cable news appearances and radio segments, Mr. Bove turned what can be a dull, by-the-numbers career into a more showy one. In an interview with The New York Times, Mr. Bove (pronounced “boe-VAY”), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession. Many analysts are rewarded for coming up with unique but inconsequential and “arcane” ideas, he said, peppering his criticism with profanities. Mr. Bove worked at 17 brokerage firms during his career.

Persons: Richard X, Bove, ”, “ boe, VAY, Dick, Mr Organizations: Banker, Bloomberg, The New York Times Locations: U.S, Tampa, China

☆ Jamie Dimon: Trump was right about key issues and bashing MAGA will hurt Biden
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Jamie Dimon has a warning for Democrats: Don’t dismiss Trump supporters as people who are exclusively attracted to his personality. Former President Donald Trump was right about some critical issues, the JPMorgan CEO says. “I wish the Democrats would think a little more carefully when they talk about MAGA,” Dimon told CNBC on Wednesday from the World Economic Forum in Davos. Dimon, who has clashed with Trump in the past and previously described himself as “barely a Democrat,” said that people are “basically scape-goating” Trump supporters. “I don’t think they are voting for Trump because of his family values,” Dimon said.

Persons: Jamie Dimon, Don’t, Donald Trump, “, MAGA, ” Dimon, ”, ” Trump, Trump, Trump’s, Dimon, Bloomberg Television it’s, Nikki Haley, “ I’ve, Hillary Clinton’s, Barack Obama’s, Biden’s Organizations: New, New York CNN, Trump, CNBC, Economic, NATO, Republican, JPMorgan, Bloomberg Television, JPMORGAN, Wednesday Locations: New York, Davos, Dimon, China, Mexico, United States

☆ We're raising our Morgan Stanley price target despite the stock's post-earnings decline
▼ + stars: | 2024-01-16 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Morgan Stanley on Tuesday morning reported an adjusted earnings-per-share beat. MS 1Y mountain Morgan Stanley 1 year Shares of Morgan Stanley were on a five-session losing streak with Tuesday's post-earnings 5% decline. However, Morgan Stanley — and for that matter, Wells Fargo — saw their stocks surge into the end of 2023. Asset management revenue increased 6% from last year, reflecting higher asset levels and the impact of positive fee-based asset flows. Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.

Persons: Morgan Stanley, Wells Fargo, Morgan Stanley's, Morgan Stanley —, Ted Pick, Morgan Staley, ROTCE, it's, Morgan, Morgan Stanley repurchased, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, Bloomberg, Federal Deposit Insurance Corporation, Silicon Valley Bank, Morgan, Wealth Management, Investment Banking, FDIC, Institutional Securities, Investment, Equity, Morgan Stanley's Wealth Management, Investment Management, Asset, Capital, CNBC, Bloomberg Television, Getty Locations: Silicon, Wells Fargo —, U.S, New York

☆ OpenAI is hiring former Twitch CEO Emmett Shear to run company two days after ousting Sam Altman
▼ + stars: | 2023-11-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Emmett Shear, former CEO of Twitch, in a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, Sept. 14, 2016. OpenAI is bringing in former Twitch CEO Emmett Shear to run the artificial intelligence company, two days after the sudden ouster of Sam Altman, CNBC has confirmed. Unlike most Silicon Valley startups, OpenAI wasn't structured like a typical corporation with large chunks of equity controlled by the founders. Shear stepped down as CEO of Twitch, the livestreaming service now owned by Amazon , in March. — CNBC's Ari Levy contributed to this reportWATCH: Madrona's Matt McIlwain talks Sam Altman's departure as OpenAI CEO

Persons: Emmett Shear, Twitch, OpenAI, Sam Altman, Shear, Altman, Mira Murati, didn't, Murati, — CNBC's Ari Levy, Matt McIlwain, Sam Altman's Organizations: Bloomberg Television, CNBC, Bloomberg, Microsoft, Tiger, Sequoia Capital, Amazon, OpenAI Locations: San Francisco , California, U.S

☆ CNBC Daily Open: Goolsbee’s ‘golden path’ is still visible
▼ + stars: | 2023-11-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

David Paul Morris | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineLast month's sudden surge in Treasury yields and oil prices — both of which tend to suppress investors' appetite for stocks — looks to be ending. As Treasury yields serve as the benchmark for interest rates on loans and cash investments, sinking yields generally benefit rate-sensitive companies more. Chicago Federal Reserve President Austan Goolsbee told CNBC, "Because of some of the strangeness of this moment, there is the possibility of the golden path ... that we got inflation down without a recession."

Persons: Goolsbee, David Paul Morris, they're, WTI's, that's, Alastair Pinder, Austan Goolsbee, — Organizations: Federal Reserve Bank of Chicago, Bloomberg, Getty, CNBC, West Texas Intermediate, Brent, Treasury, Big Tech, Amazon, Nasdaq, Dow Jones, Dow, U.S . Federal, HSBC, Chicago Federal Locations: Moran , Wyoming, That's, Israel

"This was an outstanding quarter ... this big blowout number," Waller told an economic data seminar at the St. Louis Fed. So this is something we are keeping a very close eye on when we think about policy going forward." It's clearly calming down," with recent employment gains more in line with the levels seen before the coronavirus pandemic, Waller said. The Fed is in the process of weighing that and other data to determine whether to hike the benchmark policy rate again. However neither Goolsbee nor Minneapolis Fed President Neel Kashkari, who spoke to Bloomberg Television on Tuesday, ruled out further Fed rate increases.

Persons: Christopher Waller, Waller, Louis Fed, Michelle Bowman, Bowman, Lisa Cook, Austan Goolsbee, Goolsbee, Neel Kashkari, Kashkari, Howard Schneider, Lindsay Dunsmuir, Michael Derby, Ann Saphir, Paul Simao, Andrea Ricci Organizations: Federal Reserve, St, Ohio Bankers League, Fed, New York Fed, Atlanta, CNBC, Chicago Fed, Minneapolis, Bloomberg Television, Thomson Locations: U.S

☆ U.S. crude oil prices fall below $78 a barrel to their lowest since July
▼ + stars: | 2023-11-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. U.S. crude prices on Tuesday fell below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the Israel-Hamas war could erupt into a broader regional conflict. Beijing's crude oil imports rose by volume and value in October, but the country's overall exports fell more than expected, indicating slowing global demand. The data out of China offset the effect of Saudi Arabia's and Russia's oil output cuts, which lifted oil prices earlier in the week. Oil prices had spiked in the week following Hamas' devastating terrorist attacks on Israel on concerns that the war could escalate into a broader regional conflict that disrupts oil supply.

Persons: Brent, Neel Kashkari, Kashkari, — CNBC's Evelyn Cheng Organizations: West Texas, Minneapolis Federal, Bloomberg Television, CNBC PRO Locations: Odessa , Texas, Israel, China, Minneapolis, U.S, Saudi, Riyadh, Moscow

☆ The escalating Israel-Hamas conflict raises risks of global market contagion, economist says
▼ + stars: | 2023-10-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Mohamed Aly El-Erian, chief economic advisor for Allianz SE, during a Bloomberg Television interview in London, UK, on Monday, Sept. 25, 2023. El-Erian spoke alongside former UK Prime Minister Gordon Brown and economist Michael Spence, his co-authors for their book Permacrisis: A Plan to Fix a Fractured World. Photographer: Chris Ratcliffe/Bloomberg via Getty ImagesAs the Israel-Hamas war draws into into its fourth week, the risks to the global economy are rising, economist Mohamed el-Erian said Monday. The impact on global markets in response to the onset of the war was initially limited, as investors first assessed that the conflict was contained. "It is terrible in terms of economic prospects for the epicenter for the war," she said.

Persons: Mohamed Aly El, Erian, Gordon Brown, Michael Spence, Chris Ratcliffe, Mohamed el, CNBC's Dan Murphy, Israel, Kristalina Georgieva Organizations: Allianz, Bloomberg Television, Bloomberg, Getty, AIM, Federal, International Monetary Fund Locations: London, Israel, Gaza, Dubai, Iran, Lebanon

☆ Who is Liz Magill, the University of Pennsylvania’s embattled president?
▼ + stars: | 2023-10-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —When University of Pennsylvania President Liz Magill was tapped for the post just 18 months ago, she was heralded as the “clear consensus” to lead the Ivy League university. Magill did not respond to CNN’s request to the University for an interview. But on Wednesday Magill issued a statement saying, “Hateful speech has no place at Penn. I don’t think she’s antisemitic.”So far Magill has the support of the school’s board of trustees. “The unanimous sense of those gathered was that President Magill and her existing University leadership team are the right group to take the University forward,” said board Chairman Bok.

Persons: Liz Magill, Benjamin Franklin, Ruth Bader Ginsburg, Dean, She’s, she’s, Magill, Ronald Reagan, Kent Conrad, Conrad, Vahan, Mark Rowan, Scott Bok, ”, “, ” Magill, Jon Gray, Blackstone, ” Gray, Bok, – CNN’s Matt Egan Organizations: New, New York CNN —, University of Pennsylvania, Ivy League, University of Virginia, Stanford Law, University, Penn, Federal, Daily, Yale University, Democratic, CNN, Apollo Global Management, Bloomberg, Bloomberg Television Locations: New York, UPenn, UVa, Palestine, Israel, Fargo , North Dakota, Minnesota, North Dakota, Gaza, Penn

☆ Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky
▼ + stars: | 2023-10-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, CEO of Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York on Dec. 6, 2022. Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The move is the latest step CEO David Solomon has taken to retrench from his ill-fated push into retail banking. Goldman also sold a wealth management business and was reportedly in talks to offload its Apple Card operations. Read more: Goldman Sachs faces big write down on CEO David Solomon’s ill-fated GreenSky deal

Persons: David Solomon, Goldman Sachs, Goldman, retrench, GreenSky, Solomon, Read, David Solomon’s Organizations: Bloomberg Television, Goldman Sachs Financial Services, Sixth, Apple Card, KKR, Bayview Asset Management Locations: New York, Banc, California

☆ Sen. Tommy Tuberville says U.S. military not an 'equal opportunity employer'
▼ + stars: | 2023-09-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Sen. Tommy Tuberville, R-Ala.,speaks to reporters outside the Senate chamber in the Capitol on Thursday, July 13, 2023. WASHINGTON — Sen. Tommy Tuberville, an Alabama Republican and former football coach, said Tuesday that the U.S. military is "not an equal-opportunity employer." The military is an equal-opportunity employer, and the Pentagon has an "Office of Equal Employment Opportunity." "I heard some things that he talked, about race and things that he wanted to mix into the military," Tuberville said about Brown. "We're not looking for different groups, social justice groups," Tuberville said.

Persons: Sen, Tommy Tuberville, WASHINGTON — Sen, Tuberville, Charles, CQ, Brown Organizations: Alabama Republican, Pentagon, Bloomberg, Air Force, Joint Chiefs, Staff

☆ US homebuyers are waiting for the Fed to start cutting interest rates. Here's when 9 experts say it's going to happen.
▼ + stars: | 2023-09-18 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Mortgage rates could decline if the Federal Reserve cuts interest rates next year. Here are nine projections from experts on when the Fed's first rate cut will come. While these factors serve as deterrents for prospective buyers, interest rates may not stay this high forever. AdvertisementAdvertisementWhile declining interest rates wouldn't directly cause mortgage rates to fall, the two tend to move in the same direction. AdvertisementAdvertisementFebruaryOn August 31, Preston Caldwell, a Morningstar senior US economist, wrote in a note that he expected the Fed to start cutting interest rates in February.

Persons: Bob Michele, J.P, —, we'll, Preston Caldwell, David Einhorn, Diane Swonk, Andrew Hollenhorst, Goldman Sachs, David Mericle, Simona Mocuta, Jeff Morton Organizations: Federal Reserve, Service, Federal, Bloomberg Television, Morgan Asset, Morningstar, KPMG, Citi, Reuters, State Street Global Advisors, DWS Locations: Wall, Silicon, North America's

☆ The Fed may do a policy U-turn and slash interest rates as soon as year-end - because a recession almost here, J.P. Morgan Asset Management's CIO says
▼ + stars: | 2023-09-13 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The Fed may cut rates as soon as year-end as a recession hits the US economy, according to J.P. Morgan Asset Management's CIO. Such a move would be similar to how the Fed dropped its "transitory" call on inflation and started raising rates, he said. "They're going to tell us that they're going to keep rates higher for longer until inflation is at their target. "I think this time for them to cut rates, they're going to have to see unemployment go up. So it's possible that they may actually tip the economy into recession first before they start cutting rates, which would be something new for them.

Persons: we'll, Bob Michele, Michele, J.P, Morgan Asset's Michele Organizations: Morgan, Fed, Service, Federal Reserve, Morgan Asset Management, Bloomberg Television, Bloomberg Locations: Wall, Silicon

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 26, 2023. Other parts of the Labor Department report were less encouraging for Fed policymakers counting on a labor market softening to put more downward pressure on inflation. Traders of contracts tied to the Fed's policy rate now see less than a 30% chance of another rate hike by the end of this year, down from about a 35% chance before Friday's jobs report. "I think overall this still does point to a labor market that is slowly but steadily heading toward a soft landing," said Daniel Zhao, lead economist at Glassdoor. There are several more key data releases that will shape Fed policymakers' views before the next policy meeting in September.

Persons: Jerome Powell, Elizabeth Frantz, Raphael Bostic, Austan Goolsbee, Daniel Zhao, Kathy Bostjancic, Ann Saphir, Tim Ahmann, Lucia Mutikani, Jason Neely, Kevin Liffey, Paul Simao Organizations: Federal, Committee, REUTERS, Federal Reserve, Atlanta Fed, Bloomberg Television, Labor Department, Chicago Fed, Nationwide, Thomson Locations: Washington , U.S, U.S

☆ Goldman Sachs is set to report second-quarter earnings — here’s what the Street expects
▼ + stars: | 2023-07-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

CEO David Solomon, Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects:Earnings: $3.18 per share, according to RefinitivRevenue: $10.84 billionTrading revenue: Fixed income $2.78 billion; equities $2.42 billion, per FactSetInvesting banking revenue: $1.49 billionExpectations have been set low for Goldman this quarter. Unlike more diversified rivals, Goldman gets the majority of its revenue from volatile Wall Street activities, including trading and investment banking. Investment banking has been weak because of subdued issuance and IPOs amid the Federal Reserve's interest rate increases.

Persons: David Solomon, Goldman Sachs, Goldman, David Solomon's, outsized, JPMorgan Chase, Solomon, Wells Fargo, Morgan Stanley Organizations: Bloomberg Television, Goldman Sachs Financial Services, Refinitiv Revenue, Goldman, Investment, JPMorgan, Apple Card, American Express, KBW, Citigroup, Bank of America Locations: New York

☆ Goldman Sachs CEO David Solomon warns of pain ahead for commercial real estate
▼ + stars: | 2023-06-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

CEO David Solomon, Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs CEO David Solomon said Monday that his bank will disclose markdowns on commercial real estate holdings as the industry grapples with higher interest rates. Solomon told CNBC's Sara Eisen the New York-based firm will post impairments on loans and equity investments tied to commercial real estate in the second quarter. "There's no question that the real estate market, and in particular commercial real estate, has come under pressure," he said in an interview on CNBC's "Squawk on the Street." Goldman posted almost $400 million in first-quarter impairments on real estate loans, according to Solomon.

Persons: David Solomon, Goldman Sachs, Solomon, CNBC's Sara Eisen, Goldman Organizations: Bloomberg Television, Goldman Sachs Financial Services Locations: New York, York, U.S

☆ Premarket stocks: The Fed can't figure out what's happening with the job market
▼ + stars: | 2023-06-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New data out Wednesday showed that job openings and hiring both rose in April, while unemployment sits near 53-year lows. What’s happening: The number of available jobs in the United States rose unexpectedly in April after three months of declines. Job openings climbed to 10.1 million in April, according to data released Wednesday by the Bureau of Labor Statistics. Fed Chair Jerome Powell has said that he wants to see more slack in the labor market. “I love what I do,” Dimon told Bloomberg, adding he’s “quite happy” in his current job.

Persons: won’t, —, Jerome Powell, Philip Jefferson, ”, Jefferson, Mark Hamrick, “, Sam Stovall, David Kotok, Joe Biden, It’s, Mitch McConnell, ” Biden, Biden, Jamie Dimon, Elon Musk, Dimon, he’s, ” Dimon, Matt Egan, he’d Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Bureau of Labor Statistics, BLS, Fed, Index, Commerce Department, FedWatch, Cumberland Advisors, Senate, ”, JPMorgan, Bloomberg Television, Bloomberg Locations: New York, China, Europe, United States, America

☆ JPMorgan Chase CEO Jamie Dimon hints at future in politics
▼ + stars: | 2023-05-31 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Dimon has built a banking empire at JPMorgan Chase and his advice is sought by presidents, prime ministers and central bankers. Now that he’s conquered the business world, Dimon is signaling an openness to at least explore an eventual second act in politics. “I love what I do,” Dimon told Bloomberg, adding he’s “quite happy” in his current job. Since becoming CEO in 2005, Dimon has vaulted to the top of the business world. Dimon steered JPMorgan through the 2008 financial crisis, the Covid-19 pandemic and now the banking crisis.

Persons: Jamie Dimon, Dimon, he’s, “, ” Dimon, Sen, Elizabeth Warren, he’d, ”, Donald Trump, CNN’s Poppy Harlow, that’s, “ I’m, we’re Organizations: New, New York CNN, JPMorgan Chase, Bloomberg Television, JPMorgan, Bloomberg, Wall, Trump, Democrat, Republican, CNBC, Democratic, CNN’s, Republicans, Global China Summit Locations: New York, America, Shanghai, China

☆ JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover
▼ + stars: | 2023-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase raised a key performance target on the heels of its government-brokered takeover of First Republic earlier this month. The bank will generate about $84 billion in net interest income this year, the New York-based bank said Monday in slides for an all-day investor presentation. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan's biggest earnings-day stock bump in 20 years. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors. Longtime JPMorgan CEO Jamie Dimon is expected to speak in a question-and-answer session at the investor day this afternoon.

☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ AI startup cloud deals by Microsoft, Google and Amazon ring 'accounting alarm bells' across Silicon Valley over revenue 'round-tripping'
▼ + stars: | 2023-05-19 | by ( Eugene Kim | Stephanie Palazzolo | ) www.businessinsider.com time to read: +10 min

Some investors question whether these arrangements are artificially juicing cloud revenue growth. When Microsoft announced a multibillion-dollar investment in OpenAI earlier this year, the deal made Azure the ChatGPT-maker's "exclusive cloud provider." There's another deal in the works with similar attributes involving Runway AI and a major cloud company. But they are drawing more scrutiny lately because they could artificially inflate cloud revenue, a key driver of growth for Microsoft, Google, and Amazon, according to Ted Mortonson, managing director of financial-services firm Baird. Is OpenAI a regular cloud customer that is getting no investment money from Microsoft?

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