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☆ Millennials could become the richest generation ever — but only if they already come from money
▼ + stars: | 2024-03-01 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

Read previewIf you're a Millennial whose parents have a boatload of money, you're about to make your generation historically rich. The transfer in wealth will make "affluent millennials the richest generation in history," according to the report. "It goes beyond a simple shift of existing wealth," Pickett said. "I think the diversity of opportunity to create wealth has also grown — for example, there are YouTubers worth tens of millions. The report urges the financial sector to be ready for the influx in monied millennials by offering wealth management "on their wavelength."

Persons: —, Knight Frank, Millennials, Mike Pickett, Pickett Organizations: Service, Business, Cazenove Locations: Millennials, India, China

☆ Millennials stand to become the richest generation in history, after $90 trillion wealth transfer
▼ + stars: | 2024-03-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further. Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank. But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth. Looking ahead, the number of supremely wealth people is expected to increase by 28% over the next five years, according to the report. More growth in ultra-high-net-worth individuals is expected in Asia, including India, China, Malaysia and Indonesia, the report said.

Persons: Millennials, Knight Frank, Liam Bailey, ” Mike Pickett, Z, ” Pickett, “, ”, Bailey Organizations: DC CNN, Boomers, Cazenove Locations: Washington, North America, Africa, America, Asia, India, China, Malaysia, Indonesia

☆ There's a new entry into the weight loss drug boom. Here's the outlook for the stock
▼ + stars: | 2023-11-09 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

AstraZeneca is the latest player to enter the weight loss drug arena, a market which some analysts have forecasted could reach $100 billion by 2030 . The GLP-1 drug market is currently dominated by two players: Novo Nordisk , which sells Type 2 diabetes treatment Ozempic and weight loss medication Wegovy, and Eli Lilly , which sells Mounjaro as a treatment for Type 2 diabetes. Lilly just had the weight loss version of its drug, Zepbound , approved by the Food and Drug Administration. It's still early days for AstraZeneca's ECC5004 drug, which is being assessed in a U.S.-based phase 1 trial involving patients with Type 2 diabetes. He currently rates AstraZeneca stock as overweight.

Persons: Eccogene, Wegovy, Eli Lilly, Lilly, It's, Colin White, James Gordon, Morgan Stanley, Mark Purcell, AstraZeneca's Farxiga, Purcell, Michael Bloom, Christina Cheddar, Berk Organizations: AstraZeneca, Novo Nordisk, Food and Drug Administration, Centers for Disease Control, UBS, Wall Street, JPMorgan Locations: U.S

☆ LSEG says on track to meet 2023 growth targets
▼ + stars: | 2023-10-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. “LSEG delivered another quarter of strong, broad-based growth," LSEG Chief Executive David Schwimmer said in a statement, adding that he was confident that total income growth for the full year will be towards the upper end of a guidance range of 6% to 8%. Data and analytics, which now make up the bulk of LSEG income, was up 7.2% year on year at 1.29 billion pounds ($1.57 billion) on improving sales, rising retention of existing customers and a higher annual price increase, LSEG said. Organic ASV growth remains broadly around the level seen in the first and second quarters, LSEG said, adding that all 2023 guidance is reiterated, including EBITDA margin and capital expenditure. JPMorgan Cazenove analysts said third-quarter gross profit was in line with company-compiled consensus, but "most importantly" organic ASV growth recovered after dipping to 6.9% in the second quarter.

Persons: Toby Melville, “ LSEG, David Schwimmer, LSEG, JPMorgan Cazenove, Huw Jones, Mark Potter, Sinead Cruise Organizations: London Stock Exchange, REUTERS, JPMorgan, ASV, RBC, Microsoft, Thomson Locations: Canary Wharf, London, Britain

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa. Della Valle was given a mandate to turn Vodafone around when she permanently took on the top job from the role of CFO last month. Della Valle started cutting jobs when she took the helm at the start of the year, targeting Vodafone's central operations in London. Della Valle said the European telecoms market had long delivered a poor return on the capital invested in networks, but Vodafone's relative performance had worsened over time. "It will take as long as it takes to get a good deal," Della Valle told reporters.

☆ Revisiting JPMorgan’s innovative Cazenove deal
▼ + stars: | 2023-02-24 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +6 min

JPMorgan avoided most of these problems by structuring its deal as a joint venture with Cazenove. Though the corporate entity called JPMorgan Cazenove was quietly wound down a few years ago, the name still graces the U.S. group’s UK banking business. At the time of the JPMorgan deal, Cazenove acted as broker to almost half of the companies in the FTSE 100 Index (.FTSE). By 2009, the enlarged business reported a pre-tax profit of 280 million pounds. The Cazenove deal still stands as a case study of how to buy an investment bank without destroying it.

NEW YORK/ LONDON, Nov 3 (Reuters Breakingviews) - First Boston is an old Wall Street name that’s re-emerging from Credit Suisse (CSGN.S) with some new features. Credit Suisse Chief Executive Ulrich Körner is reshaping the $11 billion group to put some bad years and big losses firmly in the past. Credit Suisse is setting up joint ventures between CS First Boston and the parent’s trading and wealth management businesses, according to a person familiar with the matter. An added complication is that CS First Boston bankers could be getting paid in their own division’s stock, rather than Credit Suisse shares. Michael Klein will step down from the Credit Suisse board of directors to help launch CS First Boston, the bank said.

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