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☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ China's Zeekr reveals revenue surge in updated financials ahead of US IPO
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

People walk past a booth of Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. The company said its total revenue surged to 35.31 billion yuan ($4.90 billion) in the nine months ended Sept. 30, compared with 18.47 billion yuan a year earlier. However, its loss from operations widened to 5.23 billion yuan from 4.90 billion yuan. Zeekr is yet to disclose the size and the proposed price range for its offering. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Zeekr, Amnon Shashua, Manya Saini, Maju Samuel Organizations: REUTERS, Geely Auto, HK, Mobileye, Industrial, Thomson Locations: Beijing, China, New York, Guangzhou, Bengaluru

☆ How close are crypto markets to first spot bitcoin, ether ETFs?
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Word "Crypto" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 20 (Reuters) - A spate of filings for spot bitcoin and ether exchange-traded funds (ETFs), including from traditional finance heavyweights, has revived the crypto market that had been crushed by a series of meltdowns last year. A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency. The SEC has previously denied all spot bitcoin ETF applications citing potential for fraud, but that could soon change after it lost a legal battle in August. Here is a pipeline of filings for spot bitcoin ETFs awaiting approval:Reuters GraphicsHere is a pipeline of spot ether ETFs awaiting approval:Here are some ether futures-tied ETFs that have been approved recently:Sources: filings, media reports, company statementsReporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Michelle Price and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: magnifier, Dado Ruvic, Manya Saini, Niket, Michelle Price, Shounak Organizations: REUTERS, SEC, Thomson Locations: Bengaluru

☆ Structural demand for US debt strong despite bond market volatility - Moody's
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNov 20 (Reuters) - The structural demand for U.S. debt which underpins the dollar-based global financial system remains strong against the backdrop of recent Treasury market volatility, Moody's Investors Service said on Monday. The firm added U.S. financial regulators have undertaken a series of measures to improve Treasury market resilience and efficiency, and that it expects the market structure will continue to evolve. "Going forward, as the Fed reduces its Treasury holdings, foreign central banks, pension funds, insurance companies and households will be stabilizing factors in the market," Moody's said in a client note. Earlier this month, Moody's lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability. Treasury yields have soared this year on expectations the Federal Reserve will keep monetary policy tight, as well as on U.S.-focused fiscal concerns.

Persons: Carlo Allegri, Moody's, Manya Saini, Shounak Dasgupta Organizations: New York Stock, REUTERS, Moody's Investors, Treasury, Reserve, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Crypto exchange Bullish buys news website CoinDesk
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Nov 20 (Reuters) - Cryptocurrency exchange Bullish said on Monday it has acquired crypto news website CoinDesk from Barry Silbert's Digital Currency Group (DCG). Financial terms of the deal, which was first reported by the Wall Street Journal, weren't disclosed. CoinDesk, which was launched in 2013 and bought by DCG three years later, will continue to be led by Kevin Worth and operate as an independent subsidiary within Bullish, the firm said. CoinDesk also announced the appointment of Matt Murray, former editor-in-chief of the WSJ, to serve as chair of its editorial committee tasked with ensuring journalistic independence. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Bullish, Barry, weren't, Kevin Worth, CoinDesk, Matt Murray, Manya Saini, Shailesh Organizations: Barry Silbert's Digital Currency Group, Wall Street, Thomson Locations: Bullish, Bengaluru

☆ Cyberattack on ICBC's US unit to not have material impact on parent bank - Fitch
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsNov 16 (Reuters) - Ratings agency Fitch on Thursday said the recent cyberattack at ICBC Financial Services will not have a material impact on its Chinese parent, although it highlights growing threats to global payment networks from such incidents. "We do not expect the incident to have any immediate impact on the parent bank's viability rating, nor will the bank's issuer default rating change as it remains driven by our expectation of support from the Chinese sovereign," the ratings firm said. The U.S. unit primarily engages in providing global clearing, execution and financing services to institutional clients. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Fitch, Manya Saini, Anil D'Silva Organizations: Industrial, Commercial Bank of China, REUTERS, ICBC Financial, Commercial Bank of China Ltd, Thomson Locations: Beijing, China, U.S, Bengaluru

☆ Citi CEO Fraser touts 'clear benefits' of diversifying supply chains
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser, Chief Executive Officer of Citi, speaks during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 16 (Reuters) - Geopolitical tensions and macroeconomic shocks are spurring businesses and governments into reconfiguring their supply chains, and the increased focus on diversification is leading to "clear benefits", Citigroup (C.N) CEO Jane Fraser said on Thursday. Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, a debate has raged over how integrated the global economy will be in the future. Some businesses are responding by "nearshoring" - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market - to keep supply chains more stable. Disruptions to the "old system" signal globalization is changing and would lead to more trade relationships and diversified supply chains.

Persons: Jane Fraser, Tyrone Siu, Fraser, Niket Nishant, Manya, Pooja Desai Organizations: Citi, Global Financial, Investment, REUTERS, Citigroup, Asia Pacific Economic Cooperation, Comprehensive Economic, Trans, Pacific Partnership, Manya Saini, Thomson Locations: Hong Kong, China, Ukraine, United States, Beijing, Mexico, U.S, India, Vietnam, Malaysia, San Francisco, Bengaluru

☆ China's Zeekr reveals wider loss, Beijing influence in US IPO paperwork
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold. For the six months ended June 30, the company reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion Chinese yuan a year earlier. It will list its shares on the New York Stock Exchange under the ticker symbol "ZK". ($1 = 7.2835 Chinese yuan renminbi)Reporting by Niket Nishant, Manya Saini, Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zeekr, Didi, Goldman Sachs, Morgan Stanley, Niket Nishant, Manya Saini, Jaiveer, Mehnaz Yasmin, Krishna Chandra Eluri, Shilpi Majumdar Organizations: Geely Auto, HK, Reuters, New York Stock Exchange, underwriters, Thomson Locations: Beijing, New York, U.S, York, China, Bengaluru

☆ US banking executives talk soft landing, capital rules
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.

Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York

☆ FICO reports higher Q4 profit on strength in scores, software businesses
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Fair Isaac (FICO.N), a data and analytics company better known as FICO, reported higher profit for the fourth quarter on Wednesday, helped by strong performance of its scores and software businesses. The company scores segment's revenue jumped 12% to $195.6 million from $174.1 million a year earlier, driven by pricing increases. Revenue from the software unit, which sells analytics and data technologies to businesses, rose 11% to $194.2 million compared with $174.7 million a year earlier. The company reported net income of $101.4 million, or $4.01 per share in the quarter, compared with $90.7 million, or $3.55 per share, a year earlier. Fair Isaac posted revenue of $389.7 million for the three months ended Sept. 30, compared with $348.7 million a year earlier.

Persons: Isaac, FICO.N, Manya Saini, Niket, Krishna Chandra Organizations: Revenue, Thomson Locations: Bengaluru

☆ Goldman Sachs plans to offload GM credit card - source
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 7 (Reuters) - Goldman Sachs (GS.N) plans to offload its General Motors (GM.N) credit cards, a person familiar with the matter told Reuters on Tuesday. GM will start a process to find a new issuer for the cards instead of Goldman Sachs, the source added. Goldman CEO David Solomon has now shifted the firm's focus back to its traditional strengths - investment banking and trading - and aims to grow in asset and wealth management. Reporting by Saeed Azhar in New York and Manya Saini in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Goldman Sachs, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta Organizations: General Motors, REUTERS, Motors, Reuters, GM, Wall Street, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, dealmaking, New York, Bengaluru

☆ Robinhood misses Q3 revenue estimates on muted trading activity
▼ + stars: | 2023-11-07 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsNov 7 (Reuters) - Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading. Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company's commission-free platform to pump money into so-called "meme stocks" during the pandemic-era lockdowns. Reuters GraphicsAccording to company executives, Robinhood often sees lower trading volumes around the holidays in November and December. The company also expects its interest revenue to decline in the current quarter on a sequential basis. Reuters GraphicsRobinhood's net revenue rose 29% to $467 million in the three months ended Sept. 30, but missed analysts' expectations of $478.4 million, as per LSEG data.

Persons: Brendan McDermid, Robinhood, Jason Warnick, Manya Saini, Shilpi Majumdar, Shounak Organizations: Robinhood Markets, Inc, Nasdaq, REUTERS, Reuters, U.S, U.S . Federal, Reuters Graphics, Thomson Locations: New York City, U.S, U.S ., Bengaluru

☆ Jack Henry & Associates revenue rises on steady demand for fintech products
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Fintech firm Jack Henry & Associates (JKHY.O) reported a rise in its first-quarter revenue on Tuesday, helped by steady growth in its processing as well as services and support segments. Jack Henry's revenue jumped 8% to $571.4 million in the three months ended Sept. 30. Its services and support revenue increased, primarily driven by growth in data processing and hosting revenue. Core and payments segments revenue climbed 7.6% and 6.9%, respectively. Shares of Jack Henry, which serves banks, credit unions and financial services firms, have lost 18.3% of their value so far this year, through previous close.

Persons: Jack Henry &, David Foss, Jack Henry's, Jack Henry, Manya Saini, Shilpi Majumdar Organizations: Jack Henry & Associates, Thomson Locations: Bengaluru

☆ Goldman Sachs plans to scrap GM credit card - source
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 8 (Reuters) - Goldman Sachs (GS.N) is planning to scrap its co-branded credit cards with General Motors (GM.N), a person familiar with the matter told Reuters on Tuesday. General Motors said it would continue to "reward customers for their loyalty to our brands." Last month, Goldman beat estimates for third-quarter profit but said its ill-fated foray into consumer banking continued to weigh. Growing investor skepticism over the business has prompted CEO David Solomon to shift the firm's focus back to its traditional strengths - investment banking and trading.

Persons: Rebecca Cook, Goldman Sachs, General Motors, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta, Anil D'Silva Organizations: General Motors, REUTERS, Reuters, General, Street Journal, Sixth Street Partners, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, New York, Bengaluru

☆ IAC narrowly beats Wall Street third-quarter revenue estimates
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Internet holding company IAC (IAC.O) beat Wall Street third-quarter revenue estimates on Tuesday, as the owner of publisher Dotdash Meredith saw traffic growth return for core brands. IAC owns Dotdash Meredith, America's largest digital and print publisher, as well as brands such as the Daily Beast and care services platform Care.com. Revenue fell 15% to $1.11 billion, narrowly beating analyst estimates, amid a challenging advertising market. Revenue at Dotdash Meredith, its biggest business, fell 11% to $417.5 million, with digital and print revenue declining 4% and 16%, respectively. Consolidated adjusted EBITDA grew 83% year-over-year, with adjusted core earnings growing at home services platform Angi and Dotdash Meredith.

Persons: Dotdash Meredith, We've, Joey Levin, GAI, Helen Coster, Manya, Krishna Chandra Organizations: IAC, Daily, Revenue, Consolidated, Dotdash Media, . Copyright, Manya Saini, Thomson Locations: Dotdash, New York, Bengaluru

☆ BofA notifies customers of temporary industry-wide deposit delays
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The issue could be stemming from The Clearing House (TCH), a core payments system infrastructure owned by some of the largest commercial banks in the world. "TCH has experienced a processing issue with a single Automated Clearing House (ACH) file. TCH is working with impacted financial institutions on the matter," a spokesperson for the association said in an emailed statement to Reuters. An alert on the Federal Reserve Financial Services website said all services were operating normally as of 12:44 PM Eastern Time (ET).

Persons: Carlo Allegri, TCH, JPMorgan Chase, Niket Nishant, Manya, Saeed Azhar, Tatiana Bautzer, Shweta Agarwal Organizations: of America, REUTERS, Bank of America's, BofA, JPMorgan, Truist, U.S . Bancorp, Federal Reserve Financial, Manya Saini, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru, New York

☆ PayPal raises full-year profit forecast above Wall Street estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - PayPal Holdings (PYPL.O) raised its forecast for full-year adjusted profit above Wall Street estimates on Wednesday, as the payments giant banks on resilient consumer spending trends during the key holiday shopping season. The company said it expects adjusted profit for the full-year to be about $4.98 per share from $4.95 earlier. PayPal cut its annual forecast of adjusted operating margin expansion to 75 basis points from 100 basis points expected earlier. Total payments volume increased 13% on FX-neutral basis to $387.7 billion in the third quarter, beating Street expectations of $377.9 billion. The firm earned $1.30 per share on an adjusted basis in the third-quarter, beating Wall Street expectations of $1.23 per share.

Persons: Dado Ruvic, Jamie Miller, Manya Saini, Krishna Chandra Organizations: PayPal, REUTERS, PayPal Holdings, Wall, Adobe Analytics, Apple, FX, U.S . Commerce Department, Thomson Locations: U.S, Bengaluru

☆ WeWork plans to file for bankruptcy as early as next week, source says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/3] WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch Acquire Licensing RightsOct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

Persons: Kate Munsch, WeWork, Sandeep Mathrani, Anirban Sen, Manas Mishra, Manya, Shailesh Kuber, Anil D'Silva Organizations: REUTERS, SoftBank, Wall Street Journal, WSJ, Manya Saini, Thomson Locations: San Francisco , California, U.S, New York, New Jersey, Bengaluru

☆ State Street CEO O'Hanley to take additional role as bank's president
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo and trading symbol of financial services company State Street are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 30 (Reuters) - State Street Corp (STT.N) said on Monday its CEO and Chairman Ron O'Hanley will take on an additional role as the bank's president after Louis Maiuri retires, set for early next year. Maiuri also serves as State Street's chief operating officer and head of its largest business, investment services. The custodian bank said Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, will become chief operating officer, while O'Hanley will take the responsibility of the investment services unit. State Street is among the world's largest custodian banks with $40 trillion in assets under custody and/or administration and $3.7 trillion in assets under management (AUM) as of Sept 30.

Persons: Brendan McDermid, Ron O'Hanley, Louis Maiuri, Maiuri, Mostapha Tahiri, O'Hanley, Manya Saini, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Street Corp, Asia Pacific, Thomson Locations: New York, U.S, Middle East, North Africa, Bengaluru

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Investor group to infuse $35 million in troubled Republic First Bancorp
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

Companies Republic First Bancorp Inc FollowOct 27 (Reuters) - Investor group Norcross Braca has agreed to pump $35 million into troubled lender Republic First Bancorp (FRBK.PK), the companies said on Friday. The deal comes after the bank's disclosure in August that it was in talks with the group led by activist investor George Norcross regarding an equity investment and a broader capital raise. Philip Norcross has been appointed chair as part of the terms, while Gregory Braca and two new independent directors are also set to join the bank's board. The troubled lender has also postponed its 2022 annual shareholders meeting until December. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Norcross Braca, George Norcross, Philip Norcross, Gregory Braca, Manya Saini, Anil D'Silva Organizations: Bancorp, Investor, First Bancorp, Nasdaq, Thomson Locations: Bengaluru

☆ Capital One beats profit estimates on interest income boost
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside a Capital One Bank in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 26 (Reuters) - Capital One Financial (COF.N) on Thursday sailed past estimates for third-quarter profit as the consumer lender charged higher interest rates on loans, sending its shares up more than 4% in extended trading. Capital One's interest income climbed 6% to $7.42 billion in the quarter, compared with about $7 billion a year earlier. In line with broader industry trends, higher deposit costs led to net interest margin contracting to 6.69% versus 6.80% in the year-ago quarter. Capital One reported adjusted earnings of $4.45 per share in the three months ended Sept. 31.

Persons: Andrew Kelly, Manya Saini, Anil D'Silva Organizations: One Bank, REUTERS, Thursday, U.S . Federal Reserve, Thomson Locations: Manhattan , New York, U.S, Bengaluru

☆ Morgan Stanley's 14 years under James Gorman: a timeline
▼ + stars: | 2023-10-25 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: 1 min

Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Morgan Stanley FollowOct 25 (Reuters) - Morgan Stanley (MS.N) on Wednesday named insider Ted Pick as its next chief executive officer, replacing longtime leader James Gorman, who will become the investment bank's executive chairman. Here is a timeline of key events that shaped Gorman's almost 14-year tenure atop the Wall Street giant:Sources: Company statements, investor updates, investor conferences, media reports, regulatory filingsReporting by Manya Saini in Bengaluru; Editing by Rod Nickel and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Stanley, James Gorman, Brendan McDermid, Ted Pick, Manya Saini, Rod Nickel, Sonali Paul Organizations: Reuters, REUTERS, Wednesday, Thomson Locations: New York City , New York, U.S, Bengaluru

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

☆ Bank of Montreal is exploring sale of RV loan portfolio - Bloomberg News
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsOct 24 (Reuters) - Bank of Montreal (BMO.TO) is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The potential sale comes at a time when several banks in North America shed loan portfolios to bolster balance sheets in the face of a 'higher-for-longer' interest rate environment. "We can't comment on specifics of a transaction," a Bank of Montreal spokesperson told Reuters in an emailed statement. The sale of loan portfolios, particularly those which are rate-sensitive, allows lenders to manage risk and keeps credit loss provisions or capital set aside to cover potential defaults in check.

Persons: Chris Wattie, Manya Saini, Jaiveer Shekhawat, Shailesh Organizations: of Montreal, BMO, REUTERS, Bank of Montreal, Bloomberg, Reuters, Thomson Locations: Ottawa , Ontario, Canada, North America, Bengaluru, Balu, Toronto

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