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☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Super Micro, Coinbase, Apple, Microsoft, Rivian & more
▼ + stars: | 2024-03-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

"We are initiating coverage of Legend Biotech (LEGN) with an Outperform rating and a price target of $86." Bank of America reiterates Super Micro as buy Bank of America raised its price target on Super Micro to $1,280 per share from $1,040. The firm has an outperform rating on shares of Boeing. We Initiate with a Buy rating and $15 PT." "We initiate coverage of IMVT with a Buy rating and 12-month price target of $50 (60% upside potential)."

Persons: Raymond James, it's, Wells, Tesla, Davidson, Goldman Sachs, Goldman, Baird, Bernstein, TXRH, EBITDA, Jefferies, underperform Jefferies, Baird downgrades Fiserv, Stephanie Ferris, Charles Drucker, helms, Cooper, William Blair, BTIG, Bitdeer, JMP, Morgan Stanley, Idacorp, Rivian Organizations: Biotech, Legend Biotech, Citi, Constellation Brands Citi, Constellation, Watch, Nielsen, DA, " Bank of America, Bank of America, Nvidia, GPU Tech Conference, TAM, Royal Caribbean, Boeing, Apple, Moelis, Company, RBC, Pointe, GM, Microsoft, ROIC, Jefferies, FIS, JPMorgan, Cooper Companies, Bitdeer Technologies, Technology, ICE, of America, Argus Locations: Nice, Texas, Cleveland, Southwest, Kansas, Missouri

☆ Stocks making the biggest moves midday: Tesla, GE HealthCare, Coinbase and more
▼ + stars: | 2024-03-13 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Crypto stocks — Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record for the third day in a row. Dollar Tree posted adjusted earnings of $2.55 per share on $8.64 billion of revenue for the fourth quarter. Analysts surveyed by LSEG, formerly known as Refinitiv, had penciled in $2.65 per share on $8.67 billion in revenue. GE HealthCare — Shares dropped 3% after the medtech company announced a secondary offering of 13 million shares. Analysts had expected earnings of 2 cents per share on revenue of $1.62 billion, per LSEG.

Persons: Coinbase, MicroStrategy, CleanSpark, Baird, Goldman Sachs, Wells, Raymond James, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Marathon, Iris Energy, Texas, Nvidia, Devices, Micron Technology —, Micron, AMD, LSEG, GE, —, GE HealthCare Technologies, General Electric, Royal, Petco, Wellness Locations: Kentucky, Royal Caribbean

☆ Eric Cantor on 2024 race: When you're an incumbent, you don't want this to be a referendum
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEric Cantor on 2024 race: When you're an incumbent, you don't want this to be a referendumEric Cantor, Moelis and Company vice chairman and managing director and former House Majority Leader, joins 'Squawk Box' to preview Super Tuesday, the biggest primary day on the presidential nominating calendar, the state of the 2024 race, the most important issues for investors and voters at large, and more.

Persons: Eric Cantor, Moelis Organizations: Company

☆ Fmr. House Majority Leader Eric Cantor on $78B tax package, Fed's rate path outlook and 2024 race
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. House Majority Leader Eric Cantor on $78B tax package, Fed's rate path outlook and 2024 raceEric Cantor, Moelis and Company vice chairman and managing director and former House Majority Leader, joins 'Squawk Box' to discuss the $78 billion tax package, whether the bill can pass the Senate, the Fed's rate decision, 2024 race, and more.

Persons: Eric Cantor, Moelis Organizations: Company

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

[1/4] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

☆ Evergrande creditor group supports maintaining operations, not bankruptcy-SCMP
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David Kirton/File Photo Acquire Licensing RightsHONG KONG, Dec 2 (Reuters) - A key offshore creditor group of China Evergrande Group (3333.HK) supports keeping the developer operating, the South China Morning Post (SCMP) reported ahead of a court hearing on Monday that could decide to liquidate the indebted firm. Evergrande, the world's most indebted property developer, and the advisers to the creditor group did not immediately respond to requests for comment. Evergrande has until the Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. The creditors group responded by demanding a controlling equity stake in Evergrande and the two Hong Kong subsidiaries, a source familiar with the matter said on Friday.

Persons: David Kirton, Evergrande, Clare Jim, William Mallard Organizations: China Evergrande, REUTERS, HK, China Morning, Hengda, Kirkland &, Reuters, Hong, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Kirkland & Ellis, Hengda, Hong Kong, Evergrande

☆ Cramer's Lightning Round: 'Stay away' from Catalent
▼ + stars: | 2023-11-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Vishay Intertechnology's year-to-date stock performance. Stock Chart Icon Stock chart icon Abbott Laboratories' year-to-date stock performance. Stock Chart Icon Stock chart icon Anheuser-Busch's year-to-date stock performance. Stock Chart Icon Stock chart icon Catalent's year-to-date stock performance. Stock Chart Icon Stock chart icon Moelis & Company's year-to-date stock performance.

Persons: Vishay, you've, Lads, Jim Cramer's Organizations: Abbott Laboratories, Anheuser, Moelis Locations: Catalent

☆ L3Harris to sell its commercial aviation solutions business for $800 mln
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo of L3Harris is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 1, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 27 (Reuters) - L3Harris Technologies (LHX.N) is selling its commercial aviation solutions business to private equity firm TJC L.P. for $800 million, the defense company said on Monday. The commercial aviation solutions business of L3Harris offers pilot training, flight data analytics, avionics and advanced air mobility products and services and has around 1,450 employees. Morgan Stanley and Moelis & Co were financial advisers to L3Harris, while J.P. Morgan Securities LLC advised TJC L.P. Reporting by Pratyush Thakur in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, TJC, L3Harris, Morgan Stanley, TJC L.P, Pratyush Thakur, Saumyadeb Organizations: New York Stock Exchange, REUTERS, L3Harris Technologies, Moelis, Morgan Securities, Thomson Locations: New York, U.S, Bengaluru

☆ Fmr. House Majority Leader Eric Cantor on election results, implications for 2024 presidential race
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. House Majority Leader Eric Cantor on election results, implications for 2024 presidential raceEric Cantor, Moelis and Company vice chairman and managing director and former House Majority Leader, joins 'Squawk Box' to break down the 2023 election results, implications for the 2024 presidential race, and more.

Persons: Eric Cantor, Moelis Organizations: Company

Alo Yoga founders Danny Harris and Marco DeGeorge have hired investment bank Moelis (MC.N) to advise on options that include selling a stake in the company, the sources said. No transaction structure has been agreed, and it is possible that Alo Yoga decides against any deal, said the sources, who requested anonymity because the matter is confidential. Spokespeople for Alo Yoga and Moelis declined to comment. Alo Yoga is part of Harris and DeGeorge's company Color Image Apparel, which also includes their Bella+Canvas brand. Kim Kardashian’s underwear brand Skims, which sells active and loungewear, also raised financing this year at a roughly $4 billion valuation.

Persons: Alo Yoga's, Alo Yoga, Danny Harris, Marco DeGeorge, Alo, Taylor Swift, Katie Holmes, Hailey Bieber, Kendall Jenner, Harris, Dealmaking, Kim, Abigail Summerville, Leslie Adler Organizations: Nike, Wall Street Journal, SoftBank Group Corp, Thomson Locations: U.S, Harris, Los Angeles, athleisure, New York

☆ Most of our expansion in the Middle East will be in Saudi Arabia, says Moelis & Company CEO
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost of our expansion in the Middle East will be in Saudi Arabia, says Moelis & Company CEOKen Moelis, Moelis & Company CEO, discusses its expansion in the Middle East.

Persons: Ken Moelis Organizations: Moelis, Company Locations: Saudi Arabia

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

☆ Novo Nordisk owner readies for big Wegovy windfall
▼ + stars: | 2023-10-03 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

COPENHAGEN, Oct 3 (Reuters) - The CEO of Novo Holdings said on Tuesday the controlling shareholder of Danish drugmaker Novo Nordisk (NOVOb.CO) is ready for a huge windfall from the runaway success of weight-loss drug Wegovy. Novo Holdings invests and manages the wealth and assets of the Novo Nordisk Foundation, whose newly bulging coffers could make it a major philanthropist and environmental, social and governance (ESG) investor. He was speaking to a group of journalists in Copenhagen, where the investment company, its owner Novo Nordisk Foundation, and the drugmaker Novo Nordisk are all headquartered. [1/4]Novo Holdings A/S CEO Kasim Kutay speaks at Novo Nordisk Foundation in Hellerup, Denmark, October 3, 2023. Novo Holdings' early-stage investments team now has $200 million to deploy each year, Soren Moller, who heads the seed division, told Reuters.

Persons: Kasim Kutay, Wegovy, Kutay, I've, Morgan Stanley, Ali Withers, Peter Lawaetz Andersen, Andersen, Soren Moller, Maggie Fick, Josephine Mason, Louise Heavens, Catherine Evans Organizations: Novo Holdings, Novo Nordisk, Novo Nordisk Foundation, The Foundation, Holdings, Moelis, REUTERS, Foundation, Norway's Coalition, Reuters, Thomson Locations: COPENHAGEN, Danish, Copenhagen, Novo, United States, Hellerup, Denmark, Shanghai, China, Singapore, Boston, San Francisco

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

☆ Supermarket franchisee Spinneys Dubai plans IPO in 2024
▼ + stars: | 2023-09-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

A woman looks at products as she buys food supplies at a supermarket, as Muslims prepare for the fasting month of Ramadan in Dubai July 8, 2013. Albwardy Investment, the franchise's 100% owner, hired Rothschild & Co to advise on the planned IPO, the sources said, requesting anonymity as the plans are not public. The potential IPO of Spinneys Dubai, planned on the Dubai Financial Market, would add to the small but growing regional food retail sector. Spinneys Dubai operates more than 65 stores across the UAE, its website says. Albwardy, which says it has annual turnover above $1 billion, also owns the franchise rights to upmarket British supermarket chain Waitrose.

Persons: El, Rothschild, Moelis, Yousef Saba, Barbara Lewis Organizations: REUTERS, Spinneys, United Arab, Albwardy Investment, Co, Dubai Financial, Americana, North, KFC, Lulu, Reuters, UAE, Spinneys Dubai, Waitrose, Nestle UAE, Thomson Locations: Dubai, Spinneys Dubai, United Arab Emirates, Oman, Albwardy, East, North Africa, Abu Dhabi, Riyadh, Saudi Arabia, Europe, Middle East, Africa

☆ Eric Cantor: Far-right House Republicans are shooting the country, Republican Party in the foot
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEric Cantor: Far-right House Republicans are shooting the country, Republican Party in the footEric Cantor, Moelis and Company vice chairman and managing director and former House Majority Leader, joins 'Squawk Box' to discuss the latest in spending negotiations on Capitol Hill, why a government shutdown is now more likely at the end of next week, the challenges facing House Speaker Kevin McCarthy dealing with the hard-liners in his caucus, and more.

Persons: Eric Cantor, Moelis, Kevin McCarthy Organizations: Republicans, Republican Party, Company, Capitol

☆ The majority of Party City stores will stay open as it exits bankruptcy
▼ + stars: | 2023-09-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —Party City exited bankruptcy on Wednesday after a US judge signed off on the retailer’s reorganization plans. The plan cancels nearly $1 billion of Party City’s debt, and while some of Party City’s nearly 800 US stores will close due to the bankruptcy agreement, the majority will stay open, according to the company. In a statement, Party City said it had renegotiated many of its leases and exited “less productive locations.” That means many of Party City’s workers will stay employed. However, those who held Party City’s stock did not fare as well in the bankruptcy agreement. An August filing by Party City’s financial adviser, Moelis & Co., estimated that the retailer is currently worth between $450 million and $775 million.

Persons: Brad Weston Organizations: CNN — Party City, City’s, Party, Party City Locations: Party City

Aug 25 (Reuters) - Barclays Plc (BARC.L) has hired Emma Taylor, a Goldman Sachs Group Inc (GS.N) technology banker, as global head of internet investment banking, according to an internal memo seen by Reuters. Taylor, a 20-year investment banking veteran, will be based in New York and report to Barclays global head of technology investment banking Kristin Roth DeClark, according to the memo, which was confirmed by a Barclays spokesperson. Taylor and Chan will join three other managing directors at Barclays who cover internet investment banking out of the United States and two managing directors who focus on the internet out of Europe. Last week, Barclays announced it had hired Lee Counselman from Moelis & Co (MC.N) as a managing director in its technology investment banking group focused on software transactions. She previously spent five years at Goldman Sachs, where she worked alongside Taylor on the internet team as head of global e-commerce coverage.

Persons: Emma Taylor, Taylor, Kristin Roth DeClark, Carmen Chan, Chan, Lee Counselman, Goldman Sachs, Milana Vinn, Jonathan Oatis Organizations: Barclays Plc, Goldman Sachs Group Inc, Reuters, Barclays, Thomson Locations: New York, United States, Europe, Moelis

☆ U.S. Steel explores options after rejecting $7.3 billion offer from Cleveland-Cliffs
▼ + stars: | 2023-08-13 | by ( Jyoti Narayan | Akanksha Khushi | ) www.reuters.com time to read: +3 min

(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.

Persons: rebuffing, steelmaker, Lawrence Bryant, ”, Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
▼ + stars: | 2023-08-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.

Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall

☆ Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business
▼ + stars: | 2023-08-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.

Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp

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