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Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.
Persons: Blackstone, , BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, ​ ​ McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres
One of the architects of that plan for a Trump second term said as much in a video last year for the Heritage Foundation. Reissuing Schedule F is part of a roadmap, known as Project 2025, drafted for a second Trump term by scores of conservative groups and published by the Heritage Foundation. The new rules would not fully block reclassifying workers in a second Trump term. Greene said she worries for federal workers who might face the same choice in a second Trump term. The project includes a personnel database for potential hires in a second Trump administration.
Persons: Donald Trump, it’s, , Trump, Joe Biden, Donald Moynihan, Georgetown University's, ” Donald Moynihan, ” Moynihan, “ It’s, , Russell Vought, , you’re, Doreen Greenwald, Moynihan, Kenneth Baer, Barack Obama, ” Kenneth Baer, Peter Orszag, Pete Souza, Robert Shea, Eva Shea, George W, Bush, Laura Bush, Tina Hager, ” Biden, Baer, George Frey, ” Trump, Max Stier, Verna Daniels, ” Daniels, Catherine Greene, ” Greene, Tom Bewick, NIFA, ” Bewick, we’ll, Greene, Biden, “ We’ve, He’s, Hillary Clinton, he’d, James Comey, Bill Barr, Barr, Jeffrey Clark, Clark, Mark Meadows, Stephen Miller, Peter Navarro, he’ll Organizations: CNN, United, Republican, Democratic, Trump, , Georgetown, Georgetown University's McCourt School, Public, Georgetown University, Heritage Foundation, Management, Budget, of Justice, FBI, Environmental Protection Agency, Vought, National Treasury Employees Union, OMB, White, Personnel Management, Land Management, Department of Agriculture, Kansas City, Partnership for Public Service, Government, Office, GAO, Economic Research Service, National Institute of Food, Agriculture, USDA, National Institute for Food, NIFA, Applied Economics Association, BLM, Getty, Department of Justice, Justice Department, Univision, Justice, Department, U.S . Justice, Center, Washington Post, National Security and Intelligence, of Homeland Security, of Education and Commerce, Federal Communications Commission, Federal Trade Commission Locations: United States, Washington, Georgetown, , Colorado, DC, Kansas, Colorado, Virginia, America, Grand Junction, Washington ,, New York City, New York, Georgia
Bank of America on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue on better-than-expected interest income and investment banking. Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier. That's one of the key questions after JPMorgan Chase , Citigroup and Goldman Sachs all topped estimates with help from trading and investment banking. Bank of America's Chief Financial Officer, Alastair Borthwick, told analysts last month to expect investment banking revenue to rise by 10% to 15% from a year earlier, and for trading results to be roughly flat. Analysts will also be focused on the bank's net interest income, which has been declining in recent quarters as funding costs have climbed along with the rise in interest rates.
Persons: Brian Thomas Moynihan, Goldman Sachs, Alastair Borthwick Organizations: of America, Senate Banking, Housing, Urban Affairs, Capitol, Bank of America, Revenue, JPMorgan Chase, Citigroup, Goldman, Bank of America's Locations: Washington , DC
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer spending has slowed but is hanging in there, says BofA CEO Brian MoynihanBrian Moynihan, Bank of America CEO, joins 'Closing Bell' to discuss company earnings, the state of the consumer and company outlook.
Persons: Brian Moynihan Brian Moynihan Organizations: Bank of America
Read previewA trio of top Wall Street bosses is facing investor agitation this spring over their jobs. The attempts to add more independent oversight to the firms' boards of directors is a public rebuke to those CEOs. Last week, top proxy firms Glass Lewis and Institutional Shareholder Services recommended Goldman and BofA separate their CEO-chair jobs. AdvertisementA cyclical history of splitting CEO and chairman rolesThese proposals cycle in and out of fashion, and Wall Street has seen plenty of similar ballot questions, from shareholders large and small. Large companies — like the trio of Wall Street firms now — were targeted much more often for shareholder proposals to split the jobs than the small companies.
Persons: , Goldman Sachs, David Solomon, Larry Fink, Brian Moynihan, Glass Lewis, Goldman, BofA, Moynihan Organizations: Service, Goldman, BlackRock, Bank of America, Business, Institutional, Exxon, Stanford Graduate School of Business, Stanford, Wall Street
CNN —As darkness envelops millions of people during Monday’s total solar eclipse, spectators will hold their cellphones skyward to capture the moment. A family looks through a pair of giant solar eclipse glasses at Veterans Memorial Park in Dripping Springs, Texas, on April 4, 2024. When the last total solar eclipse cut a path across America in 2017, AT&T reported network usage spikes up to 15% around certain cell towers in the path of totality. People view the solar eclipse at 'Top of the Rock' observatory at Rockefeller Center, August 21, 2017 in New York City. “A total eclipse of the sun is unlike any other experience that a human being can have.
Persons: Adam Davis, Shutterstock, , Caty Pilachowski, ” Pilachowski, Drew Angerer, Chris Serico, Serico, ” Serico, it’s, ” Verizon’s Serico, Heather Groll, ” Groll, Michelle Eng, Pichnaieu Chung, Anthony Behar, Lisa Winter, Winter, Rick Dietz, Aaron Sadler, Pilachowski, Organizations: CNN, Veterans Memorial, Indiana University , Bloomington, Bloomington, Rockefeller Center, Verizon, 5G, New York State Division of Homeland Security, Emergency Services, , New, MTA, Hall, AP, NASA, Technology Services Department Locations: Texas, Maine, Springs, Texas , Oklahoma , Arkansas , Missouri , Tennessee , Illinois , Kentucky , Indiana , Ohio, Michigan, Pennsylvania, New York , Vermont , New Hampshire , Maine, Mexico, Canada, America, New York City, Niagara, Erie, New York, Northeast Ohio, Dallas, United States, Buffalo , NY, Rochester , NY, Hall , New York, NY, Rock , Arkansas, Little
Investors seeking some stability in their portfolios may want to consider high-quality dividend stocks, especially those with a track record of steady income payments. Here are three attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. Nonetheless, PepsiCo announced a 7% hike in its annualized dividend to $5.42 per share, effective with the dividend payable in June 2024. On March 18, Morgan Stanley analyst Dara Mohsenian upgraded PepsiCo stock to buy from hold with a price target of $190. (See PepsiCo Stock Buybacks on TipRanks)
Persons: Wall, Enbridge, Robert Kwan, Kwan, TipRanks, Gerard Cassidy, Brian Moynihan, Cassidy, Morgan Stanley, Dara Mohsenian, Mohsenian Organizations: Pepsi, Brooklyn borough New, Enbridge Energy, RBC Capital, East Ohio Gas Company, Ohio Gas, Public Service Company, Dominion Energy, Dominion, Bank of America, PepsiCo, TipRanks Locations: Flatbush, Brooklyn borough, Brooklyn borough New York City, U.S, North Carolina, TipRanks
In today's big story, we're looking at why the economy has most consumers feeling like they are stuck in place . A "trapped in place" economy is in full swing. Bad buying conditions coupled with everyday high prices means consumers can't make any major life changes , writes Business Insider's Emily Stewart. But it's not the only area of the economy that's stuck, Emily writes. So, while consumers lament being stuck in place, they should also avoid getting stuck looking to the past.
Persons: , Rebecca Zisser, Emily Stewart, it's, Emily, gunning, It's, Jerome Powell's, Tyler Le, Steve Mnuchin, Brian Moynihan, Instagram, Jensen Huang, Chelsea Jia Feng, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Tech, Federal, Wall Street, Investors, Blackstone, JPMorgan, MLB, Bank of America, mojo, Nvidia, Astera Labs, NASDAQ Locations: It's, Chelsea, New York, London
For more than a decade, Juan Orlando Hernández wielded power in Honduras, first as a member of Congress, then as that body’s leader and finally as the nation’s president. On Friday, an American jury in Federal District Court found Mr. Hernández guilty of conspiring to import cocaine into the United States and of possessing and conspiring to possess “destructive devices,” including machine guns. After the verdict was delivered, Mr. Hernández, who faces a mandatory prison term of at least 40 years and is scheduled to be sentenced on June 26, rose to his feet and stood quietly with folded hands as the jurors filed from the courtroom. During his first presidential campaign in 2013, Mr. Hernández, a member of the right-wing Honduran National Party, portrayed himself as a law-and-order candidate who could stem the epidemic of drugs and crime that had suffused the country.
Persons: Juan Orlando Hernández, Hernández Organizations: Court, Honduran National Party Locations: Honduras, United States
The former two-term president of Honduras denied in court on Tuesday that he had trafficked narcotics, offered police protection to drug cartels or taken bribes — assertions that have been at the heart of a conspiracy trial taking place in Manhattan. The former president, Juan Orlando Hernández, has been on trial for two weeks in Federal District Court, facing charges that he conspired to import cocaine into the United States. Prosecutors said that he worked with ruthless drug gangs like the Sinaloa Cartel, led by the Mexican drug lord Joaquín Guzman Loera, better known as El Chapo. Government witnesses have included a string of former traffickers from Honduras who testified that they bribed Mr. Hernández in return for promises that he would insulate them from investigations and protect them from extradition to the United States. Dressed in a dark suit with a blue shirt and tie, Mr. Hernández sat up straight during his testimony and sometimes gave long, discursive answers that prompted the judge overseeing the trial to rein him in.
Persons: Juan Orlando Hernández, Joaquín Guzman Loera, Hernández Organizations: Federal, Court, Prosecutors, Chapo Locations: Honduras, Manhattan, United States, Sinaloa, Mexican
Don Henley and Glenn Frey followed a routine while writing some of the most emblematic and enduring songs of the 1970s. The men, who co-founded the Eagles, would rent a house and bring in a piano and guitars. The two would rise in late morning — “musician time,” Mr. Henley testified in a Manhattan courtroom on Monday. They would make coffee, then have “philosophical” conversations and begin trying out riffs and discussing “song titles, subject matters, concepts,” he said. Mr. Henley paid particular attention to lyrics, crafting and refining them on legal pads.
Persons: Don Henley, Glenn Frey, ” Mr, Henley, , Glenn Horowitz Organizations: Eagles Locations: Manhattan, Malibu , Calif, New York, Town
The dramatic change in value came about only because some experts decided the painting was by Rembrandt. Reattributed to da Vinci, it sold in 2013 for $83 million and then again for $127.5 million. “Adoration,” thought to have been painted around 1628, has at various times in its 400-year life been viewed as a work by Rembrandt. Three years later, it was offered for sale by Sotheby’s as a Rembrandt but went unsold. In 1985, the painting came back on the market, at Christies, and this time it was sold — but only as a work from the “circle” of Rembrandt.
Persons: Rembrandt, Philip IV, Salvator Mundi, Christ, Leonardo da, Reattributed, da, , Sotheby’s, Kurt Bauch Organizations: Metropolitan Museum of Art, Christie’s Locations: da Vinci, Christies
In the late 1970s, a writer working on a book about the Eagles that would never be published obtained 100-odd pages of notes and lyrics related to the multiplatinum album “Hotel California.”The papers included handwritten drafts of lyrics by the band’s songwriter and drummer, Don Henley. Decades later, according to court documents, the writer, Ed Sanders, sold the trove to a prominent dealer in rare manuscripts who had placed the papers of Norman Mailer and Tom Wolfe in university libraries and had worked to sell Bob Dylan’s archive for a sum estimated at up to $20 million. In 2022, prosecutors in Manhattan said that the manuscript dealer, Glenn Horowitz, and two other men had been charged with conspiring to possess stolen property valued at over $1 million that included embryonic versions of hits like “Hotel California,” “New Kid in Town” and “Life in the Fast Lane.”On Wednesday, the three men are scheduled to go on trial in an unusual proceeding that may feature testimony from Mr. Henley, who told a grand jury the material was stolen. The trial will be decided by the judge, not a jury.
Persons: Don Henley, Ed Sanders, Norman Mailer, Tom Wolfe, Bob Dylan’s, Glenn Horowitz, Mr, Henley Organizations: Eagles, Locations: California, Manhattan, “ Hotel California,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America CEO: 3 rate cuts this year will bring economy into equilibrium by the end of 2025CNBC's Leslie Picker and Bank of America CEO Brian Moynihan join 'Squawk on the Street' to discuss the state of the economy, strength of the consumer, the Fed's rate path outlook, the impact of Capital One-Discover deal, regional bank turmoil, and more.
Persons: CNBC's Leslie Picker, Brian Moynihan Organizations: Email Bank of America, Bank of America
Read previewAt 81 years old, President Joe Biden is facing criticism from Republicans and Democrats alike that he's too old to be president again. Many draw parallels between Biden and the late Supreme Court Justice Ruth Bader Ginsburg, who refused to step down from her lifetime appointment to the court while President Barack Obama was in office. The current Supreme Court is comprised of 6 conservative justices and 3 liberals, though Chief Justice John Roberts is often considered a swing vote. Bill Clinton's choice for Supreme Court vacancy, on Capitol Hill, June 15, 1993. Supreme Court justices are appointed, not elected, and the confirmation of Obama's nomination of Garland was blocked by Republicans in the Senate in the wake of Antonin Scalia's death in 2016.
Persons: , Joe Biden, Jon Stewart, Ezra Klein —, Donald Trump, Biden, Ruth Bader Ginsburg, Barack Obama, Ginsburg, Obama, Merrick Garland, shoring, Trump, Amy Coney Barrett, John Roberts, Justin Buchler, Pres, Bill Clinton's, Marcy Nighswander, Garland, Antonin Scalia's, Hillary Clinton, Clinton, she'd, Roe, Christian Grose, Daniel Patrick Moynihan, Dean Phillips, Grose, Buchler, Kamala Harris, Gavin Newsom —, Harris, Newsom, Lyndon Johnson, Hubert Humphrey, Richard Nixon, Robert Hur, I've, flubs, Abdel Fattah al, Nikki Haley, Nancy Pelosi, Peter Loge, Younger, Ron DeSantis, Vivek Ramaswamy, Phillips, let's, I'm, we'll, Ron Sachs Organizations: Service, Democrats, Business, Supreme, Democratic, Case Western Reserve University, Committee, Capitol, AP, Trump, Wade, CNBC, University of Southern, Research, California Gov, Washington Post, Democrat, Biden, Republicans, GOP, Politico, Minnesota, Time, NBC News, Reuters, US, Judiciary, Washington DC Locations: Biden's, University of Southern California, California, Mexico, South Carolina, Trump, Capitol Hill, Washington
One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.
Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, , Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul ​ Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts
Over the course of three weeks, the art world watched as a Russian oligarch pursued a lawsuit in an American court in which he accused Sotheby’s of abetting a fraud. Sotheby’s, he said, was in on it. But after only a few hours of deliberation on Tuesday, the jury found differently, voting unanimously that Sotheby’s had not played a role in any fraud. The dealer, Yves Bouvier, who was not a defendant in the case, said he felt vindicated too. Bouvier has long insisted that he did nothing wrong and that he was always clearly acting as a dealer, free to charge Rybolovlev whatever price the Russian would pay.
Persons: Russian oligarch, Dmitry Rybolovlev, Sotheby’s, Yves Bouvier, Bouvier Locations: Russian, New York, Swiss
"That's when you get the good s---," said a Davos attendee who is regularly selected to join the exclusive backroom of the Annual Davos Wine Forum Tasting. Zoom In Icon Arrows pointing outwards JPMorgan took over the Kirchner Museum for its annual drinks event. Zoom In Icon Arrows pointing outwards The attire of the Davos set is decidedly not chic. Zoom In Icon Arrows pointing outwards The color of your conference badge determined access to World Economic Forum events. Zoom In Icon Arrows pointing outwards Skiing and snowboarding post panels and broadcasting was another favorite pastime of some Davos goers.
Persons: bankrolled, Vladimir Putin's, Putin, George Soros, Bill Browder, Anthony Scaramucci, Anthony, Scaramucci, queued, Latour, Donald Trump, , Mark Milley, Matt Damon, Richard Branson, Andrea Bocelli, Chris Coons, Paul Ryan, bartenders, Champagne Perrier, Chateau Latour, L'Eglise, Burgundy Olivier Bernstein Bonnes, Domaine Comte Georges de Vogue, Tenuta, Casanova di Neri, Stephen King, Browder, Doug Emhoff, Gary Cohn, Ian Bremmer, Sir Martin Sorrell, Sting, Bill Gates, Sam Altman, Marc Benioff, Ray Dalio, Emhoff, Ernst Ludwig Kirchner, Brian Moynihan, IBM's Gary Cohn, Jack Hidary, Sir Richard Moore, Barry Colson, Davos goer, Moritz, Eve, CNBCers, Emmanuel Macron, John Kerry, Joe Short, roundtables, Wyclef Jean, Diane von Fürstenberg, George Osborne, David Rhodes, Osborne, Politico's Suzanne Lynch, Princess Beatrice, David Blaine, Milley —, Tij, CNBC Tij Organizations: Economic, CNBC, Congress Center, Russian, Russian Direct Investment Fund, Moonshot Investor Network, Putin, Hermitage Capital, SkyBridge, White House Communications, Chiefs, Bordeaux Smith Haut, Platz, Politico, IBM, AB InBev, White, Trump, Eurasia Group, Capital, Microsoft, Wall Street, Billionaire Microsoft, Light, Infosys, Bloomberg House, JPMorgan, Kirchner Museum, Financial, Hotel, CNBC CNBC, Bank of America, New, Davos, U.S . Climate, Accenture, Golf Club Davos, Palantir, Chancellor, Sky News's, Sting, Workers, Swiss Army, Army, Gliding Locations: Davos, Switzerland, Soviet, Ukraine, Moscow, Hungarian, Hermitage, Providence, Europe, Davos's, Bordeaux, Bordeaux Smith Haut Lafitte, Bello, Santa Cruz, Napa Valley Tuscany, Schatzalp, Scalettastrasse, Emirates, Halifax, Canada, Salt Lake City, U.S, Palantir, Swiss
Widely followed bank analyst Mike Mayo named Citigroup his top pick, saying he realized the embattled bank is under the influence of none other than Warren Buffett. "Until now, it was unclear to us and many investors whether this Citi stake was really a 'Warren Buffett investment' vs. somebody else at his firm. Earlier this month, Citigroup cut 10% of its workforce in a bid to boost the bank's results and stock price. C 1Y mountain Citigroup Mayo said Buffett seems to support his belief that Citigroup's overhaul could make a significant difference this time around. "Warren Buffett supports the CEO's restructuring.
Persons: Mike Mayo, Warren Buffett, Wells Fargo's Mayo, Buffett, Berkshire Hathaway, Jane Fraser, Omaha hasn't, Mayo, Goldman Sachs, Brian Moynihan, Fraser, couldn't, Citigroup Mayo Organizations: Citigroup, Reuters, Berkshire, Citi, U.S . Bancorp, JPMorgan, Bank of America, Apple, CNBC, U.S Locations: Omaha, Mayo, Berkshire, Wells Fargo, Bank
In today's big story, we're looking at how there's no more loyalty in corporate America between employers and their workers. Business Insider's Aki Ito, who has covered workplace trends better than anyone, dove into the deterioration of loyalty in corporate America. The best example of the deterioration of loyalty in corporate America these days is in Big Tech. AdvertisementOne year later, Big Tech's layoffs are back and could become the new normal, Business Insider's Peter Kafka writes. However, the best representation of the growing employee-employer chasm in Big Tech is at Google.
Persons: , hustleharder, Insider's Aki Ito, they're, Insider's Peter Kafka, Kali Hays, BI's Eugene Kim, Ashley Stewart, Long, Sundar Pichai, BI's Hasan Chowdhury, Brian Moynihan, Moynihan, Laura Labovich, Asher, Emerson, Bill O'Leary, there's, Frederic J . Brown, haven't, Christian Dior, Dan DeFrancesco, Diamond Naga Siu, Hallam Bullock, Jordan Parker Erb Organizations: Service, Big, Workers, Amazon MGM Studios, Big Tech, Google, OsakaWayne, Investment, New, Bank of America's, Fed, Washington, Getty, Meta, OpenAI Mafia, Shoppers, Spotify, Couture, United Airlines, The, Business Locations: America, Big Tech, Big, Bethesda, That's, Paris, New York, San Diego, London
Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.
Persons: , Christopher Waller, , who’ve, Loretta Mester, , Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, , JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States
The Fed will slash interest rates eight times over the next two years, Bank of America predicted. Officials will want to avoid "tipping the economy over" with its policy, BofA CEO Brian Moynihan said. AdvertisementThe Federal Reserve could end up slashing interest rates eight times over the next two years to prop up the US economy, according to Bank of America CEO Brian Moynihan. That implies 200 basis-points of rate cuts to come over the next few years, taking the Fed's benchmark rate down to the 3.25%-3.5% range. The Fed has hit pause at its recent meetings following an aggressive year-and-a-half of interest rate hikes.
Persons: Brian Moynihan, , Moynihan Organizations: Bank of America, The New, Fed, Service, Bloomberg, Economic, New York Fed
Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the US economy, so a recession is nearly impossible as long as consumer spending is growing. Wednesday’s report is expected to be a good one — economists polled by FactSet expect that a strong holiday shopping season boosted consumer spending by 0.4% in December from the month prior. But new data from the New York Federal Reserve on Tuesday has soured the mood on Wall Street. The outlook for consumer spending doesn’t look so bright, either. The trend marked the deepening of a demographic challenge set to have significant implications on the world’s second largest economy, report my colleagues Laura He and Simone McCarthy.
Persons: Alicia Wallace, shutdowns, It’s, Brian Moynihan, , CNN’s Richard Quest, they’ve, Bob Iger, Samantha Delouya, Walt Disney, Iger’s, Disney, Laura, Simone McCarthy Organizations: CNN Business, Bell, New York CNN, FactSet, New York Federal Reserve, Consumer, Hamas, Federal Reserve, Bank of America, Economic, Disney, National Bureau of Statistics, Communist, NBS Locations: New York, Suez, Iranian, Asia, Europe, United States, Drewry, Davos, Switzerland, China, Communist China
Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.
Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, , Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo
Climate catastrophes: Climate change is a hot topic as leaders meet to discuss balancing economic growth with sustainability. Davos comes just days after scientists around the globe reported that the average temperatures last year reached a new record high. The report also said that cooperation among global leaders on the issue is scarce. So while leaders will likely discuss the use of fossil fuels and green development, there may not be much agreement. Leaders gathered in Davos Sunday to discuss Ukrainian President Zelensky’s 10-point peace plan to end Russia’s war with his country.
Persons: Isaac Herzog, Volodymyr Zelensky, Emmanuel Macron, Li Qiang, Antony Blinken, Jake Sullivan, John Kerry, Satya Nadella, Sam Altman, Jamie Dimon, Brian Moynihan, Larry Fink, Donald Trump, , Philipp Hildebrand, CNN’s Richard Quest, ” “, ” Nicolai Tangen, CNN’s, , Kristalina Georgieva, OpenAI’s Altman, Microsoft’s, Zelensky’s, JPMorgan’s Dimon, Herzog, Klaus Schwab, Tami Luhby, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, Warren Buffett, Nabil Ahmed, ” Ahmed, Jordan Valinsky, Comité Organizations: New, New York CNN, World Economic, National, Business, Microsoft, JPMorgan, Bank of America, BlackRock, Republican, GOP, ” BlackRock, Bank, Norges Bank, International Monetary Fund, IMF, State, Amazon, Oracle, Berkshire Hathaway, Oxfam, Workers Locations: New York, Davos, United States, Iowa, Europe, Taiwan, India, Mexico, China, Covid, Champagne, France
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