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☆ Talent war between family offices and Wall Street drives up salaries
  + stars: | 2024-05-03 | by ( Robert Frank | ) www.cnbc.com   time to read: +5 min
"There's a real war for talent within family offices," said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. "If you look back 15 years ago, family offices were where people went to retire and have work-life balance," he said.
Persons: Robert Frank, William Sinclair, Morgan, We've, Trish Botoff, Botoff, Carlyle, Paul Westall, Westall, that's Organizations: Morgan Private Bank Global, Botoff Consulting, KKR, Blackstone, Agreus Locations: U.S
☆ Earnings to be a key driver of equities this year: Merrill's Marci McGregor
  + stars: | 2024-04-30 | 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 EmailEarnings to be a key driver of equities this year: Merrill's Marci McGregorLauren Goodwin, New York Life Investments economist, and Marci McGregor, senior investment strategist for the chief investment office at Merrill and Bank of America Private Bank, join 'Closing Bell' to discuss markets, the Fed, and the potential of the rally resuming.
Persons: Merrill's Marci McGregor Lauren Goodwin, Marci McGregor Organizations: New York Life Investments, Bank of America Private Bank Locations: New York, Merrill
☆ How rich are we? The wealthy families who don't prepare their heirs
  + stars: | 2024-04-29 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +4 min
Rich families across the globe are concerned about how to prepare their children to manage their wealth, but few are doing anything about it. According to a survey by JPMorgan, 69% of ultra-wealthy families cite succession planning as a top priority. That said, she attributed some of the reluctance to many of these family offices being formed within the past 10 or even five years. "Conversations about wealth can be challenging and, in our experience, families often have found it difficult to get started," she told Business Insider. Only 15% of family offices with at least $1 billion in assets kept heirs unaware compared with 27% for firms with $50 million to $500 million.
Persons: Rich, Elisa Shevlin Rizzo, Goldman Sachs, Ackah, Edward Jones Organizations: JPMorgan, Business, Forbes, UBS
☆ Family offices are looking beyond the stock market for higher returns, new report finds
  + stars: | 2024-04-29 | by ( Robert Frank | ) www.cnbc.com   time to read: +5 min
The family offices covered by the survey had 26% of their assets invested in publicly traded stocks. The study surveyed 190 single family offices around the world, with an average of $1.4 billion in assets. In the U.S., only 49% of family offices have a long-term target return for their portfolio. Still, family offices use various benchmarks for their investment portfolios, with more than three-quarters of those surveyed using some benchmark to evaluate performance. Increasingly, family offices are looking to outsource more functions to reduce costs, especially among smaller family offices of under $500 million.
Persons: William Sinclair, Sinclair, cybersecurity, Robert Frank Organizations: JPMorgan Private Bank Global, Family, JPMorgan Private Bank, JPMorgan Locations: U.S
☆ Our base case remains that we'll still see a soft landing in the U.S.: JPMorgan's Elyse Ausenbaugh
  + stars: | 2024-04-26 | 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 EmailOur base case remains that we'll still see a soft landing in the U.S.: JPMorgan's Elyse AusenbaughElyse Ausenbaugh, JPMorgan Private Bank global investment strategist, joins 'Squawk Box' to discuss the latest market trends, what to expect from today's March PCE inflation, state of the economy, and more.
Persons: we'll, Ausenbaugh Organizations: JPMorgan Private Bank Locations: U.S
☆ Deutsche Bank posts better-than-expected profit in first quarter amid investment banking recovery
  + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com   time to read: +2 min
Deutsche Bank on Thursday reported a 10% rise in first-quarter profit, beating expectations amid an ongoing recovery in its investment banking unit. Net profit attributable to shareholders was 1.275 billion euros ($1.365 billion) for the period, ahead of an aggregate analyst forecast of 1.23 billion euros for the period, according to LSEG data. Deutsche Bank said this was its highest first-quarter profit since 2013. Revenues at its investment bank increased 13% to 3 billion euros, following a 9% slump through full-year 2023 which had dragged down overall profit. Germany's biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.
Persons: James von Moltke, CNBC's Annette Weisbach Organizations: Deutsche Bank, Deutsche Bank's, Private Bank, Asset Management
☆ Barclays swings back to profit in first quarter amid strategic overhaul
  + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +2 min
LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.
Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank
☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
  + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +9 min
Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.
Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill
☆ Big banks are touting sweet CD yields in excess of 5%. Where you can find them
  + stars: | 2024-04-22 | by ( Michelle Fox | ) www.cnbc.com   time to read: +4 min
"From our experience, the brokered CD market is more competitive," said Richard Carter, vice president of fixed income products and services at Fidelity. Like traditional CDs, brokered CDs are offered in different maturities. For instance, JPMorgan's one-year CD, with its 5.4% yield, can be called as early as Oct. 30, according to Fidelity's website. With a brokered CD, you'll have to sell it on the secondary market — and you may lose some of your principal. Depending on your time frame, you may consider a one-year ladder with CD maturities three months apart, a two-year ladder with CD maturities six months apart, or a five-year ladder, with maturities one year apart, he said.
Persons: Goldman Sachs, Morgan Stanley, Schwab, Richard Carter, Carter, you'll, there's, Morgan, Greg McBride, It's, McBride, staggers maturities Organizations: JPMorgan, Fidelity Investments, Bank of America, Fidelity, Vanguard, Federal Deposit Insurance Corp, Morgan Stanley Private Bank and Bank of America Locations: U.S
☆ Saudi Arabia is desperately trying to woo bankers to pay for its futuristic desert city
  + stars: | 2024-04-22 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +2 min
Neom is hosting hundreds of prospective investors for on-the-ground tours, Bloomberg reports. Saudi Arabia's government has reportedly been worried about rising costs for the futuristic city. AdvertisementFor the first time, Saudi Arabia is inviting hundreds of private bankers this week to visit Neom, its futuristic — and cash-strapped — city in the desert, Bloomberg reported. Neom CEO Nadhmi Al-Nasr will now show visitors the construction work on "The Line," the planned city between two mirrored skyscrapers. The tours will mark the first time a large group of financiers will be able to see anything of the futuristic city with their own eyes, as opposed to virtual renderings.
Persons: Neom, —, Nadhmi Al, Nasr, that's Organizations: Bloomberg, Service, AFP Locations: China, Saudi, Saudi Arabia, Neom, —, Korea, Japan, Singapore, US, France, Germany
☆ Earnings will be driving markets: Citi Private Bank
  + stars: | 2024-04-22 | 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 EmailEarnings will be driving markets: Citi Private BankToby Gresham, investment counselor team lead at Citi Private Bank, says "this week in earnings, we've got half the value of the S&P reporting, and so that's going to set the tone."
Persons: Citi Private Bank Toby Gresham, we've Organizations: Citi Private Bank
☆ Oil prices aren't the Fed's biggest problem right now — American demand is, says an economist
  + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Israel's strike on Iran caused oil prices to spike, sparking fears of rising inflation. But US inflation is more impacted by strong domestic demand than by oil prices, an economist told Bloomberg TV. Oil prices gained as much as 4% following reports of the attack before later subsiding. Services is demand, and that demand needs to come from somewhere — and that's a robust economy," Chaar told Bloomberg. "I would say the biggest challenge here for the Fed is to manage the demand of the US economy," Chaar said.
Persons: —, Samy Chaar, Lombard Odier, Jerome Powell, Chaar Organizations: Bloomberg, Service, Fed, Bloomberg TV, Federal, Services, Institute for Supply Management Locations: Iran, Israel, —, Swiss, America
☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 11 senior execs have left since his arrival.
  + stars: | 2024-04-17 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +4 min
Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.
Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com
☆ Fed will likely only cut rates once due to resilient and robust economy: strategist Scott Clemons
  + stars: | 2024-04-16 | 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 EmailFed will likely only cut rates once due to resilient and robust economy: strategist Scott ClemonsScott Clemons, Brown Brothers Harriman Private Banking chief investment strategist, joins 'Power Lunch' to discuss the markets, the U.S. economy and what's ahead for the Federal Reserve.
Persons: Scott Clemons Scott Clemons, Brown Organizations: Brown Brothers Harriman Private Banking, Federal Reserve Locations: U.S
☆ Citi's plan to turn its wealth business around: get 'low performing' bankers to meet expectations and push investment products
  + stars: | 2024-04-12 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +3 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAndy Sieg has been quick to make his mark on Citi's ailing wealth unit since taking over the business in September. Some of his efforts are paying off, such as pushing investment products for existing clients to reduce reliance on loans and deposits. AdvertisementIn late September, Citi promoted its North American investment head, Kris Bitterly, to a new role overseeing investments globally. Adding investment assets has become a bigger part of private banker bonuses, according to The Wall Street Journal.
Persons: —, Andy Sieg, Mark Mason, Mason, Jane Fraser, Fraser, Kris, Sieg, Hale Behzadi, Merrill Lynch, Don Plaus Organizations: Service, Revenue, Business, Citi, London, North, Wall Street
☆ Strategist: we are not yet at the tail end of Japan's stock market rally
  + stars: | 2024-04-09 | 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 EmailStrategist: we are not yet at the tail end of Japan's stock market rallyFrancis Tan of UOB Private Bank discusses his outlook for Japan, South Korea and China markets. He sees further upside for Japanese stocks, due to strong fundamentals and growth in semiconductor cycle.
Persons: Francis Tan Organizations: UOB Private Bank Locations: UOB, Japan, South Korea, China
☆ The U.S. inflation prints for January and February were 'anomalies': Economist
  + stars: | 2024-04-05 | 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 EmailThe U.S. inflation prints for January and February were 'anomalies': EconomistOlu Omodunbi of Huntington Private Bank expects to see "better inflation prints in the next couple of months" which would allow the Fed to start cutting interest rates in the middle of 2024
Persons: Olu Organizations: Huntington Private Bank, Fed
☆ Immigration surge is keeping job growth high, says JPMorgan's Thomas Kennedy
  + stars: | 2024-04-04 | 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 EmailImmigration surge is keeping job growth high, says JPMorgan's Thomas KennedyThomas Kennedy, JPMorgan Private Banks chief investment strategist, joins 'Closing Bell Overtime' to talk the U.S. economy, broadening in the markets, the impact of geopolitics and more.
Persons: JPMorgan's Thomas Kennedy Thomas Kennedy Organizations: JPMorgan Private Banks
☆ High probability of a Fed July cut, says Citi Private Bank
  + stars: | 2024-04-02 | 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 EmailHigh probability of a Fed July cut, says Citi Private BankToby Gresham, investment counsellor team lead at Citi Private Bank, says the U.S. Federal Reserve has "shown us a very clear glide path."
Persons: Citi Private Bank Toby Gresham Organizations: Citi Private Bank, U.S . Federal
☆ The AI Apocalypse: Computer Algorithms Are Already in Control
  + stars: | 2024-04-02 | by ( Ed Zitron | ) www.businessinsider.com   time to read: +12 min
But increasingly, the algorithms that undergird our digital lives are making questionable decisions that enrich the powerful and wreck the lives of average people. There's no reason to be scared of AI making decisions for you in the future — computers have already been doing so for quite some time. As human control diminished, the real-world consequences of these algorithms have piled up: Instagram's algorithm has been linked to a mental-health crisis in teenage girls. AdvertisementAcross the public and private sectors, we've handed the keys to a spiderweb of algorithms built with little public insight into how they make their decisions. While generative AI is just the newest extension of the algorithm, it poses a unique threat.
Persons: who's, They've, Matthew Gray, Sergey Brin, Larry Page, It's, Elon Musk, Cambridge Analytica, algorithmically, ProPublica, Quora, OpenAI's ChatGPT, you've, they'll, superintelligence, — simulacrums Organizations: Knight Capital, Companies, Yahoo, Stanford, Google, Spotify, Netflix, Revenue, Facebook, Twitter, Elon, European Union, Associated Press, Black, Microsoft, Eating Disorders Association Locations: Cambridge
☆ Bank of America helps its clients sell their art, watches, and Birkin bags. It's all part of a drive to be the one-stop shop for the art world.
  + stars: | 2024-03-25 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +6 min
Most banks, including UBS and Morgan Stanley, refer clients to third-party consultants to broker deals with auction houses. The bank secured a minimum sale price guarantee and negotiated how the house would market the painting. Courtesy of Bank of AmericaThe bank typically approaches two to three auction houses, such as Christie's, Sotheby's, and Philips. You've got to look at it in the holistic context of the sales strategy and also the financial terms," Watson explained. Advertisement"We try to get them to sharpen their pencil while we still have leverage with the other houses," Watson said.
Persons: Bank of America's Drew Watson, Watson, Morgan Stanley, Henri Rousseau, Whitney, Les, Drew Watson, Price, You've, Merrill Lynch, Birkin Organizations: Service, Bank of America's, UBS, Bank of America, Bank of, of America, Christie's, Philips Locations: Bank
☆ Buy these 10 bank stocks now before the Federal Reserve cuts interest rates, according to Bank of America
  + stars: | 2024-03-24 | by ( James Faris | ) www.businessinsider.com   time to read: +5 min
Plus, falling interest rates and continued economic growth would be tailwinds. The aforementioned catalysts are still in place — including interest rate cuts, as investors discovered a day earlier. Until then, the firm believes bank stocks can outperform into the first-quarter earnings season. 6 regional bank stocks worth buyingThe continued rally in financials will be powered in large part by regional banks, BofA believes. "We see the capital markets momentum continuing into 2025, which should drive investor interest in both stocks," Poonawala wrote.
Persons: Financials, Ebrahim Poonawala, Poonawala, BofA, Goldman Sachs, Morgan Stanley, Wells Fargo, Charlie Scharf, Jamie Dimon Organizations: of America, Business, Federal Reserve, Investors, Bank of America, First Bancorp, FNB Corp, Truist, US Bancorp, Western Alliance, JPMorgan, Wall, titans Locations: financials, Wells Fargo
☆ NASDAQ closes out week at record high
  + stars: | 2024-03-22 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNASDAQ closes out week at record highTom Lee, Fundstrat co-founder, and Jose Rasco, HSBC Private Bank chief investment officer, join 'Closing Bell Overtime' to talk the day's market action.
Persons: Tom Lee, Fundstrat, Jose Rasco Organizations: NASDAQ, HSBC Private Bank
☆ Watch CNBC's full interview with Fundstrat's Tom Lee and HSBC's Jose Rasco
  + stars: | 2024-03-22 | 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 EmailWatch CNBC's full interview with Fundstrat's Tom Lee and HSBC's Jose RascoTom Lee, Fundstrat co-founder, and Jose Rasco, HSBC Private Bank chief investment officer, join 'Closing Bell Overtime' to talk the day's market action.
Persons: Fundstrat's Tom Lee, HSBC's Jose Rasco Tom Lee, Fundstrat, Jose Rasco Organizations: HSBC Private Bank
☆ BOJ move in March or April does not shift investment case in Japan
  + stars: | 2024-03-18 | 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 EmailWhether BOJ moves in March or April doesn't shift the investment opportunity in JapanStefanie Holtze-Jen of Deutsche Bank Private Bank says that in the medium or longer term, it doesn't matter "too much" whether the Bank of Japan chooses to raise interest rates in March or April as the move is "well anticipated" and "not a very big move" in absolute figures.
Persons: Japan Stefanie Holtze, Jen Organizations: Deutsche Bank Private Bank, Bank of Japan Locations: Japan
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