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NEW YORK (Reuters) - When Brian Moynihan took the reins at Bank of America Corp in 2010, the U.S. bank was reeling. Since then, Moynihan, 61, has not just righted the ship, but transformed Bank of America, leaving analysts, industry people and some investors wondering what - and who - comes next. That leaves Moynihan with a new challenge over the next few years: determining who would best replace him, and marketing that person to the world without alienating other senior executives. Yet it leaves Moynihan as the longest-tenured CEO on Wall Street who has not offered a crisp idea of who is next, analysts said. “Now that he has four or five years of runway left, investors should be rightfully saying, ‘Hmmm,’” said one former bank employee.
Persons: Brian Moynihan, Shannon Stapleton, Moynihan, , , Sydney Finkelstein, Ken Lewis, Finkelstein, “ You’re, ” Moynihan, Piper Sandler, Jeffery Harte, , ’ ”, Raul Anaya, Dean Athanasia, Cathy Bessant, Steve Boland, Alastair Borthwick, Jim DeMare, Andy Seig, PNC’s Mike Lyons, Mark Chancy, Moynihan’s, Tom Montag, Montag, Warren Buffett, ” Buffett Organizations: YORK, Bank of America Corp, Bloomberg Global Business, REUTERS, of America, Bank of America’s, Dartmouth’s Tuck School of Business, Bank of America, Wall, Bank of, Justice Department Locations: U.S, New York City , New York, Bank
Buffett's Berkshire buys Aon, slashes Chevron and Wells Fargo
  + stars: | 2021-05-17 | by ( Jonathan Stempel | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) -Berkshire Hathaway Inc said on Monday it has taken a $943 million stake in insurance brokerage Aon Plc and sold large portions of its investments in Chevron Corp and Wells Fargo & Co. REUTERS/Rick Wilking//File PhotoThe changes were disclosed in a regulatory filing detailing Berkshire’s U.S.-listed holdings as of March 31. Berkshire also shed two smaller holdings entirely, Canada’s Suncor Energy Inc and private label credit card issuer Synchrony Financial Inc. The sale of 51% of Berkshire’s stake in Chevron represented an unusual reversal. Berkshire has owned Wells Fargo since 1989.
Persons: Warren Buffett, Rick Wilking, Buffett, Todd Combs, Ted Weschler, Doug Kass, McLennan Cos, Aon, Willis Towers Watson, Ajit Jain, ” Buffett, Wells Organizations: Reuters, Berkshire Hathaway Inc, Aon, Chevron Corp, Wells Fargo & Co, Omaha , Nebraska U.S, REUTERS, Energy Inc, Inc, Berkshire, Seabreeze Partners Management, Berkshire’s, Chevron Locations: Omaha , Nebraska, Berkshire, Palm Beach , Florida, Marsh, Marsh . Berkshire, Wells Fargo
QUOTES-Berkshire shareholders comment on Buffett succession
  + stars: | 2021-05-03 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
May 3 (Reuters) - Warren Buffett ended years of speculation about succession at Berkshire Hathaway Inc by saying Greg Abel, who oversees its non-insurance businesses, would become chief executive officer if he were no longer in charge. Buffett, 90, has never publicly signaled any plan to step down. Greg has a lot of experience dealing with regulators and making acquisitions, and a track record of managing many people. And when you see Greg speak and carry himself, it feels – even though I believe he’s Canadian – it feels very middle-of-America. Well, I think investors are pleased.”“That takes away some investors’ concerns about, well, I want to buy more Berkshire, or I want to buy Berkshire for the first time, but what happens when Buffett is no longer here?
Persons: Warren Buffett, Greg Abel, Greg who’d, ” Buffett, Buffett, JIM SHANAHAN, EDWARD JONES, , Charlie Munger, Abel, ” “, , JAMES ARMSTRONG, HENRY H, “ It’s, Greg, ” Greg Abel, Ajit Jain, Ajit, “ Buffett, STEVE HABERSTROH, ” “ Buffett, you’ve, ROBERT Organizations: Berkshire Hathaway Inc, CNBC, EDWARD JONES &, LOUIS, BERKSHIRE, Berkshire, Berkshire Hathaway Energy, ARMSTRONG ASSOCIATES, THAT, WHO, BUFFETT, UNIVERSITY OF Locations: , Munger, PITTSBURGH, WESTPORT, BERKSHIRE, Berkshire, UNIVERSITY OF NEBRASKA, OMAHA
Broker Robinhood upbraids Buffett over casino comparison
  + stars: | 2021-05-03 | by ( John Mccrank | Shubham Kalia | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) -Robinhood Financial on Monday struck back against comments by Warren Buffett that likened the retail brokerage to a casino that encourages millions of inexperienced day traders to place short-term stock market bets. At Berkshire Hathaway Inc’s annual meeting on Saturday, Buffett said Robinhood has attracted, “maybe set out to attract,” large numbers of people who just gamble on short-term price movements. Miles said he did not think their responses were meant to disparage Robinhood users. “They’re trying to dissuade people from making money through trading, which Charlie (Munger) said is not how they made their money. Robinhood also traded barbs with Munger in February, calling him elitist, after the 97-year-old investor said the brokerage encouraged gambling in stocks.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Robinhood, Charlie Munger, Warren Buffetts, Charlie Mungers, Jacqueline Ortiz Ramsay, we’re, ” Buffett, Munger, Robert Miles, Miles, “ They’re, Charlie, , ” “, it’s, Robinhood’s, James Angel Organizations: Reuters, Berkshire, Public Policy Communications, Apple, University of Nebraska, GameStop Corp, AMC Entertainment, Georgetown University Locations: Robinhood, Berkshire, Omaha, Massachusetts
(Adds details, background throughout)May 3 (Reuters) - Warren Buffett ended long-running speculation about his successor at Berkshire Hathaway Inc by saying Greg Abel, who oversees the conglomerate’s non-insurance businesses, would be named chief executive if he were to step down. “The likelihood of someone having a 20-year runway though makes a real difference,” Buffett said. Abel and Jain have been Berkshire vice-chairmen since 2018. The announcement for now ends speculation that began in 2006 when Buffett, then 75, first discussed his plans for succession in his annual letter to Berkshire shareholders. Prior to becoming vice chairman, Abel was chief executive of the company’s Berkshire Hathaway Energy unit.
Persons: Warren Buffett, Greg Abel, Buffett, Greg who’d, Abel, Ajit Jain, Jain, ” Buffett Organizations: Berkshire Hathaway Inc, CNBC, Berkshire, Berkshire Hathaway Energy Locations: Berkshire
REUTERS/Jonathan Bachman/(Reuters) - Berkshire Hathaway Inc shareholders on Saturday easily rejected proposals requiring the company run since 1965 by Warren Buffett to disclose more about its efforts to address climate change and promote diversity and inclusion in its workforce. The rejections were not a surprise, given that Buffett controls nearly one-third of Berkshire’s voting power and opposed both proposals. But the climate change proposal won support from just over 25% of votes cast and the diversity proposal from 24%, suggesting greater discontent than Berkshire shareholders historically demonstrate. CalPERS, along with Federated Hermes and Caisse de Dépôt et Placement du Québec, had proposed requiring Berkshire to publish annual reports about its climate change efforts. Berkshire shareholders also re-elected all 14 directors, despite calls from Institutional Shareholder Services and Neuberger Berman to withhold votes from members of Berkshire’s governance, compensation and nominating committee.
Persons: Jonathan Bachman, Warren Buffett, Buffett, Sow, ” Buffett, , Neuberger Berman Organizations: Chevron, REUTERS, Berkshire Hathaway, BlackRock Inc, California Public, Federated Hermes, Caisse, Buffett, Business, Berkshire, Services Locations: Chevron Pascagoula, Pascagoula , Mississippi, U.S, Berkshire,
Buffett says Berkshire "not competitive" with SPACs on deals
  + stars: | 2021-05-01 | by ( John Mccrank | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/(Reuters) - Warren Buffett on Saturday compared the buying frenzy by special purpose acquisition companies, or SPACs, to gambling with other people’s money and said their activity has made it tough for his company, Berkshire Hathaway Inc, to compete on deals. Berkshire Hathaway has $70 billion to $80 billion it would “love to put to work,” but has not been able to under the current conditions, Chairman and Chief Executive Officer Buffett said. The SPACs generally have to spend their money in two years, as I understand it. There are companies that are interested in being acquired by Berkshire, but it would be difficult for them to do so because a SPAC bidder would counter with a higher offer, Buffett said.
Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Buffett, , I’d, ” Buffett, Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire Locations: Omaha , Nebraska, Berkshire, Dealogic
Speaking at Berkshire’s annual meeting, Buffett said the economy has been “resurrected in an extraordinarily effective way” by monetary stimulus from the Federal Reserve and fiscal stimulus from the U.S. Congress. Greg Abel and Ajit Jain, Berkshire’s other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions. Saturday’s meeting came after Berkshire said first-quarter operating profit rose 20% to about $7 billion, while net income including investments totaled $11.7 billion.. While Berkshire repurchased $6.6 billion of its own stock from January and March, the pace of buybacks slowed. As the meeting concluded, Buffett said the odds were “very, very good” that next year’s meeting would include shareholders again.
Persons: Warren Buffett, Charlie Munger, Buffett, ” Buffett, he’s, “ We’ve, Greg Abel, Ajit Jain, Berkshire’s, Jain, , Steve Haberstroh, , Munger, hasn’t, It’s Organizations: Reuters, Berkshire Hathaway Inc, Berkshire Hathaway's, Yahoo Finance, Handout, REUTERS, Federal Reserve, U.S . Congress, Berkshire’s, Berkshire, CastleKeep Investment, BNSF, Gross, Berkshire repurchased, Apple Inc and Bank of America Corp, Apple Locations: U.S, Los Angeles , California, Berkshire, Los Angeles, Munger, Omaha , Nebraska, Westport , Connecticut, Delta, Southwest, United, pricey, Omaha
In November, the statement published by the central bank’s rate-setting committee reiterated its commitment to supporting the nation’s economic recovery through accommodative monetary policy. The Federal Open Market Committee pledged to hold interest rates at or near zero until employment recovered and inflation rose to — and remained in — the 2 percent range. Last month, the Fed also said it would continue to increase its bond-buying activities to promote market stability and credit access. They saved us from something that would have been a lot worse from 2008-09 when they acted in March,” Buffett said. Merz said income and wealth inequalities that have been exacerbated by the pandemic are another source of concern for the central bank.
Persons: rollouts, , Bill Merz, Warren Buffett, Buffett, ” Buffett, ” Merz, Merz, “ We’ve, abour, Jerome Powell, Powell Organizations: Reserve, U.S, Bank Wealth Management, Market, Fed, CNBC, Covid, Congressional, NBC Locations: United States
(Reuters) - Warren Buffett said on Tuesday the United States is fighting an “economic war,” and that Congress must step up quickly to help struggling small businesses that have become “collateral damage” in the coronavirus pandemic. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. “It’s an economic war,” Buffett said. Buffett, 90, said that while the Federal Reserve has done a “terrific job” shoring up the economy, the pandemic’s impact remains uneven, likening the “economic war” to when some U.S. industries retrenched to support the country during World War Two. Buffett said Congress should act before breaking for the Christmas holidays.
Persons: Warren Buffett, Berkshire Hathaway, Scott Morgan, , ” Buffett, Buffett, shoring, , let’s Organizations: Reuters, Berkshire Hathaway, REUTERS, CNBC, Berkshire Hathaway Inc, Federal Reserve Locations: United States, Omaha , Nebraska, U.S
Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, urged Congress to extend aid to small businesses as they continue to struggle through the coronavirus pandemic. “It’s an economic war,” Buffett told CNBC’s Becky Quick on “Squawk Box,” speaking alongside Goldman Sachs CEO David Solomon about helping small businesses. Small businesses have become "collateral damage in a war that our country needed to fight," Buffett said. The proposal includes about $300 billion to support small businesses, including restaurants and entertainment venues. Small businesses have struggled to stay afloat during the pandemic — especially restaurants — as social distancing restrictions force them to limit capacity in their establishments.
Persons: Warren Buffett, Berkshire Hathaway, ” Buffett, CNBC’s Becky Quick, Goldman Sachs, David Solomon, Buffett Organizations: Berkshire
Moderna Covid-19 vaccine documents accessed in EMA cyberattack
  + stars: | 2020-12-15 | by ( Nbc News | ) www.nbcnews.com + 0.00   time to read: +3 min
SEE NEW POSTSModerna Covid-19 vaccine documents accessed in EMA cyberattack Moderna said on Monday it was informed by the European Medicines Agency (EMA) certain documents related to pre-submission talks of its Covid-19 vaccine candidate were unlawfully accessed in a cyberattack on the medicines regulator. The EMA, which assesses medicines and vaccines for the European Union, said earlier this month that it had been targeted in a cyberattack, which also gave hackers access to documents related to the development of the Pfizer and BioNTech Covid-19 vaccine. Share this -Moderna's vaccine is highly effective, FDA says, clearing way for second vaccine Moderna's Covid-19 vaccine is 94 percent effective at preventing symptomatic illness and appears to prevent the spread of the virus as well, according to documents released Tuesday. The findings set the Moderna vaccine up for FDA emergency use authorization by the end of this week, meaning Americans could soon have two highly effective Covid-19 vaccines. “It’s an economic war,” Buffett told CNBC.
Persons: BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett, Fauci, Biden, Harris, Anthony Fauci, Joe Biden, Kamala Harris Organizations: cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC Locations: United States
FDA expected to grant emergency authorization to Moderna Covid vaccine
  + stars: | 2020-12-15 | by ( Nbc News | ) www.nbcnews.com + 0.00   time to read: +8 min
SEE NEW POSTSModerna Covid-19 vaccine documents accessed in EMA cyberattack Moderna said on Monday it was informed by the European Medicines Agency (EMA) certain documents related to pre-submission talks of its Covid-19 vaccine candidate were unlawfully accessed in a cyberattack on the medicines regulator. Share this -Moderna's vaccine is highly effective, FDA says, clearing way for second vaccine Moderna's Covid-19 vaccine is 94 percent effective at preventing symptomatic illness and appears to prevent the spread of the virus as well, according to documents released Tuesday. The findings set the Moderna vaccine up for FDA emergency use authorization by the end of this week, meaning Americans could soon have two highly effective Covid-19 vaccines. Share this -U.S. records another 200,000-plus Covid cases, California sets another new daily record The U.S. counted more than 200,000 Covid-19 cases Monday, reporting 261,250 cases, according to NBC News' tally. The news came a week after Britain administered the first Covid-19 vaccine in the world.
Persons: BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett, Fauci, Biden, Harris, Anthony Fauci, Joe Biden, Kamala Harris, , Prue Leith, BP8VTvAF9u — Prue Leith Organizations: cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC, NBC News, World Health Organization, British Medical Journal, Health Service, Twitter Locations: United States, California, Texas, U.S, Rhode Island , Indiana, Tennessee, North Dakota , Wyoming, South Dakota, Rhode, London, Britain
New Jersey nurse receives state's first Covid vaccination
  + stars: | 2020-12-15 | by ( Nbc News | ) www.nbcnews.com + 0.00   time to read: +8 min
It granted an injunction, sought by two New Jersey religious institutions — a church in North Caldwell, and a synagogue in Lakewood. Share this -Moderna Covid-19 vaccine documents accessed in EMA cyberattack Moderna said on Monday it was informed by the European Medicines Agency (EMA) certain documents related to pre-submission talks of its Covid-19 vaccine candidate were unlawfully accessed in a cyberattack on the medicines regulator. The findings set the Moderna vaccine up for FDA emergency use authorization by the end of this week, meaning Americans could soon have two highly effective Covid-19 vaccines. "I mean, this is a person who will very soon be the president of the United States. ...Vice President-elect Kamala Harris will very soon be the Vice President of the United States.
Persons: it's, Dr, Richard Besser, Robert Wood Johnson, MSNBC’s Stephanie Ruhle, ” Besser, Besser, , , “ we're, BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett, Fauci, Biden, Harris, Anthony Fauci, Joe Biden, Kamala Harris Organizations: The U.S, Supreme, CDC, for Disease Control, Robert Wood Johnson Foundation, cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC, NBC News, World Health Organization Locations: New Jersey, WASHINGTON, The, Jersey, North Caldwell, Lakewood, United States, California, Texas, U.S, Rhode Island , Indiana, Tennessee, North Dakota , Wyoming, South Dakota, Rhode
Supreme Court blocks New Jersey restrictions on religious institutions
  + stars: | 2020-12-15 | by ( Nbc News | ) www.nbcnews.com + 0.00   time to read: +9 min
SEE NEW POSTSSupreme Court blocks New Jersey restrictions on religious institutions WASHINGTON — The U.S. Supreme Court issued a second ruling Tuesday, again limiting a state’s application of Covid-19 restrictions that apply to religious settings. It granted an injunction, sought by two New Jersey religious institutions — a church in North Caldwell, and a synagogue in Lakewood. Share this -Moderna Covid-19 vaccine documents accessed in EMA cyberattack Moderna said on Monday it was informed by the European Medicines Agency (EMA) certain documents related to pre-submission talks of its Covid-19 vaccine candidate were unlawfully accessed in a cyberattack on the medicines regulator. The findings set the Moderna vaccine up for FDA emergency use authorization by the end of this week, meaning Americans could soon have two highly effective Covid-19 vaccines. Share this -Meet 3 of the first front line health workers to be vaccinated Dec. 15, 2020 04:45 Share this -
Persons: it's, Dr, Richard Besser, Robert Wood Johnson, MSNBC’s Stephanie Ruhle, ” Besser, Besser, , , “ we're, BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett, Fauci, Biden, Harris, Anthony Fauci, Joe Biden, Kamala Harris Organizations: The U.S, Supreme, CDC, for Disease Control, Robert Wood Johnson Foundation, cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC, NBC News, World Health Organization Locations: New Jersey, WASHINGTON, The, Jersey, North Caldwell, Lakewood, United States, California, Texas, U.S, Rhode Island , Indiana, Tennessee, North Dakota , Wyoming, South Dakota, Rhode
“I wish and I hope that people will only buy what they really need, like groceries,” the country’s Economy Minister Peter Altmaier said. It granted an injunction, sought by two New Jersey religious institutions — a church in North Caldwell, and a synagogue in Lakewood. The findings set the Moderna vaccine up for FDA emergency use authorization by the end of this week, meaning Americans could soon have two highly effective Covid-19 vaccines. “When we went into World War II, a lot of industries were shut down; everything went to the defense production. Well, we’ve shut down a lot of people in this particular induced recession and others are prospering.” Share this -
Persons: , Peter Altmaier, it's, Dr, Richard Besser, Robert Wood Johnson, MSNBC’s Stephanie Ruhle, ” Besser, Besser, , “ we're, BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett Organizations: Associated Press, The U.S, Supreme, CDC, for Disease Control, Robert Wood Johnson Foundation, cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC Locations: Germany, Netherlands, New Jersey, WASHINGTON, The, Jersey, North Caldwell, Lakewood, United States
Germany imposes new lockdown measures to last through the holidays
  + stars: | 2020-12-15 | by ( Nbc News | ) www.nbcnews.com + 0.00   time to read: +8 min
SEE NEW POSTSGermany imposes new lockdown measures to last through the holidays The German government is urging its citizens to not go Christmas shopping and to watch midnight mass online instead of going to church on Christmas Eve because of the pandemic. The recommendation comes as new lockdown measures aimed at slowing the rapidly rising number of new Covid-19 cases were set to go into effect on Wednesday and stay in place through the holidays until at least Jan. 10, the Associated Press reported. It granted an injunction, sought by two New Jersey religious institutions — a church in North Caldwell, and a synagogue in Lakewood. “When we went into World War II, a lot of industries were shut down; everything went to the defense production. Share this -U.S. records another 200,000-plus Covid cases, California sets another new daily record The U.S. counted more than 200,000 Covid-19 cases Monday, reporting 261,250 cases, according to NBC News' tally.
Persons: , Peter Altmaier, it's, Dr, Richard Besser, Robert Wood Johnson, MSNBC’s Stephanie Ruhle, ” Besser, Besser, , “ we're, BioNTech, Moderna, — Warren Buffett, Warren Buffett, Berkshire Hathaway, ” Buffett, Fauci, Biden, Harris, Anthony Fauci, Joe Biden, Kamala Harris Organizations: Associated Press, The U.S, Supreme, CDC, for Disease Control, Robert Wood Johnson Foundation, cyberattack Moderna, European Medicines Agency, European Union, Pfizer, EMA, FDA, Berkshire, CNBC, NBC News Locations: Germany, Netherlands, New Jersey, WASHINGTON, The, Jersey, North Caldwell, Lakewood, United States, California, Texas, U.S, Rhode Island , Indiana, Tennessee, North Dakota , Wyoming, South Dakota, Rhode
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