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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
FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas JacksonLONDON (Reuters) - Morgan Stanley has hired former Bank of America banker Luigi Rizzo for a new client-facing role overseeing a drive to win business from a wide spectrum of companies across Europe, the Middle East and Africa (EMEA), sources familiar with the move told Reuters. Rizzo, who was at the helm of Bank of America’s European corporate and investment banking and quit in late 2019, will become Morgan Stanley’s vice chairman of investment banking for EMEA, the sources said, speaking on condition of anonymity. Morgan Stanley was not immediately available for comment. The 50-year old Italian, who is also a lecturer at various business schools including Solvay Brussels School of Economics and Management, where he graduated, will be based in London and report to Morgan Stanley’s head of investment banking Simon Smith.
Persons: Morgan Stanley, Lucas Jackson, Luigi Rizzo, Rizzo, Morgan, Goldman Sachs, Diego De Giorgi, Morgan Stanley’s, Simon Smith Organizations: New York U.S, REUTERS, Lucas Jackson LONDON, Bank of America, Reuters, Bank of America’s, EMEA, Pegasus, Solvay Brussels School of Economics, Management Locations: New York, Europe, East, Africa, Pegasus Europe, Paris, London
There was $41.3 billion worth of dollar debt issued in 2020. It is the first time on record that U.S. dollar debt has taken over as the primary currency of commercial debt and comes as Japan’s mergers and acquisition market starts to heat up after a long period of subdued corporate activity. “Japan has been undersupplied (in debt markets) for a long time, considering the level of GDP and the number of large corporates,” said Tatsuya Maruyama, Barclays head of Japan debt capital markets. “In Japan, $1 billion equivalent is large for one-time issuance,” said Toru Kuraoka, managing director for Bank of America’s Japan Debt Capital Markets. “In global markets, $1 billion or plus can be issued easily, so this is a good reason to access the global market.”
Persons: , Tatsuya Maruyama, , Hiroyuki Kinoshita, Toru Kuraoka Organizations: Japan Inc, Nippon Telegraph, Telephone Corp, Barclays, , Nikko Securities, Bank of America’s Locations: TOKYO, HONG KONG, Japan, Dealogic, Asia,
COLUMN-Top TIPS may be bum steer from inflation markets: Mike Dolan
  + stars: | 2021-05-26 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +5 min
So-called ‘breakevens’ that reflect what investors see as likely average inflation rates over 5, 10 and 30 years are simply the gap between nominal bond yields and those on inflation-hedged ones. Along with household surveys and various swap markets, central banks then see how credible their inflation goals are. John Canavan at Oxford Economics thinks the distortion is already “exaggerating” breakeven inflation rates. Remarkably, less than a fifth of chief executives in the survey even knew what the Fed’s inflation target was. The economists conclude that firms’ inflation expectations “appear far from anchored”.
Persons: JPM, John Canavan, There’s, Bernardo Candia, Yuriy Gorodnichenko, Olivier Coibion Organizations: Reuters, LONDON, Global, Federal Reserve, Fed, Treasury, Oxford Economics, Bank of America’s, HSBC, University, Private, University of California, University of Texas Locations: lockdowns, Berkeley
Wednesday’s hearing is the first time the CEOs of the nation’s largest banks have testified before the Senate Banking Committee since the aftermath of the 2008 financial crisis. Democratic gains in the 2020 election handed control of that panel to Senator Sherrod Brown, a fierce Wall Street critic. INDUSTRY WATERSHEDThe CEOs are also likely to extol their banks’ efforts to promote diversity and inclusion both externally and internally. In that regard, Wednesday will mark a watershed for the industry with Citigroup’s Jane Fraser, the first female CEO of a Wall Street bank, making her Capitol Hill debut. “Diversity, equity, inclusion – these banks have a great story to tell on these issues,” said Richard Hunt, chief executive of the Consumer Bankers Association.
Persons: Wells, Morgan Stanley, Sherrod Brown, ” Isaac Boltansky, , Kevin Fromer, Citigroup’s Jane Fraser, JPMorgan’s Jamie Dimon, Morgan Stanley’s James Gorman, Fargo’s Charles Scharf, Bank of America’s Brian Moynihan, Goldman Sachs, David Solomon, , Richard Hunt, Wall, Banks Organizations: Banking, Financial, JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group, Committee, Democratic, Compass Point Research, Trading, Financial Services, Capitol, Bank of America’s, Consumer Bankers Association, Locations: Washington
Bank of America Corp.’s Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an era when the industry pushed hot stocks on anyone who would pick up the phone. Merrill on Monday rolled out a revamped adviser-training program that prohibits participants from cold calling and directs would-be brokers to use internal referrals or LinkedIn messages to land clients instead. “We are leaning much more heavily on leads and referrals from the broader company,” Merrill President Andy Sieg said in April. Participants who fail to meet the goals are kicked out or moved to other roles in the bank. Successful recruits often had extensive personal networks and were less reliant on cold calling, trainees said.
Persons: Merrill Lynch, Merrill, ” Merrill, Andy Sieg, Organizations: of America Corp, Merrill Lynch Wealth Management
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby MelvilleThe blue-chip index rose 0.02%, with banks, mainly HSBC Holdings, Lloyds Banking Group and Standard Chartered gaining between 0.8% and 1.5%. Consumer discretionary stocks, including Compass Group, Kingfisher and Just Eat Takeaway.com also provided the biggest boost to the index. Mobile operator Vodafone Group fell 8.9% on reporting a 1.2% drop in annual adjusted earnings, as COVID-19 hit roaming revenue and handset sales. Fund managers loaded up on UK stocks and cut exposure to technology stocks as rising inflation and “taper tantrum” fears leave growth stocks vulnerable to pull-backs, Bank of America’s May fund manager survey released on Tuesday found.
Persons: Toby Melville, Sophie Griffiths, Oxford Biomedica Organizations: Reuters, Vodafone, London Stock Exchange Group, City of, REUTERS, HSBC Holdings, Lloyds Banking Group, Standard, Compass Group, Kingfisher, Mobile, Vodafone Group, EMEA, Bank of America’s, Oxford, drugmaker AstraZeneca, Imperial Brands Locations: City, City of London, Britain, OANDA,
That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits. Instead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. “The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said. DEBT ISSUANCE VS SELLING TREASURIESIssuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so. “Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter.
Persons: Lucas Jackson, , Dan Krieter, Lyn Graham, Taylor, Goldman Sachs, Morgan Stanley, BMO’s Krieter, Patrick Leary, BMO’s, Krieter, ” Krieter Organizations: YORK, Federal Reserve, Federal Reserve Bank of New, REUTERS, Treasury, U.S, BMO Capital, Rabobank, JPMorgan Chase, Bank of America, Bank of America’s, Fed Locations: Federal Reserve Bank of New York, New York City, U.S, Chicago, London, Treasuries
WASHINGTON (Reuters) - Record-breaking Wall Street bank bond offerings in recent days are being driven by a combination of extraordinary market conditions and regulatory decisions that can be traced to the government’s pandemic relief efforts, said analysts. FILE PHOTO: Traders look on as a screen shows Federal Reserve Chairman Jerome Powell's news conference after the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. While the fire-hose of government stimulus gushing through the economy flattered bank earnings, it has also reduced loan growth and caused deposits to surge. In turn, banks have had to park those deposits with the Federal Reserve and in safe-haven assets such as U.S. Treasuries. With surging deposits, some banks may be looking to raise debt to ensure they operate comfortably within the ratio.
Persons: Jerome Powell's, Brendan McDermid JPMorgan, Goldman Sachs, Morgan Stanley, Brian Moynihan, , Dick Bove, “ I’ve, Gennadiy Goldberg, Morgan, Jennifer Piepszak Organizations: WASHINGTON, U.S . Federal, New York Stock Exchange, REUTERS, Brendan McDermid JPMorgan Chase, Bank of America, Bank of America’s, Wall, U.S . Federal Reserve, ” Bank of America, Federal Reserve, Odeon Capital, TD Securities . Bank of America, JPMorgan Locations: New York, U.S, Treasuries
WASHINGTON (Reuters) -Record-breaking Wall Street bank bond offerings in recent days are being driven by a combination of extraordinary market conditions and regulatory decisions that can be traced to the government’s pandemic relief efforts, said analysts. FILE PHOTO: Traders look on as a screen shows Federal Reserve Chairman Jerome Powell's news conference after the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. While the fire-hose of government stimulus gushing through the economy flattered bank earnings, it has also reduced loan growth and caused deposits to surge. In turn, banks have had to park those deposits with the Federal Reserve and in safe-haven assets such as U.S. Treasuries. Morgan Stanley’s debt offering was not driven by regulatory constraints, according to a person familiar with the matter.
Persons: Jerome Powell's, Brendan McDermid JPMorgan, Goldman Sachs, Morgan Stanley, Brian Moynihan, Goldman, , Dick Bove, “ I’ve, Gennadiy Goldberg, Morgan, Jennifer Piepszak Organizations: WASHINGTON, U.S . Federal, New York Stock Exchange, REUTERS, Brendan McDermid JPMorgan Chase, Bank of America, Bank of America’s, Wall, U.S . Federal Reserve, ” Bank of America, Federal Reserve, Odeon Capital, TD Securities, Executives, Goldman, JPMorgan Locations: New York, U.S, Treasuries
WASHINGTON, April 21 (Reuters) - Record-breaking Wall Street bank bond offerings in recent days are being driven by a combination of extraordinary market conditions and regulatory decisions that can be traced to the government’s pandemic relief efforts, said analysts. While the fire-hose of government stimulus gushing through the economy flattered bank earnings, it has also reduced loan growth and caused deposits to surge. With surging deposits, some banks may be looking to raise debt to ensure they operate comfortably within the ratio. Morgan Stanley’s debt offering was not driven by regulatory constraints, according to a person familiar with the matter. JPMorgan, for its part, issued the bonds in part to address regulatory constraints, according to one person familiar with the matter.
Persons: Goldman Sachs, Morgan Stanley, Brian Moynihan, , Dick Bove, “ I’ve, Gennadiy Goldberg, Morgan, Jennifer Piepszak, Pete Schroeder, Megan Davies, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase, Bank of America, Bank of America’s, Wall, U.S . Federal Reserve, ” Bank of America, Federal Reserve, Odeon Capital, TD Securities . Bank of America, JPMorgan Locations: Treasuries
(Reuters) -Bank of America Corp’s quarterly profit more than doubled as it released reserves it had set aside to cover potential coronavirus loan losses and recorded big gains in trading that offset weakness in consumer banking. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The Federal Reserve last year brought in ultra-low interest rates to allow for a more rapid recovery from the pandemic-induced recession. However, such low rates eat into the income of lenders like Bank of America, which make profit from the difference between what they earn on loans and pay out on deposits. In contrast, JPMorgan Chase & Co said on Wednesday its first quarter pre-provision profit was up 18%.
Persons: Carlo Allegri, ” Brian Moynihan, Paul Donofrio, , Glenn Schorr Organizations: Reuters, Bank of America, of America, REUTERS, Federal Reserve, Bank of America’s, JPMorgan Chase, JPMorgan, Bank of, & $ Locations: Manhattan, New York City , New York, U.S, Bank
Bank of America is JPMorgan without the swagger
  + stars: | 2021-04-15 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Reflections are seen in the windows of a Bank of America branch in New York, U.S. on October 8, 2008. JPMorgan has four times as much at stake, though with less than twice as much trading revenue. True, Bank of America is more sensitive to rising long-term interest rates. That makes it a relatively less great time to be Bank of America. - Like JPMorgan and Goldman Sachs, which reported their earnings the previous day, Bank of America saw an upswing in revenue from trading and investment banking.
Persons: Lucas Jackson, Brian Moynihan, Jamie Dimon, Dimon’s, Refinitiv, it’s, Goldman Sachs Organizations: Bank of America, REUTERS, Bank of, Citigroup, JPMorgan, Federal Reserve, Equity Locations: New York, U.S, Bank, Bank of America’s
Profit at both Bank of America and Citigroup jumped for the first three months of this year, bouncing back from the lows of the early stages of the pandemic in 2020, as they reduced their loss cushions to reflect an improving economy. Citigroup more than tripled its profit from a year ago, reporting earnings of $7.9 billion even as its sales fell 7 percent, to $19.3 billion. Bank of America doubled its profit to $8.1 billion from $4 billion. Citi released $3.9 billion of the reserve it had built up to absorb loan losses, whereas Bank of America’s provision for losses decreased $6.6 billion. “This is the healthiest we have seen the consumer emerge from a crisis in recent history.” Similarly, Bank of America’s chief, Brian Moynihan, noted that “progress in the health crisis and the economy point to an accelerating recovery.”
Persons: Wells, It’s, , Jane Fraser, Brian Moynihan Organizations: Bank of America, Citigroup, JPMorgan Chase, Citi, Bank of, Bank of America’s
Live Retail Sales Jump and Jobless Claims Drop in New Signs of Recovery: Live Updates RIGHT NOW Delta Air Lines lost $1.2 billion in the first quarter. Retail sales surged last month, and the latest jobless claims report also provided fresh signs of economic revival. But she cautioned that the jobless claims levels, while good news, were still extraordinarily high compared to what they were before the pandemic. But weekly applications for unemployment claims have remained stubbornly high for months, frustrating the recovery even as businesses reopen and vaccination rates increase. “This was the deepest, swiftest recession ever, but it’s also turning into the fastest recovery,” Ms. Pollak said.
Persons: Gabby Jones, , , Diane Swonk, Grant Thornton, You’re, Julia Pollak, Biden, it’s, Ms, Pollak, Ed Bastian, Charlie Riedel, ” Ed Bastian, ” Mr, Bastian, Glen Hauenstein, Biden’s, Morgan Stanley, Katherine Tai, Bill O'Leary Katherine Tai, Tai, , Carlo Allegri, Wells, It’s, Jane Fraser, Brian Moynihan, Moynihan, Fraser, Kate Kelly, Andrew Kelly, Josh London, ” Arlyn Gajilan, Alessandra Galloni, Galloni, Stephen J, Adler, Gajilan, Ella Koeze, Jerome H, Powell, Mark Zuckerberg, Jenny Kane, Zuckerberg, Stephanie Otway, Instagram, Otway, Dan Rozycki, Ilana Panich, Don Clark, Pat Gelsinger, Rozycki Organizations: Delta Air Lines, Dow, Retail, The New York Times, Labor Department, Commerce Department, Associated Press Airlines, Transportation Security Administration, Delta, , U.S, United Airlines, American Airlines, Conference Board, Center for American Progress, United, Bank of America, Citigroup, Reuters, JPMorgan Chase, Citi, Bank of, Bank of America’s, Global, Thomson Reuters, Reuters Reuters, Nasdaq, Treasury, Federal Reserve, Associated Press, Facebook, Africa Digital Rights, Australian Council, Children, Media, Center for Digital Democracy, Consumer Federation of America, 5Rights Foundation, Transtec Group, Credit, The New York, Intel, Amazon, Boeing Locations: New York City, , United States, people’s, Asia, Europe, Australia, China, India, Russia, London, , Reuters.com, Instagram, Boston, Ghana, Washington, San Francisco, Britain, Texas
Live U.S. Trade Representative Pushes Trade as a Tool in Climate Crisis: Live Updates RIGHT NOW The BBC covered Prince Philip’s death for hours. Katherine Tai, the United States trade representative, in February. Last year, the French government blocked a deal to import liquefied natural gas from the United States because of concerns around emissions of methane, a potent heat-trapping gas. This year, a dispute over intellectual property rights between two Korean battery manufacturers threatened to disrupt plans to expand electric vehicle manufacturing in the United States. The company has a fleet of about 70 trucks, with 50 in the United States and 20 in Europe and Asia.
Persons: Katherine Tai, Biden, Bill O'Leary Katherine Tai, Biden’s, Ms, Tai, , , ” Thomas Kaplan, TuSimple, Ed Bastian, Charlie Riedel, ” Ed Bastian, ” Mr, Bastian, Glen Hauenstein, Carlo Allegri, Wells, It’s, Jane Fraser, Brian Moynihan, Moynihan, Fraser, Kate Kelly, Morgan Stanley, Shira Ovide, Erin Griffith, Andrew Kelly, Josh London, ” Arlyn Gajilan, Alessandra Galloni, Galloni, Stephen J, Adler, Gajilan, , Ella Koeze, Jerome H, Powell Organizations: U.S, Trade Representative, Trade, BBC, Dow, Center for American Progress, World Trade Organization, LG Energy, SK Innovation, Reuters, Volkswagen, UPS, Nasdaq, Navistar, Walmart, General Motors, Delta Air Lines, Associated Press Airlines, Transportation Security Administration, Delta, , United Airlines, American Airlines, Bank of America, Citigroup, JPMorgan Chase, Citi, Bank of, Bank of America’s, Global, Commerce Department, Retail, Conference Board, Credit, Tech, Thomson Reuters, Reuters Reuters, The New York Times, Labor Department, Treasury, Federal Reserve Locations: United States, Mexico, Canada, China’s Xinjiang, San Diego, Europe, Asia, Cruise, , Australia, China, India, Russia, people’s, Tech, today’s, London, , Reuters.com
Record Asia equity fundraising seen slowing as 'hot money' eases
  + stars: | 2021-03-31 | by ( Scott Murdoch | ) www.reuters.com + 0.00   time to read: +3 min
HONG KONG (Reuters) - Equity fundraisings in Asia are expected to slow down in the near term after two straight record quarters as ‘hot money’ flows that had propped up new issuances ease amid rising volatility in markets, bankers said. Goldman Sachs Asia, ex-Japan, co-head of equity capital markets (ECM) William Smiley said while more volatility had emerged in the past six weeks, capital markets remained open which was positive in the long term for issuers and investors. “Expectations for the second quarter are more balanced and that’s not a bad thing,” the Hong Kong-based Smiley said. “When exuberance prevails and markets only move up, hot money chases deals and supports opportunistic activity – not the backdrop for sustained capital markets activity.”More than half of the first quarter’s total equity fundraising in Asia was by listed companies through follow-on deals, worth $56.72 billion. TMT and healthcare are the sectors that remain hot, and these sectors are the most interesting to investors,” said Tucker Highfield, Bank of America’s co-head of Asia Pacific ECM.
Persons: Baidu, Robin Li, Yingzhi Yang, Goldman Sachs, William Smiley, Smiley, , China’s, Tucker Highfield Organizations: Reuters, Equity, Hong Kong Stock Exchange, REUTERS, Baidu, Goldman Sachs Asia, Japan, Technology, Bank of America’s, Asia Pacific Locations: HONG KONG, Asia, Beijing, China, Hong Kong, Japan
Breakingviews - Corona Capital: Home Depot
  + stars: | 2020-11-17 | by ( Breakingviews Columnists | ) www.reuters.com + 0.00   time to read: +6 min
LONDON/NEW YORK/HONG KONG (Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. It’s not just the consumer sector, Home Depot is bullish on sales to contractors and the like, too. On Monday it agreed to acquire HD Supply for $8 billion, a company that caters to multifamily and hospitality operators. In 2007, the $300 billion chain offloaded the commercial sales division to a group of private equity firms including Bain Capital for $8.5 billion. Rivals are raising capital, including Kuaishou Technology, which is eyeing a mooted $5 billion Hong Kong offering.
Persons: Lucy Nicholson, lockdowns, It’s, Jennifer Saba, Donald Trump, Peter Thal Larsen, Morgan Stanley, John Foley, Stefan Bomhard, Aimee Donnellan, Boris Johnson, Rishi Sunak, Johnson, Jennifer Hughes Organizations: Reuters, Corona, REUTERS, Home Depot, Bain Capital, Bank of America’s, Citigroup, Synchrony, JPMorgan, Bank of America, Federal Reserve, Tobacco, Imperial Brands, Times, Baidu, Rivals, Kuaishou Technology, Hong Locations: HONG KONG, Los Angeles , California, U.S, Britain, Pattanaik, Covid, Hong Kong
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