DIRS.INFO The most relevant business & tech news

☆ Here's what Morgan Stanley, Wells Fargo stand to gain from lower interest rates
▼ + stars: | 2024-09-18 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

The Club has stayed with Morgan Stanley on expectations that its investment banking outfit will flourish again. At Wells Fargo , the Club's other financial name, lower rates should help its burgeoning investment banking business. Wells Fargo shares year-to-date have performed better than Morgan Stanley, gaining 11%. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Corporate and Investment Banking division makes up 23% of overall revenue. To be sure, Wells Fargo management said during July's second-quarter earnings call that the bank will continue to de-risk its office portfolio.

Persons: Banks, Erica Groshen, Morgan Stanley, Morgan, Jim Cramer, Jim, Goldman Sachs, Charlie Scharf, Wells, July's, Jim Cramer's, Jerome Powell, William McChesney Martin, Chip Somodevilla Organizations: Federal Reserve, New York Fed, CNBC, Cornell University, Fed, Investment, Morgan Stanley's Institutional Securities, Morgan Stanley's, Wells, Investment Banking, CIB, Federal Reserve Bank, Getty Locations: Wells Fargo, Wells, Washington ,

☆ Investment banking is back — and the recovery is just getting started
▼ + stars: | 2024-07-21 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Investment banking was the rock star of big bank earnings this season. For Club stock Morgan Stanley, investment banking revenues surged 51% year over year with equity underwriting fees jumping over 56%, and advisory fees increasing over 30% from the year-ago period. Wells Fargo's investment banking revenues, which fall underneath its corporate and investment banking (CIB) division, jumped 38% year over year. "The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading and investment banking fees." And good news for investors, it doesn't look like the rebound in investment banking is slowing anytime soon.

Persons: Morgan Stanley, Wells, JPMorgan Chase, Goldman Sachs, Goldman, Morgan, We've, Morgan Stanley's, NII, Charlie Scharf, Ted Pick, we're, David Solomon, Donald Trump, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, Bank of America, Citigroup, Citi, Investment, IB, Federal Reserve, Wells, CNBC, CIB, Morgan, Wall, Citibank, JPMorgan Chase, Reuters Locations: Wells Fargo, Wells, U.S

☆ Buying into Charlie Scharf's 5-year turnaround plan for Wells Fargo just got a bit cheaper
▼ + stars: | 2024-07-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

In Friday's earnings commentary , the Club upgraded Wells Fargo back to our buy-equivalent 1 rating — viewing Friday's drop as an opportunity to add shares. Taken together, it shows just how far the CEO has gone to rehabilitate Wells Fargo. That same year, Wells Fargo admitted to improperly charging home lending customers for mortgage-rate-lock extensions as well. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Federal Reserve ordered Wells Fargo to freeze its balance sheet in 2018, keeping its assets below $1.95 trillion until senior management cleaned up its act. Wells Fargo parted with most of its senior management from its pre-2019 era and remade its board of directors.

Persons: Charlie Scharf, Wells, Scharf, That's, Jeff Marks, Wells Fargo, Ebrahim Poonawala, Charlie, " Scharf, we're, JPMorgan Chase, Morgan Stanley, There's, Wells Fargo's, Poonawala, he's, Doug Braunstein, Raymond James, David Long, Marks, He's, Jim Cramer's, Jim Cramer, Jim, Patrick T, Fallon Organizations: Wells Fargo, Club, Investors, KBW Nasdaq, Wells, CNBC, Federal Reserve, Currency, Bank of America, Consumer Financial Protection, JPMorgan, Wall, JPMorgan Chase, Fed, Milken Institute Global Conference, Afp, Getty Locations: Wells, Wells Fargo, U.S, delinquencies, Beverly Hills , California

☆ Wells Fargo CEO talks up reasons to love the stock — plus, what's behind the market drop
▼ + stars: | 2024-05-29 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Apple and Nvidia, our two "own, don't trade" stocks were also the top performers among the entire 33 stock Club portfolio. When the Federal Reserve at some point removes its asset cap on Wells Fargo, Scharf said corporate lending and trading will be areas of growth for the bank. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Hess, Merck, Morgan Chittum, Charlie Scharf, Scharf, Wells, Wells Fargo's, " Scharf, it's, Wells Fargo, Eli Lilly, CNBC's David Faber, Locker, Jim Cramer's, Jim Organizations: CNBC, Dow, Nvidia, American Airlines, Tech, Apple, Microsoft, ConocoPhillips, Chevron, Banking, Investing Club, Wells, Bernstein's, Investment Banking, Wealth Management, Federal Reserve, FDA, Club, Costco, Broadcom, Jim Cramer's Charitable Locations: Wells Fargo

☆ Wells Fargo goes on quiet hiring spree to expand from lending. What it means for the stock
▼ + stars: | 2024-05-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City

☆ JPMorgan beats on earnings as CEO Jamie Dimon rings the alarm on global trouble
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The banking giant grew revenue by 9% and net income by 6%. CEO Jamie Dimon, however, rang the alarm on geopolitical and economic challenges. AdvertisementJPMorgan reported first-quarter earnings on Friday that surpassed Wall Street's expectations, as CEO Jamie Dimon rang the alarm once again on a troublesome geopolitical and economic backdrop. America's biggest bank posted a 9% year-on-year rise in revenue to $41.9 billion, which helped to drive its net income up 6% to $13.4 billion. Dimon hailed JPMorgan's strong performance in the earnings release, but also issued a stark caution about the current global backdrop.

Persons: Jamie Dimon, —, Dimon Organizations: JPMorgan, Service, CIB, CB, First Locations: CCB

☆ Barclays jumps 8.6% after announcing major strategic overhaul
▼ + stars: | 2024-02-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul, boosting its shares more than 8.6% through the day. For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion. Credit impairment charges were £552 million, up from £498 million in the fourth quarter of 2022. The business will now be divided 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. Barclays is targeting total gross cost savings of £2 billion and an RoTE of greater than 12% by 2026.

Persons: C.S, Venkatakrishnan, Mariva Rivas, DBRS Morningstar, Rivas Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, LONDON, Barclays, Reuters, Momentum, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank, CNBC, U.S Locations: Wharf

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

☆ Meta's latest threats report shows risk of Chinese influence campaigns ahead of elections
▼ + stars: | 2023-11-30 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

In its latest quarterly report on adversarial threats, Meta said on Thursday that China is an increasing source of covert influence and disinformation campaigns, which could get supercharged by advances in generative artificial intelligence. Meta said it disrupted three CIB networks in the third quarter, two stemming from China and one from Russia. One of the Chinese CIB networks was a large operation that required Meta to remove 4,780 Facebook accounts. Since then, the company has been under greater scrutiny to monitor disinformation threats and campaigns and to provide greater transparency to the public. Still, Meta warned that the upcoming elections will likely mean that "the defender community across our society needs to prepare for a larger volume of synthetic content."

Persons: Mark Zuckerberg, Meta, Donald Trump, we've Organizations: Meta, U.S, Senate, Intelligence, Capitol, Washington , D.C, CIB, Facebook Locations: Washington ,, China, Russia, Iran, United States, Europe, North America, Ukraine

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ Barclays narrowly beats profit forecasts on strong consumer, credit card business
▼ + stars: | 2023-10-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Tuesday reported a net profit of £1.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong results in its consumer and credit card businesses compensated for weakening investment bank revenues. Venkatakrishnan said the bank "continued to manage credit well, remained disciplined on costs and maintained a strong capital position" against a "mixed market backdrop." Barclays' corporate and investment bank (CIB) saw income decrease by 6% to £3.1 billion, with the bank citing reduced client activity in global markets and investment banking fees. The bank did not announce any new returns of capital to shareholders after July's £750 million share buyback announcement. The cost-income ratio in the third quarter was 63%, but the bank has set a medium-term target of below 60%.

Persons: Venkatakrishnan Organizations: LONDON, Barclays, Reuters, C.S, Barclays U.K, Q423 Locations: London

☆ Dollar mixed vs major peers; pounds slips, yen briefly jumps
▼ + stars: | 2023-10-17 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

"Central banks are not trying to hit the CPI targets in the near term," said Colin Asher, senior economist at Mizuho. The dollar index , which measures the U.S. currency against six peers, fell 0.1% to 106.13, after dropping 0.4% on Monday. Fed officials will enter into a blackout period on Oct. 21 before the central bank's Oct. 31–Nov. Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressure on the economy by increasing the cost of borrowing. Australia's central bank considered raising rates at its recent policy meeting but judged there was not enough new information to warrant a move, minutes of the Reserve Bank of Australia's Oct. 3 policy meeting showed.

Persons: Dado Ruvic, Colin Asher, Asher, Masato Kanda, Valentin Marinov, Marinov, Jerome Powell, Patrick Harker, Sterling, Samuel Indyk, Ankur Banerjee, Shri Navaratnam, Kim Coghill, Gareth Jones Organizations: REUTERS, U.S, Bank of Japan, Mizuho, CPI, Swiss, CIB, Federal, Federal Reserve Bank of Philadelphia, Bank of England, New Zealand, Reserve Bank of Australia's, Thomson Locations: Australia's, London, Singapore

☆ Wells Fargo hires Credit Suisse veteran as head of financial sponsors
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoAug 7 (Reuters) - U.S. bank Wells Fargo (WFC.N) said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse. During his time at Credit Suisse, Price helped form its financial sponsors coverage business in 1996. He was the Swiss bank's first head of Americas financial sponsors before assuming global leadership of the group in 2015. At Wells Fargo, Price will jointly report to Tim O'Hara, head of banking and Scott Warrender, head of coverage within the banking unit.

Persons: Malcolm Price, Price, Tim O'Hara, Scott Warrender, Pritam Biswas, Shailesh Organizations: REUTERS, Credit Suisse, UBS Group, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells, Swiss, Wells Fargo, Bengaluru

☆ BNP Paribas beat estimates on debt financing, cost management
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +3 min

BNP Paribas , the euro zone's biggest bank, beat estimates in the second quarter as the corporate debt financing business and strong cost management partly offset a slump in securities trading. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk — money put aside for failing loans - came in lower than expected at 689 million euros. By contrast, sales from global banking activities within CIB - which comprise bond issues, syndicated loans and cash management — jumped by 17.5% in the second quarter at constant scope and currencies. BNP's bottom line in the second quarter also suffered from a set of exceptional items that totaled 723 million euros after tax. These included an 125 million euro provision for an unspecified litigation.

Persons: —, Italy's UniCredit Organizations: BNP, Royal Bank of Canada, Bank of, CIB, European Central Bank, Spain's Santander Locations: Bank, FICC, France

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

LONDON/MADRID, July 26 (Reuters) - Spain's Santander (SAN.MC) is planning to hire around 150 bankers primarily in the United States as part of its plans to accelerate growth in its investment banking business, three sources with knowledge of the matter said. Santander's global corporate and investment banking chief, Jose M. Linares, discussed the plans in a town hall held in New York last week, the sources said. So far, the bank has hired more than 20 senior investment bankers chiefly in the United States, Reuters has reported. Net profit at the bank's global corporate and investment bank rose 16% year-on-year in the second quarter to 899 million euros. Santander employs currently around 8,000 staff at its global corporate and investment bank.

Persons: Jose M, Linares, Ana Botin, David Hermer, Marco Antonio Achon, Corporate Finance Darren Jones, Steven Geller, Jones, Hector Grisi, Grisi, Jesús Aguado, Andres Gonzalez, Elisa Martinuzzi, David Evans Organizations: Spain's Santander, Credit Suisse, Reuters, Banking, Corporate Finance, Linares, Global, Santander, U.S ., Thomson Locations: MADRID, United States, New York, U.S, Spanish, Mexico, Europe, Latin America, Santander, America

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

Investment-grade rated companies issued $152 billion in May, making it the busiest May since 2020 when the pandemic crisis prompted record debt issuance volumes, according to data from Informa Global Markets. "I believe we have seen an acceleration of issuance into May," said Richard Wolff, head of US bond syndicate at SG CIB, saying this was a result of debt issuance being pulled forward. This debt issuance spree is on the back of strong demand for what were relatively higher yielding corporate bonds after Treasury yields rose in May from levels touched in late April. New investment-grade bonds in May received orders that were three to four times the offering size on average, according to IGM data. CHANGING TIDEThe debt binge, however, gave a broad hint that the largest companies in the world are not optimistic on borrowing conditions later in the year.

Persons: Richard Wolff, Wolff, Manuel Hayes, Jessica Lehmann, Blair Shwedo, Jiyann Daemi, Shankar Ramakrishnan, Matt Tracy, Laura Matthews, Megan Davies, Matthew Lewis Organizations: YORK, U.S, Investment, Informa Global, Junk, SG CIB, London, Insight Investment, Treasury, HSBC, U.S . Bank, IG, TD Securities, Thomson Locations: New York

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Mediobanca buys Arma Partners to boost tech advisory offer
▼ + stars: | 2023-05-18 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The acquisition, which Mediobanca expects to boost its fee income by 10%, comes ahead of a new three-year strategy CEO Alberto Nagel will unveil on May 24. In the same year, it advised Germany's Aareal Bank (ARLG.DE) on the sale of a stake in its $1.1 billion software unit Aareon to Advent International. The deal will boost earnings per share, based on last year's figures, Mediobanca said, without elaborating. With 86 staff and some $100 million in yearly revenue, Arma was founded in 2003 by Paul-Noël Guély, a former head of software and services investment banking at Goldman Sachs. Arma has offices also in Munich, a U.S. presence and a network of affiliated advisory firms in Japan, Australia, Israel, Turkey and Brazil.

☆ BNP Paribas appoints José Placido as its US unit's CEO
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - BNP Paribas (BNPP.PA) said on Thursday it has appointed José Placido as chief executive officer of its U.S. operations, effective April 1. José will assume the role of CEO of BNP Paribas USA and will oversee all U.S.-business activities while retaining in the role of CIB Americas' executive chief, the Paris-based bank said. The biggest euro-zone bank has also appointed Jean-Yves Fillion as the vice-chairman of the BNP Paribas USA Board of Directors. Jean-Yves Fillion was serving as CEO of BNP Paribas USA since 2016, overseeing both wholesale and retail operations. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ The U.S. heading into recession but that could be good for the dollar, strategist says
▼ + stars: | 2023-04-06 | 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. heading into recession but that could be good for the dollar, strategist saysValentin Marinov, managing director and head of G10 FX research at Credit Agricole CIB, discusses the economic outlook in the U.S., U.K. and Europe and the trajectory of their currencies.

☆ Experts from Morgan Stanley and Wells Fargo share insights on how digital transformation in finance protects and enhances client experiences
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +4 min

Experts shed light on what digital transformation in finance means for banks and people. In the session "Demystifying digital transformation in finance," part of the "Finance Meets Its Future" event presented by Amberdata, experts discuss digital transformation in finance on wall street. Customer convenience is at the forefront of digital transformation discussions. Reetika Grewal, head of digital transformation for CB and CIB at Wells Fargo said that that client concerns are at the center of digital transformation. Digital transformation poses key challengesWhen asked about the challenges of driving digital transformation in banks, Akwaboah said the industry is contending with multiple competing agendas.

Search resuls for: "CIB"

25 mentions found