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Feb 2 (Reuters) - U.S. prosecutors in the Justice Department's fraud unit are looking into Silvergate Capital Corp's (SI.N) dealings with bankrupt crypto exchange FTX and Alameda Research, Bloomberg News reported on Thursday. The criminal investigation is examining Silvergate's hosting of accounts tied to FTX founder Sam Bankman-Fried's businesses, the report said, citing people familiar with the matter. The Department of Justice and Silvergate Capital did not immediately respond to Reuters requests for comment. Earlier this week, a group of bipartisan U.S. senators sent a letter to Silvergate asking for details of its risk management practices and its dealings with FTX. Reporting by Manya Saini in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Feb 1 (Reuters) - MetLife Inc (MET.N) reported a 33% drop in fourth-quarter adjusted profit on Wednesday as a global market rout hurt the U.S. insurer's investment returns. Adjusted premiums, fees and other revenues - excluding pension risk transfers (PRT) - decreased 1% to $11.4 billion. Still, improving underwriting trends in the United States, Europe and Latin America, alongside lower COVID-19 life insurance claims, partially offset the hit to its investment income. U.S. adjusted earnings climbed 20% in the quarter, while Latin America and EMEA jumped 45% and 67%, respectively, on a reported basis. The company posted adjusted profit of $1.2 billion, or $1.55 per share, for the three months ended Dec. 31, compared with $1.8 billion, or $2.17 per share, a year earlier.
Jan 31 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn. Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading. "Similar to other tech companies, PayPal is seeking to position itself financially and strategically, bracing for an economic slowdown," said Moshe Katri, analyst at Wedbush. In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.
Self-driving tech firm Aurora names Ossa Fisher as president
  + stars: | 2023-01-30 | by ( ) www.reuters.com   time to read: +1 min
Jan 30 (Reuters) - Aurora Innovation Inc (AUR.O) on Monday named Ossa Fisher as president to focus on scaling operations at the self-driving technology company ahead of its commercial launch in 2024. Fisher is expected to begin at the new role in February and joins Aurora from education tech firm Istation, where she had served as president and chief operating officer since 2019. Last month, Aurora and Uber Technologies Inc (UBER.N) said they will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays. Aurora's shares, which lost nearly 90% of their value last year, were down about 2% in extended trading. Reporting by Manya Saini in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Even as decades-high inflation pressures household budgets, American Express has remained so far insulated from feeling a dent as the company's affluent customer base refused to dial down on their spending. Shares of American Express were up more than 5% in premarket trading. Even so, American Express Chief Financial Officer Jeff Campbell told Reuters that the company continues to remain optimistic about travel recovery going forward. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there." Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago.
AmEx misses profit estimate as loan-loss provisions weigh
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +1 min
Jan 27 (Reuters) - American Express Co (AXP.N) missed market estimates for fourth-quarter profit on Friday as the credit card giant stockpiled more rainy-day funds to prepare for a worsening economy, wrapping up a turbulent quarter for major U.S. card companies. Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago. Net income fell 9% to $1.57 billion, or $2.07 per share, in the three-month period ended Dec. 31, from $1.72 billion, or $2.18 apiece, in the year-ago period. The New York-based company's total revenue excluding interest expense increased 17% to $14.18 billion in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
AmEx forecast 2023 net revenue growth between 15% and 17% and earnings per share of $11 to $11.40. Jefferies analysts said although the forecast might "appear aggressive" in light of sentiment around a potential macroeconomic slowdown, it reflected momentum. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there," Campbell added. A typically strong holiday quarter saw AmEx's customers splurge on gifts, travel, and entertainment, driving a 12% increase in total network volumes. AmEx reported a profit of $2.07 per share for three months ended Dec. 31, missing analysts' estimates of $2.22 per share.
"2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market," Luno said in a statement, adding that its growth and revenue has been affected by the downturn. More than a trillion dollars in value was wiped out from the crypto sector last year, with rising interest rates exacerbating worries of an economic downturn. The crash led to high-profile bankruptcies of key industry players such as crypto hedge fund Three Arrows Capital and Celsius Network. Still, the biggest blow came after major exchange FTX filed for bankruptcy protection in November. Last week, the lending unit of crypto firm Genesis filed for U.S. bankruptcy protection, owing creditors at least $3.4 billion after being toppled by the crypto market rout.
[1/2] Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/IllustrationJan 24 (Reuters) - U.S. card companies are expected to post the slowest revenue growth in seven quarters, as consumers tighten their purse strings and avoid spending on luxury and big-ticket items. Card firms pocket a small percentage of the dollar value of transactions and stand to lose out on fees if customers pivot away from buying luxury items. Shares in Visa, Mastercard and Amex closed last year between 3% and 10% lower. Mastercard and Visa are set to report quarterly results on Thursday, with AmEx rounding off the season on Friday.
Canadian insurer Sun Life inks $193 mln deal with HK's Dah Sing
  + stars: | 2023-01-20 | by ( ) www.reuters.com   time to read: +1 min
[1/2] FILE PHOTO: The Sun Life Financial logo is seen at their corporate headquarters of One York Street in Toronto, Ontario, Canada, February 11, 2019. REUTERS/Chris Helgren//File Photo/File PhotoJan 20 (Reuters) - A unit of Canadian insurer Sun Life Financial Inc (SLF.TO) has partnered with Hong Kong-based Dah Sing Bank (2356.HK) in a deal valued at nearly C$260 million ($193 million), the companies said on Friday. Under terms of the partnership, Sun Life would pay to become the exclusive life insurance provider for Dah Sing Bank's 570,000 retail customers, beginning July, the companies said. The deal will bring in new customers for Sun Life and help the insurer expand its customer base in Hong Kong. Sun Life-Asia President Ingrid Johnson added at the time that the market in Hong Kong "was very encouraging with the emergence of sales".
JPMorgan begins private lending drive with $10 billion - source
  + stars: | 2023-01-19 | by ( ) www.reuters.com   time to read: +1 min
Jan 19 (Reuters) - JPMorgan Chase & Co (JPM.N) has set aside at least $10 billion to back its foray into the world of direct lending, a person with knowledge of the matter told Reuters on Thursday. The Wall Street titan's move into the market is likely to put it head to head with established sector heavyweights such as Ares Management Corp (ARES.N) and Apollo Global Management (APO.N). Last week, JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank was "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. JPMorgan Asset Management has in recent years separately expanded its private credit platform unit, which targets opportunities in the direct lending segment, with plans to expand into other private credit strategies in the future. Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
BNP Paribas' $16 bln U.S. sale to BMO wins regulatory OK
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +2 min
PARIS, Jan 18 (Reuters) - BNP Paribas (BNPP.PA), France's biggest listed bank, said on Wednesday that it had received all the necessary regulatory approvals to complete its previously announced sale of Bank of the West to Bank of Montreal (BMO.TO). BNP Paribas added that this transaction was expected to close on Feb 1. "The closing of the Bancwest sale has been long-awaited ... and is a significant positive catalyst for BNP shares in our view," Jefferies analysts said in a note. Once the deal closes, it will bring nearly 1.8 million commercial, retail, wealth management and business banking customers and over 9,300 Bank of the West employees to BMO. Reporting by Sudip Kar-Gupta and Silvia Aloisi and Manya Saini in Bengaluru editing by Jason Neely and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Rising interest rates roiled markets last year and global investment banking revenue sank more than 50% from a year-earlier quarter, according to data from analytics firm Dealogic. SHARPLY LOWERAcross the board, investment banking fees were sharply lower. Morgan Stanley's revenue from investment banking business fell 49% in the fourth quarter while Goldman Sachs's investment banking fees fell 48%. JPMorgan's investment banking unit saw its revenue down 57%, Citigroup Inc's (C.N) investment banking revenue plunged 58% while Bank of America Corp (BAC.N) investment banking fees more than halved. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income.
Morgan Stanley profit beats on strength in trading business
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +3 min
Jan 17 (Reuters) - Morgan Stanley (MS.N) reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday as the bank's trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Revenue from Morgan Stanley's investment banking business fell 49% to $1.25 billion in the fourth quarter, with revenue declines across the bank's advisory, equity and fixed income segments. The investment banking business slowdown weighed on the company's net revenue, pulling it down 12% to $12.7 billion. Morgan Stanley wraps up a mixed fourth-quarter earnings for the big U.S. banks. On an adjusted basis, Morgan Stanley earned $1.31 per diluted share, the bank said.
BNY Mellon to cut 3% of workforce this year - source
  + stars: | 2023-01-13 | by ( Manya Saini | ) www.reuters.com   time to read: +1 min
Jan 13 (Reuters) - Bank of New York Mellon Corp (BK.N) is planning to cut around 3% of its workforce this year, a source familiar with the matter told Reuters on Friday, joining a number of Wall Street firms in trimming headcount to cope with turbulent markets. The layoffs, first reported by the Wall Street Journal, translate to about 1,500 jobs of the bank's total reported headcount of 51,700 as of end-2022. Shares in BNY Mellon were up 2.4% in afternoon trading. BNY Mellon reported a 38% drop in fourth-quarter profit to $509 million. Chief Executive Robin Vince in a post-earnings call with analysts acknowledged that the company was facing inflationary headwinds, and added that the bank's expense growth was high.
Jan 13 (Reuters) - Bank of America Corp (BAC.N) reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. Bank of America's net interest income (NII) — a metric that measures the difference between the interest earned on loans and paid out on deposits — surged 29% to $14.7 billion in the quarter. Its profit applicable to common shareholders rose 2% to $6.9 billion, or 85 cents per share. The bank added $403 million to its net reserve build. That compares with a net reserve release of $851 million a year ago.
REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.
Jan 12 (Reuters) - Crypto broker Genesis owes creditors more than $3 billion, a person familiar with the matter told Reuters, as woes pile up for its owner, venture capital company Digital Currency Group (DCG). DCG is considering offloading parts of its venture capital holdings to raise money, the Financial Timesreported Thursday. DCG's portfolio includes 200 crypto-related projects such as exchanges, banks and custodians in at least 35 countries, and are worth about $500 million, the report added. Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG's chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives. Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.
Jan 12 (Reuters) - Crypto broker Genesis owes creditors more than $3 billion, prompting its owner Digital Currency Group (DCG) to explore selling assets in its venture portfolio to raise money, the Financial Times reported on Thursday, citing people familiar with the matter. Genesis and DCG did not immediately respond to Reuters requests for comment. Several crypto companies have lately been under pressure trying to navigate unprecedented industry-wide turmoil amid waning investor appetite for digital assets after major exchange FTX blew up late last year. Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG's chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives. Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.
Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.
Factbox: Global banks cut jobs as cost pressures mount
  + stars: | 2023-01-11 | by ( ) www.reuters.com   time to read: +5 min
The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported. DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers. MORGAN STANLEY (MS.N)In December, the investment bank slashed about 2% of its workforce, a source familiar with the company's plans told Reuters.
Jan 10 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Cisco Systems Inc (CSCO.O):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Consumer and retail companies:Beyond Meat Inc (BYND.O):The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.
The company said it expects to incur about $149 million to $163 million in restructuring expenses. Its shares reversed course to fall 2.7% premarket after rising more than 5% on the layoffs announcement earlier. Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector. However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. Coinbase in November cut more than 60 jobs in its recruiting and institutional onboarding teams, after slashing 1,100 jobs, or 18% of its workforce, in June.
Crypto exchange Coinbase to cut nearly 1,000 jobs
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +1 min
Coinbase said it expects to incur a total of about $149 million to $163 million in restructuring expenses. More than a trillion dollars was wiped out from the crypto sector last year on rising interest rates and worries of an economic downturn. However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. The crypto world's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles. Coinbase in November cut more than 60 jobs in its recruiting and institutional onboarding teams, after slashing 1,100 jobs, or 18% of its workforce, in June.
Jan 9 (Reuters) - Duck Creek Technologies (DCT.O), which serves some of the biggest clients in the property and casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurance tech firm said on Monday. The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close. Duck Creek provides cloud-based property and casualty insurance solutions to its customers including Berkshire Hathaway Specialty Insurance and American International Group (AIG.N). Duck Creek expects the deal to close in the second-quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.
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