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Search resuls for: "Mehnaz Yasmin Manya Saini"


4 mentions found


☆ Intel's Mobileye seeks drastically lower $16 bln valuation in IPO
  + stars: | 2022-10-18 | by ( Mehnaz Yasmin Manya Saini | Mehnaz Yasmin | Manya Saini | ) www.reuters.com   time to read: +2 min
Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion. "Most companies don't have the grit needed to blaze a trail with all this public market volatility." IPOs by U.S. technology companies have sunk to their lowest levels since the global financial crisis of 2008, as several companies have shelved plans for their listings in the country. read moreTech IPOs this year have raised $507 million, according to Refinitiv data, the lowest amount that has been raised through flotation since 2000. Goldman Sachs, Morgan Stanley, Citigroup and BofA Securities are among underwriters of Mobileye's offering.
☆ Bank of America beats profit estimates as interest rates climb
  + stars: | 2022-10-17 | by ( Mehnaz Yasmin Manya Saini | Mehnaz Yasmin | Manya Saini | ) www.reuters.com   time to read: +4 min
Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.
☆ Bank of America beats profit estimates on gains from higher interest rates
  + stars: | 2022-10-17 | by ( Mehnaz Yasmin Manya Saini | Mehnaz Yasmin | Manya Saini | ) www.reuters.com   time to read: +4 min
Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.
☆ Bank of America profit drops on loan-loss reserve build
  + stars: | 2022-10-17 | by ( Mehnaz Yasmin Manya Saini | Mehnaz Yasmin | Manya Saini | ) www.reuters.com   time to read: +2 min
The second-largest U.S. bank added $378 million to its loan-loss reserves as it braces for a weakening economy. The U.S. Federal Reserve's aggressive monetary policy actions to tamp down inflation have sparked concerns that the economy could slip into a recession as interest rates rise. The bank's consumer business reported a 12% jump in revenue, helped by higher balances and a rise in interest rates. Investment-banking fees fell 46% as global dealmaking shrank for the third consecutive quarter after a blockbuster 2021. Net profit applicable to common shareholders was $6.6 billion, or 81 cents a share, for the quarter ended Sept. 30, compared with $7.3 billion, or 85 cents a share, a year earlier.
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