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☆ From cooling inflation to a looming recession, here's what CEOs of the 5 largest US banks are predicting for the economy through 2023
▼ + stars: | 2023-04-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's largest banks reported earnings over the past week. Here is what some top bank CEOs are saying about the US economy during their earnings calls this season. JPMorgan CEO Jamie DimonThe Wall Street vet warned investors of looming "storm clouds" ahead. Bank of America CEO Brian MoynihanDuring an earnings call, Moynihan warned of a US recession but said inflation has showed signs of cooling. He allayed fears of a full-blown banking crisis, addressing the turmoil sparked by collapse of specialist banks like SVB last month.

☆ State Street profit misses on lower fee income; shares fall
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

State Street, the world's largest custodian bank, saw its assets under custody or administration fall 10% to $37.6 trillion in the first quarter. Along with a number of other large U.S. banks, State Street provided $1 billion of liquidity to First Republic Bank (FRC.N) last month. State Street set aside $44 million as provision for credit losses in the reported quarter as steep rate rises stoke fears of an economic slowdown. Analysts had expected State Street to earn $1.64 per share, according to Refinitiv IBES data. "We are optimistic about client onboardings and we expect revenue growth in the coming quarter," State Street Chief Executive Officer Ron O'Hanley said.

☆ Here's how higher interest rates are pushing down State Street's earnings and stock price
▼ + stars: | 2023-04-17 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

State Street reported misses on the top and bottom lines for the first quarter. Analysts and State Street's management's drilled down on a small portion of the company's business during the conference call — noninterest-bearing accounts. While retail investors are likely more familiar with State Street's ETF arm, the company's business clients use State Street's custody services, which can include keeping cash in operational accounts that earn zero interest. That shift, even if the money goes into other State Street products, hurts the company's net interest income because customers are now getting a cut of the interest. State Street CEO Ronald O'Hanley said on the call that the shift away from noninterest-bearing accounts would cause no change in State Street's stock buyback plan.

☆ S&P says not seen rampant deposit outflows to merit rating action
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - S&P has not placed other U.S. banks on CreditWatch negative since First Republic Bank as it has not seen widespread deposit outflows, the ratings agency said on Tuesday, hours after Moody's cut its outlook on the U.S. banking system to negative. read more read moreEarlier on Tuesday, S&P Global Ratings placed First Republic Bank (FRC.N) on CreditWatch negative, reflecting lower confidence in the lender's financial strength. However, later in the day, S&P said it had not seen evidence that the unmanageable deposit outflows seen at a few banks had widely spread across the banks it covers. Moody's Investors Service revised its outlook on the U.S. banking system to "negative" from "stable" earlier on Tuesday to reflect the rapid deterioration in the operating environment. Reporting by Lavanya Ahire and Shubham Kalia in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Simple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEO
▼ + stars: | 2023-03-15 | 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 EmailSimple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEORonald O'Hanley, State Street CEO, says "we're better off today than we were a week ago."

☆ A corner of tech is up 50% from its 2022 lows — and strategists recommend these stocks to play it
▼ + stars: | 2023-02-13 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The semiconductor sector has seen quite a turnaround of late. Chip stocks were among the worst performers last year, with the iShares Semiconductor ETF (SOXX) shedding more than 35% of its value. Despite this, chip stocks have flown somewhat under the radar since the beginning of the year as the buzz around artificial intelligence and a recovery in Big Tech dominated investor attention. While the semiconductor sector is notorious for its cyclicality and boom-bust cycles, several Wall Street pros are urging investors to take a longer-term view. Europe stock ideas In Europe, a raft of chip stocks made Bank of America 's list of "2023 European Best Stock Ideas."

☆ High-tech dashboards, driving assistants vex luxury vehicle owners -study
▼ + stars: | 2023-02-09 | by ( Joseph White | ) www.reuters.com time to read: +2 min

The gap in reliability scores between luxury brands and those for mass market brands such as Kia were the widest in the 34 years that J.D. Power sets Tesla aside from other brands in the rankings because the electric vehicle maker doesn't provide it with full access to information about owners. Other luxury brands fared poorly, too. Infotainment systems complaints, such as problems with wireless Bluetooth phone connections, dragged down scores from vehicle owners of several luxury brands, according to the report. Even as luxury brands compete to offer more advanced digital content and dashboard features, luxury vehicle owners are finding fault with the infotainment systems at about double the rate as owners of mass-market brands, Hanley said.

Downing Street referred requests for comment to the business ministry, which oversees Companies House, Britain’s public registry of companies. And, in most cases, if foreign companies purchased the property before 1999 or hold UK property in a trust they don’t need to publicly disclose the beneficial owners. The Cyprus-based company, A. Corp Trustee Limited, wasn’t listed on Britain’s new property register as of Tuesday morning. A listing on the UK’s new property register for Hanley Limited identifies the beneficial owner as a Swiss company called Pomerol Capital Sa. Ravellot also wasn’t on the new property register.

☆ Airbnb's 13 most wish-listed properties in the world for 2023—including an $18 million home
▼ + stars: | 2023-01-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +8 min

Airbnb's most wish-listed new global listings for 2023Modern Smoky Mts Getaway Cabin - Gatlinburg, TennesseeThis cabin is nestled in the Smoky Mountains in Gatlinburg, Tennessee, United States. Luxury Glass Tiny House - Warren, VermontLocated in the heart of the Green Mountains in Vermont, this tiny home is just 200 square feet. AirbnbThis tiny home, with a jaw-dropping view, sits in the heart of the Green Mountains in Vermont. AirbnbThis cabin at Highlands Hideaway in Blue Ridge, Georgia, has three bedrooms, a bunk room, and three full bathrooms. AirbnbThis tiny home in Hawson, South Australia, Australia, was built between 2018 and 2019.

☆ Davos 2023: State Street CEO says had no idea about leverage in LDI funds
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - State Street said on Tuesday it was unaware how much leverage was tied up in liability-driven investment (LDI) funds which came under extreme stress last year after British government bond yields rocketed. LDI funds are used by UK pension funds to help ensure they can pay pensions. "We had no idea how much leverage was in the system," State Street CEO Ronald O'Hanley told a panel at the World Economic Forum in Davos. State Street manages LDI products and provides collateral services for them, he said. "The challenge there wasn't the product, the challenge there was leverage and this is the problem," O'Hanley said.

☆ Top business leaders discuss financial innovation at the World Economic Forum
▼ + stars: | 2023-01-17 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 2:30 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Steve Sedgwick, top business leaders discuss at Davos, Switzerland, how financial actors respond to ongoing disruptions while keeping pace with technological advancement. Joining CNBC is Ronald P. O'Hanley, the chairman and chief executive officer at State Street Corporation, Lynn Martin, president of NYSE Group Inc., Dan Schulman, the president and chief executive officer at PayPal, Mark Suzman, the chief executive officer of the Bill & Melinda Gates Foundation and Mohammed Al-Jadaan, the minister of finance for Saudi Arabia. Subscribe to CNBC on YouTube.

☆ An 'invisible house' in Joshua Tree with a pool in the living room that Lizzo and Demi Lovato have rented is on the market for $18 million — take a look inside
▼ + stars: | 2023-01-14 | by ( Robert Davis | ) www.businessinsider.com time to read: 1 min

Matt Adamo, one of the listing agents with AKG, told Insider that his favorite part of the house is the way it transforms between dawn and dusk. 'The lighting in this home is out of this world.' Courtesy Invisible HouseThe home is oriented to face east so that residents and guests can experience a truly breathtaking sunrise over the desert. "You're not just buying square footage with this home," Adamo said. "You're buying a work of art — something that can't be found in any other place on Earth."

☆ No, It's Not a Mirage: Joshua Tree's 'Invisible House' Is on the Market for $18 Million
▼ + stars: | 2023-01-12 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

It all started when they found out their house was illegal. In the early 2010s, Chris and Roberta Hanley were enjoying their off-the-grid vacation home in Joshua Tree, Calif., when they were informed that their 720-square-foot prefab house violated local regulations. At the time, Joshua Tree required that homes be at least 20 feet wide, and their modular house wasn’t. If they wanted to keep living on the land, they would have to build something bigger.

☆ Tons of other animals have clitorises — and they can teach us more about human sexuality
▼ + stars: | 2022-12-23 | by ( Paola Rosa-Aquino | ) www.businessinsider.com time to read: +5 min

Many animals have clitorises, a female sex organ, but experts say they're understudied. She said she's seen more interest in this field in recent years, mostly from young female researchers. They found that all female snakes studied have a pair of clitorises — or hemiclitores, a two-part clitoris. Brennan said the fact that snake species have intersex individuals has heightened confusion about the creature's genital organs over the years. Their findings suggest that, like those in human females, the dolphin's clitoris provides pleasure during sex.

☆ Inside the private-debt boom: Wall Street's hottest asset faces a tremendous test in a dimming economy
▼ + stars: | 2022-12-05 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +10 min

Defaults on private loans, which have fallen steadily since the pandemic's height in 2020, are ticking up. Private credit, or private debt, are catch-all terms to describe privately negotiated loans outside the public debt markets. Private credit firms engage in what's known as direct lending, making these private loans to companies who turn to them instead of a traditional bank. Analysts and asset management executives say private debt has held up well in 2022 in the face of brutal stock and bond market volatility. 'Fighting for allocation'A challenge for private debt funds in the past decade has been a dearth of companies they can lend to.

☆ Goldman Sachs' humbling U-turn on its consumer banking ambitions
▼ + stars: | 2022-10-19 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. From Wall Street darlings to prey.

☆ Endangered gray wolves are being poisoned in Washington state, officials say
▼ + stars: | 2022-10-11 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Dennis-Romero-Circle-Byline-Template.Jpg | Dennis Romero | ) www.nbcnews.com time to read: +1 min

Gray wolves are being fatally poisoned in the remote northeast corner of Washington state, according to state wildlife officials, who said Monday that six have been found dead. Two carcasses were discovered recently and four were found in February, the state Fish and Wildlife Department reported. Gray wolves are listed by the state as endangered, and they're federally endangered in the western two-thirds of the state. The wolves, part of the Wedge pack, roam the northeast part of the state in Stevens County. Fish and Wildlife officials said there were 206 known wolves in 33 packs in Washington at the end of 2021.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

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