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A Chinese coffee chain called Luckin Coffee recently overtook Starbucks in China, beating the international coffee chain in sales in the second quarter of 2023, the Wall Street Journal reported on Sunday. Founded in Beijing in 2017, Luckin Coffee has staged a dramatic turn-around. AdvertisementCurious to see whether Luckin could live up to its Starbucks-killer hype, I headed over to a Luckin Coffee in Singapore's central Chinatown neighborhood on Thursday afternoon. Luckin Coffee and Starbucks did not respond to my requests for comment for this story. Ordering my coffee was machine-like: technical, efficient and impersonalA typical ordering experience on the Luckin Coffee app means you'll never have to interact with a human.
Persons: , Luckin, Kai Xiang Teo, he'd, weren't, Amanda, didn't dally, Esther, I've, Jeremy Organizations: Service, Starbucks, Wall Street, Google, Singapore Locations: China, Beijing, China . Singapore, Singapore's, Chinatown, Luckin, Singapore, Hong Kong
American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of American Eagle plummeted about 17% Tuesday after the company issued a holiday forecast that failed to impress. For its holiday quarter, American Eagle expects sales to be up high-single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. For the full year, American Eagle is projecting revenue to be up mid-single digits, compared to previous guidance of up low single digits.
Persons: Budrul Chukrut, it's Organizations: Eagle, Getty, American Eagle, LSEG, Abercrombie, Fitch, Retailers Locations: Hong Kong
But a new list, released by the members-only group LTI – Luxury Travel Intelligence, ranks hotel brands rather than individual properties. Luxury Travel Intelligence memberships cost $700 per year and grant access to the group's travel research. Source: LTI — Luxury Travel IntelligenceOetker Collection's Hotel La Palma in Capri, Italy. Source: LTI – Luxury Travel IntelligenceTwo brands are new to the list this year: Peninsula Hotels and Raffles Hotels & Resorts. The scoring systemLuxury Travel Intelligence uses an algorithm to assess hotel brands, which has a maximum of 4,663 points, said Crompton.
Persons: Aman, Rocco Forte, Michael Crompton, Crompton, Travel Intelligence Crompton Organizations: Travel Intelligence, Raffles, Intelligence, La, Raffles Hotels & Resorts, Luxury Travel Intelligence, CNBC Travel Locations: Oriental Singapore, Capri , Italy, Raffles Doha, Qatar
A Singapore Airlines plane is seen among the planes in the static display at the Singapore Airshow in Singapore, February 16, 2022. "The robust demand for air travel continued into the Northern Summer travel season, led by the rebound in passenger traffic to North Asia with the full reopening of China, Hong Kong SAR, Japan, and Taiwan," the airline said in a statement. Singapore Airlines and its budget arm, Scoot, carried around 17.4 million passengers during the half-year, an increase of 52.3% year-on-year. The firm also intends to redeem 50% of the zero-coupon mandatory convertible bonds (MCBs) that it issued in June 2021 to support its balance sheet amid an almost total shutdown of air travel during the pandemic. ($1 = 1.3543 Singapore dollars)Reporting by Rishav Chatterjee and Nausheen Thusoo in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.
Persons: Caroline Chia, Rishav Chatterjee, Nausheen, Janane Organizations: Singapore Airlines, Singapore, REUTERS, Companies, India, Air India, India's Tata Group, Thomson Locations: Singapore, Asia, North Asia, China , Hong Kong SAR, Japan, Taiwan, Bengaluru
(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. Meanwhile, Deutsche Bank downgraded Peloton to hold from buy, slashing its price target on the stock. ET: Deutsche Bank downgrades Peloton on challenging near-term outlook Deutsche Bank analyst Lee Horowitz downgraded Peloton to hold from buy Tuesday, slashing their price target to $4 from $13 per share. Rats gave a €71.0, or $75.84, price target on the stock, implying shares could jump 14%. Ralph Lauren (price target: $130, pointing to 13% upside): The analyst noted Ralph Lauren's "consistent execution" should allow the stock to hold its premium valuation relative to peers.
Persons: Vivek Arya, Arya, — Pia Singh, Lee Horowitz, Horowitz, Peloton's, Morgan Stanley Morgan Stanley, Martijn Rats, Steven Shemesh, Shemesh, Lowe's, Ralph Lauren, Michael Binetti, Binetti, Ralph Lauren —, TJX, Ralph Lauren's, Fred Imbert Organizations: CNBC, ISI, Nike, Deutsche Bank, RBC Capital Markets, Semiconductor, EV, BofA Bank of America, Carbide, Silicon Carbide, TAM, Depot, PCE, TJX, Athletic Locations: France
Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating on the stock after its 10-K annual report. Morgan Stanley initiated Tal Education as overweight Morgan Stanley said the China education company is defensive. Morgan Stanley names TotalEnergies a top pick Morgan Stanley named TotalEnergies a top pick and says the energy company has "resource depth and resilience." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said in a note Tuesday that Tesla needs to "stop missing numbers" and execute better, but that the firm is sticking with its overweight rating. Morgan Stanley downgrades Re/Max to underweight from equal weight Morgan Stanley said in its downgrade of Re/Max that it sees too many negative catalysts for the real estate company.
Persons: Morgan Stanley, Apple, it's, Edward Jones, Hewlett Packard, PC's, D.A, Davidson, Appian, Wells, Wells Fargo, financials, Tal, EDU, TAL, TotalEnergies, TJX, Goldman Sachs, Tesla, Melius, Morgan Stanley downgrades, Max Organizations: RBC, Home, ISI, Nike, Athletic, UBS, Apple, Citi, Deutsche Bank, TAM, Hewlett, Disney, Tal Education, BP, TJX Companies, Thomson Reuters, Nasdaq, Tesla, Nvidia Locations: Ceridian, China, OW
Carvana CEO Ernie Garcia told CNBC's Jim Cramer in a Monday interview that it's hard to say when used car prices will come down, even though the company is doing what it can to cut costs and make vehicles affordable for customers. "So we would love for car prices to come down, we expect them to over time — I think the timing is always hard to predict." In 2019, the average car Carvana sold was three years old and cost $19,500, he said. "If rates were to come down that would be great too, but obviously that's certainly not something that's in our control," he said. After a tough couple of years, Carvana has managed to make a comeback, in part thanks to a billion dollar debt restructuring deal.
Persons: Ernie Garcia, CNBC's Jim Cramer, it's, Garcia, Carvana, we're
CNN —Justice Samuel Alito is the tip of the spear for conservatives challenging the Biden administration during oral arguments at the Supreme Court. Solicitor General Elizabeth Prelogar is the Biden administration’s top lawyer at the court, defending the policies that are the source of much of Alito’s consternation. “I think our best example historically is the Customs Service,” Prelogar responded. The Biden administration was backing admissions practices that considered students’ race as a factor in admissions to achieve campus diversity. “No, Justice Alito,” Prelogar said.
Persons: Samuel Alito, Biden, He’s, Elizabeth Prelogar, Alito, Prelogar, Ronald Reagan, George H.W, Bush, George W, Sandra Day O’Connor, ” Prelogar, Ruth Bader Ginsburg, Elena Kagan, Robert Mueller, Joe Biden, , ” Alito, , , John Roberts, Roberts, I’m, It’s, ” Alito interjected, ’ Jeffrey Wall, Trump, , Wall, We’re, Justice Alito, Juliet, Friar Laurence, Brett Kavanaugh, Ketanji Brown Jackson, Friar, Taylor Swift, Friar Lawrence, “ I’m Organizations: CNN, Supreme, Princeton, Yale Law School, Department of Justice, Emory University, Harvard Law School, Miss, ahs, Senate, Republicans, Democrats, Consumer Financial, Federal Reserve System, Customs Service, Biden, FDA, OSHA, Occupational Safety, Health Administration, Harvard, University of North, America, United States, Fair, Shakespeare Theatre Company, Verona Locations: Trenton , New Jersey, New Jersey, Boise , Idaho, Miss Idaho, University of North Carolina, America, , Verona, Washington
The Singapore bank also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter. It was higher that analysts' estimates compiled by LSEG, which predicted a quarterly profit estimate of SG$2.5 billion for the July to September quarter. During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to SG$2.24 billion a year ago. Southeast Asia's largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment. Smaller rival United Overseas Bank posted a 1% drop in third-quarter net profit in October, missing analysts' expectations.
Persons: Piyush Gupta, Gupta Organizations: LSEG, DBS Group, DBS, United Overseas Bank, Chinese Banking Corporation Locations: Singapore
REUTERS/Mark Makela Acquire Licensing RightsNov 3 (Reuters) - Church & Dwight (CHD.N) lifted its annual net sales forecast for a third time this year on Friday, boosted by high prices as well as strong demand for its household and personal care products. Consumer goods companies have been bumping up product prices to offset spiraling raw material and labor costs as well as the impact of a stronger dollar, although investors have raised concerns that higher prices might dent demand. Last week, toothpaste maker Colgate-Palmolive (CL.N) raised its annual sales and profit forecasts again, while Kleenex tissue maker Kimberly-Clark (KMB.N) has also hiked its full-year profit expectations for a third time. "We are maintaining our full-year EPS outlook, with higher revenue and gross profits being offset by higher marketing and selling, general, and administrative (SG&A) dollars," CEO Matthew Farrell said in a statement. For the reported quarter, Church & Dwight's marketing expenses rose by 19%, with the company projecting a "significant increase" in marketing spending in the current-quarter amid strong momentum.
Persons: Mark Makela, Clark, Dwight, Matthew Farrell, Granth, Saumyadeb Organizations: REUTERS, & Dwight, Colgate, Palmolive, Thomson Locations: Dover , Delaware U.S, Kimberly, Bengaluru
It's true the operating margin is expected to contract a bit from Tuesday's results. Latin America sales fell 31% due to lower sales volume that was only partially offset by higher prices. Higher prices also aided profitability, despite the dual headwinds of lower volumes and an unfavorable product mix. The adjusted operating profit margin for the fourth quarter is expected to be lower versus the third quarter result. All told, we believe the operating margin consensus on Wall Street needs an upward revision.
Persons: we've, James Umpleby, Umpleby, nonresidential, I've, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Caterpillar, Revenue, CAT, U.S, North, Energy, SG, Dealers, Guidance Management, CNBC, Peterson Locations: North America, America, Europe, Africa, Asia, China, San Leandro , California
When the Veralto spinoff from Danaher was completed earlier this month, shareholders like us received one VLTO share for every three shares of DHR owned. Recall that in Danaher's earnings report, third-quarter results for the Environmental & Applied Solutions outpaced expectations for both sales and operating income. On Thursday's call, CFO Sameer Ralhan said Veralto implemented some cost optimizations in the third quarter that will start delivering benefits in the ongoing fourth quarter. Other notable dynamics in Veralto's third quarter include free cash flow generation coming in at 113% of GAAP earnings (which was higher than adjusted earnings at 83 cents per share). Finally, Veralto expects to initiate a quarterly dividend of 9 cents per share in the fourth quarter.
Persons: Danaher, Jennifer Honeycutt, we're, New York City's, we've, We've, Sameer Ralhan, Veralto, Ralhan, Honeycutt, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: DHR, Applied Solutions, Applied, Argentine, PQ, Growth, Procter, Gamble, CNBC, Getty Locations: Danaher, Veralto, New York, North America, Western Europe, China, Miami , Florida
In the age of AI hype, few companies have used the word "AI" more than Google. Now, Wall Street wants know how it'll turn the hyped tech into dollars and cents. With SGE, Pichai said it'll be able to include "a wider range of sources on the results page, creating new opportunities for content to be discovered." Pichai added that with AI, he sees the opportunity to "evolve search and assistant for the next decade ahead." "It's probably the ultimate example of AI," Pichai said in response to Sheridan's question.
Persons: Bard, Lloyd Walmsley, Pichai, Brian Nowak, Morgan Stanley, Nowak, it'll, Philipp Schindler, we're, Schindler, UBS's Eric Sheridan, execs, Max, Google's, It's Organizations: Google, Deutsche Bank, YouTube, CNBC, Samsung, Toyota
SINGAPORE — Sips in Barcelona, Spain is the best bar in the world, according to this year's ranking by the 50 Best organization. The World's 50 Best Bars were announced at an awards ceremony in Singapore on Tuesday evening — the first time the ceremony was held in Asia. The annual ranking is published by William Reed Business Media, a U.K.-based company that also publishes "The World's 50 Best Restaurants" list — and in a first, "The World's 50 Best Hotels," published in September. The 50 Best organization has published an annual ranking of "The World's 50 Best Bars" since 2009, with London and New York dominating the lists ever since. Courtesy of The World's 50 Best Bars
Persons: William Reed, Sips, Marc Álvarez, Frida Calho, Sydney –, Madrid, Rome Hanky, Kitten, Scotland Mimi Kakushi, Renato, Simone Caporale, Röda, Apoorva Kohli Organizations: Sips, Mexico City, William, William Reed Business Media, CNBC, South America, United Arab Emirates, Barcelona Connaught Bar, South America Himkok, Greece BKK Social, Salmon Guru, Hong, Buenos Aires Röda Huset, SG Club, Cambridge Public House, Sons, Africa Scarfes Bar, Milan Carnaval, Bar, Athens Atlas, American, Asia Locations: SINGAPORE, Barcelona, Spain, Singapore, Asia, New York, Mexico, U.K, London, Sips, Europe, North, South, Australia, Dubai, United Arab, South America, Oslo, Norway, Seoul, North America, Paradiso, Paris, Limantour, London Alquímico, Cartagena, Columbia, Buenos Aires, Argentina, Athens, Greece, Bangkok, Pony, Salmon, , New York, Hong Kong, Rome, Rome Hanky Panky, Melbourne, Trova, Miami Baba, Rum, Athens CoChinChina, Berlin, Stockholm, Tokyo, Edinburgh, Scotland, United Arab Emirates, Middle East, Milan, Lima, Peru L'Antiquario, Naples, Italy, Mexico City, Firenze, Florence, , New Orleans, Gleneagles, Auchterarder, Röda Huset, New Delhi, Alquímico
The study, published Friday, revealed that the economic contribution of the digital economy to Singapore's GDP nearly doubled to 106 billion Singapore dollars ($77.5 billion) in 2022, up from SG$58 billion in 2017, according to CNBC's calculations. The digital economy is divided into two parts: the information and communications sector; and digitalization in the rest of the economy. One-third of the digital economy was driven by the information and communications sector and two-thirds by digitalization in the rest of the economy. "The expansion of the digital economy has come on the back of increasing adoption of digital technologies by enterprises, which in turn contributed to the robust growth of tech manpower," IMDA said in the report. Comparatively, Singapore's digital economy performed better, contributing to 16.7% of its GDP in 2020.
Persons: Joseph Nair, IMDA Organizations: Central Business District, Getty Images, Media Development Authority, Singapore, digitalization Locations: Marina, Singapore, SINGAPORE, Estonia, Sweden, United Kingdom
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets shook off fearsU.S. stocks rose Monday despite a 4% spike in oil prices caused by the Israel-Hamas war. Booming digital economySingapore's digital economy contributed 106 billion Singapore dollars ($77.5 billion) to the economy last year, comprising more than 17% of gross domestic product. "Despite the recent tech sector lay-offs, the demand for tech jobs is likely to remain resilient," said the country's Infocomm Media Development Authority.
Persons: Russell, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Japan's Nikkei, Palestinian, Hamas, United Nations, Hong Kong, Singapore, Media Development Authority Locations: New York City, Israel, Asia, Pacific, Shanghai, Gaza
Oct 9 (Reuters) - Fears of a widening conflict in the Middle East are threatening more volatility for investors after a painful stretch in U.S. markets. Investors were on guard for the potential of the conflict spreading to embroil other countries, including Iran, and a continued spike in oil prices. Prices for gold, a popular destination for investors during uncertain times, were up 0.9% at $1,849.40 per ounce. Among those is a potential rebound in oil prices that could weigh on U.S. economic growth and endanger the so-called soft landing narrative that has helped boost stocks this year. “The worst-case scenario from a geopolitical risk perspective would be a full-scale confrontation between Israel and Iran,” said Tina Fordham, geopolitical strategist and founder of Fordham Global Foresight.
Persons: Brent, , Mohit Kumar, Tina Fordham, Paul Nolte, Murphy, Emmanuel Cau, Althea Spinozzi, Naomi Rovnick, Lewis Krauskopf, Dhara Ranasinghe, Davide Barbuscia, Marc Jones, Ira Iosebashvili, Nick Zieminski Organizations: Jefferies, Fordham Global Foresight, Federal Reserve, Sylvest Wealth Management, Treasury, Barclays, Mobileye, Intel, Solaredge Technologies, East, Saxo Bank, Thomson Locations: U.S, Gaza, Iran, Europe, London, Israel, United States, Germany
Tobby Toh and Goh Kai Yi downsized to a three-room public-housing apartment in Singapore in 2021. AdvertisementAdvertisementWhen Tobby Toh and Goh Kai Yi were looking for a new home, they knew they wanted a smaller place. At that point, they were still living in their four-room public housing apartment in Singapore. Tobby Toh and Goh KaiyiDue to its age, the 45-year-old apartment wasn't exactly in the most well-kept condition, Toh said. "We did approach designers, but we didn't go ahead with it because we just felt that we already knew what we wanted," Goh said.
Persons: Tobby Toh, Goh Kai Yi, , Toh, Goh, Goh Kaiyi, Amanda Goh, Toh's, it's Organizations: Service, Housing, Housing Development Board Locations: Singapore, Geylang Bahru, Tobby, BTOs
"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.
Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia
Singapore is the world's sixth Blue Zone, according to Dan Buettner, a journalist who popularized the term. In the Netflix series "Live to 100," Buettner shows how the country is designed to encourage its residents to live healthier. Policies on housing, transportation, and hawker centers come together to create what he calls a "Blue Zone 2.0." The original five Blue Zone regions include Okinawa in Japan, Ikaria in Greece, Sardinia in Italy, Nicoya in Costa Rica, as well as Loma Linda in California. "You share tables and you're interacting with the stall user, interacting with the person next to you," Buettner told Fortune.
Persons: Dan Buettner, Buettner, Amanda Goh, Chan Heng Chee, Chan Organizations: Netflix, Service, World Bank, Housing Development Board, Ministry of Foreign Affairs, Transportation, Singapore, Hawker Locations: Singapore, Wall, Silicon, Okinawa, Japan, Ikaria, Greece, Sardinia, Italy, Nicoya, Costa Rica, California
Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.
Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, , Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida
Shares of Foot Locker plunged more than 30% in Wednesday's trading. FL .SPX YTD mountain Foot Locker vs. S & P 500 year to date Bottom line As noted during Monday's Homestretch , we thought this would be a horrible quarter from Foot Locker. As a result, inventory remains way too high at Foot Locker, and in a worst-case scenario --management may need to tap into its credit lines. Overall same-store sales, while in line, were dragged down by Champs Sports in North America, which saw a 25.3% decline. A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.
Persons: Locker, Monday's Homestretch, Mary Dillon, Dillon, Foot, Jim Cramer, we've, Locker's, Jim Cramer's, Jim, Scott Olson Organizations: Management, Champs Sports, Nike, Administrative, EMEA, CNBC, Getty, & $ Locations: North America, Middle East, Africa, Asia, Chicago , Illinois
What does Moody’s downgrade mean for markets?
  + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com   time to read: +5 min
CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.
Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, , Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York
New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.
Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp
The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.
Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall
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