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REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

☆ Indian rupee falls to record low, next week crucial to gauge new range
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Nov 10 (Reuters) - The Indian rupee dropped to a record low against the U.S. dollar on Friday, which alongside the outage of the interbank order matching system, prompted the central bank to step in. The rupee dropped to a record low of 83.42 to the dollar and was last at 83.3925. "On why the RBI today decided that (allow rupee to drop below 83.30), it's impossible to say," a forex trader at a bank said. Next week will be very important to see if a new range has been made." He, however, said that the range in the USD/INR has now shifted higher.

Persons: Alok Sharma, Arnob Biswas, Nimesh Vora, Sonia Cheema Organizations: U.S, Reserve Bank of India, SMC Global Securities, Thomson Locations: MUMBAI, ICBC

☆ Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru

☆ Loews posts Q3 profit on higher investment income, insurance premium
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

James Tisch, President and Chief Executive of Loews Corporation, speaks during The Economist's Buttonwood Gathering in New York October 25, 2012. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 30 (Reuters) - Loews Corp (L.N) on Monday reported a profit in the third quarter compared to a loss a year earlier, boosted by higher investments and insurance unit CNA Financial's (CNA.N) strong performance. Investment income for the New York-based company jumped to $592 million in the third quarter ended Sept. 30 from $404 million a year earlier. The company reported an underlying combined ratio of 90.4% in its property and casualty business, compared with 91.1% a year earlier. CNA's larger peer, Travelers Companies (TRV.N), reported a 14% fall in quarterly profit earlier this month.

Persons: James Tisch, Carlo Allegri, Pritam Biswas, Shinjini Organizations: Loews Corporation, REUTERS, Loews Corp, CNA, U.S . Federal, Loews, New, Travelers Companies, Thomson Locations: New York, Bengaluru

☆ Wall Street ends mixed at close of earnings-packed week
▼ + stars: | 2023-10-27 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The benchmark S&P 500 closed 10.28% below its July 31 closing high. InflationMarket participants are nearing the end of a busy earnings week, during which nearly one-third of the companies in the S&P 500 posted third-quarter results. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAnalysts now expect aggregate annual S&P earnings growth of 4.3%, a sharp improvement over the 1.6% growth seen at the beginning of the month. Among the 11 major sectors of the S&P 500, energy (.SPNY) suffered the steepest percentage drop. The S&P 500 posted no new 52-week highs and 67 new lows; the Nasdaq Composite recorded 10 new highs and 478 new lows.

Persons: Ross Mayfield, Mayfield, Brendan McDermid, advancers, Stephen Culp, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Richard Chang Organizations: Intel, Dow, Nasdaq, Amazon.com, Apple, Dow Jones Industrial, Baird, New York Stock Exchange, REUTERS, Semiconductor, Dow Jones, Chevron, Exxon Mobil, Ford, United Auto Workers union, NYSE, Thomson Locations: Louisville , Kentucky, U.S, New York City, Philadelphia, Bengaluru

On the earnings front, United Parcel Service (UPS.N) dipped 3.5% after lowering its full-year revenue forecast, while Royal Caribbean Group (RCL.N) rose 2.5% after the cruise company raised its full-year profit forecast. Hasbro (HAS.O) fell 8.2% after the maker of Transformers action figures cut its annual revenue forecast. So far, 80% of the 146 S&P 500 companies that have reported results have beat earnings expectations, LSEG data showed on Wednesday. ET, Dow e-minis were down 151 points, or 0.46%, S&P 500 e-minis were down 30.75 points, or 0.73%, and Nasdaq 100 e-minis were down 146.25 points, or 1.01%. Align Technology (ALGN.O) tanked 23.9% after the dental company lowered its full-year revenue forecast.

Persons: Brendan McDermid, Tesla, Bob Savage, BNY Mellon, Ankika Biswas, Shashwat Chauhan, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Ford, UAW Futures, Dow, Nasdaq, Big Tech, Treasury, Microsoft, United Parcel Service, Royal Caribbean Group, Hasbro, Mattel, Market, BNY, Federal Reserve, Dow e, Hamas, Ford Motor, United Auto Workers, Technology, Thomson Locations: New York City, U.S, Israel, Gaza, Russia, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. Google-parent Alphabet (GOOGL.O) slid 6.6% in premarket trading as its cloud business crawled to its slowest growth in at least 11 quarters. Microsoft (MSFT.O), on the other hand, rose 3.9% after topping expectations for first-quarter results in all segments, including its cloud business. Of the 118 S&P 500 companies that have reported so far, 81% have beaten analysts' earnings expectations, LSEG data showed on Tuesday. ET, Dow e-minis were up 47 points, or 0.14%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 78.75 points, or 0.53%.

Persons: Brendan McDermid, Danni Hewson, AJ Bell's, Israel, Ankika Biswas, Shashwat Chauhan, Savio D'Souza, Shounak Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S, Treasury, Google, Microsoft, Apple, Mobile, Dow e, . Federal Reserve, Traders, Texas, Thomson Locations: New York City, U.S, Texas, Gaza, Bengaluru

☆ Bangladesh trains collide, killing 17, wounding scores -police
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A general view of derailed compartments of train after two trains collided in Bhairab, about 80 kilometres northeast of the capital Dhaka, Bangladesh, October 23, 2023. REUTERS/Piyas Biswas Acquire Licensing RightsDHAKA, Oct 23 (Reuters) - At least 17 people were killed and scores injured on Monday after two trains collided in eastern Bangladesh, police said. A passenger train crashed into a freight train in Bhairab, about 80 kilometres (50 miles) northeast of the capital Dhaka. The freight train smashed into the passenger train from behind, crumpling two coaches, he said. "Initial reports suggest the freight train broke the signal, leading to the tragedy," Hossain said.

Persons: Piyas Biswas, Anowar Hossain, Hossain, ” Mohammad Masud, Ruma Paul, Bernadette Baum, Chris Reese Organizations: REUTERS, Piyas, Rights, Dhaka Railway Police, Authorities, Thomson Locations: Bhairab, Dhaka, Bangladesh, Rights DHAKA

☆ Fifth Third expects further interest income weakness after quarterly profit falls
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Joe Skipper/File photo Acquire Licensing RightsOct 19 (Reuters) - Fifth Third Bancorp (FITB.O) said on Thursday it expects interest income (NII) to decline again in the current quarter after posting a 1.3% fall in third-quarter profit. The bank's net interest margin in the quarter contracted to 2.98% from 3.22% a year earlier. Cincinnati, Ohio-based Fifth Third sees net interest income - the difference between the interest banks earn on loans and pay out on deposits - down roughly between 1% and 2% in the fourth quarter. Fifth Third's third-quarter NII fell 4% from a year earlier to $1.44 billion. Average deposits at Fifth Third were up 4% at $165.64 billion in the third quarter compared with a year earlier.

Persons: Joe Skipper, Tim Spence, Pritam Biswas, Krishna Chandra Organizations: Fifth Third Bank, REUTERS, Third Bancorp, Fifth, Thomson Locations: Boca Raton , Florida, Cincinnati , Ohio, Bengaluru

☆ Wall St falls more than 1%; yields rise, investors assess earnings
▼ + stars: | 2023-10-18 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The S&P 500 passenger airlines index (.SPLRCALI) dropped 5.6%. Shares ended the day down 6.8%. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows.

Persons: Brendan McDermid, Netlix, homebuilding, Rick Meckler, Joe Biden, Morgan Stanley's, Tesla, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi, Nick Zieminski, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Airlines, Dow, Nasdaq, Federal Reserve, Cherry Lane Investments, Procter, Gamble, United Airlines Holdings, Dow Jones, U.S, Tesla, Netflix, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, Israel, Gaza, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Demand for safe-haven assets sent gold prices to a more than two-month high, up over 1%, while the U.S. dollar also strengthened. Stronger crude prices pushed energy stocks (.SPNY) 1% higher, while industrials (.SPLRCI) and materials (.SPLRCM) led the decline in major S&P 500 sectors. Declining issues outnumbered advancers by a 3.90-to-1 ratio on the NYSE and by a 2.69-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and 14 new lows, while the Nasdaq recorded 20 new highs and 149 new lows.

Persons: Brendan McDermid, Morgan Stanley, Joe Biden, Biden, Treasuries aren't, Brian Jacobsen, homebuilding, Chris Giamo, Morgan Stanley's, New York's John Williams, Christopher Waller, Michelle Bowman, Jerome Powell's, Patrick Harker, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Tuesday United Airlines, Dow, Nasdaq, U.S ., Annex Wealth Management, Federal Reserve, TD Bank, Abbott Laboratories, Consumer, Procter, Gamble, Tesla, Netflix, . Philadelphia Fed, Wall Street Journal, Dow Jones, Nvidia, Biden, China . United Airlines Holdings, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, New, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. On the earnings front, consumer goods maker Procter & Gamble (PG.N) edged up 0.2% after its quarterly sales topped market expectations. EV maker Tesla (TSLA.O) and streaming services company Netflix (NFLX.O) are scheduled to report quarterly results after market close. ET, Dow e-minis were down 93 points, or 0.27%, S&P 500 e-minis were down 18.5 points, or 0.42%, and Nasdaq 100 e-minis were down 88.25 points, or 0.58%. Travelers Companies (TRV.N) reported a 14% fall in quarterly profit.

Persons: Brendan McDermid, Joe Biden, Morgan Stanley, New York's John Williams, Governors Christopher Waller, Michelle Bowman, Jerome Powell's, Powell, Patrick Harker, Neel Kashkari, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, United Airlines, Dow, Nasdaq, U.S, Chevron, Exxon Mobil, Occidental Petroleum, Treasury, Procter, Gamble, Abbott Laboratories, Tesla, Netflix, Federal Reserve, Governors, Generale, Philadelphia Fed, Wall Street Journal, Minneapolis, Dow e, Nvidia, Biden, China . United Airlines Holdings, Rivals American Airlines, Delta Air Lines, Interactive, Travelers Companies, Thomson Locations: New York City, U.S, United, Gaza, Israel, New, China, Bengaluru

☆ Nasdaq beats profit estimates on strong demand for investment products
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Nasdaq (NDAQ.O) on Wednesday reported third-quarter profit that beat Wall Street estimates, helped by stronger demand for its indexes and anti-financial-crime products. The diversification has helped it offset a prolonged slump in the initial public offering (IPO) market. Listings at Nasdaq are yet to gather pace despite the IPO market beginning to show "green shoots", underscoring risks to recovery even as hopes of a soft landing grow. A total of 87 companies listed on the Nasdaq Stock Market in the quarter, compared to 98 a year earlier.

Persons: Adena Friedman, Pritam Biswas, Pooja Desai Organizations: Nasdaq, REUTERS, Wall, Thomson Locations: New York City, U.S, Bengaluru

☆ US Bancorp Profit Beats Wall Street Estimates on Higher Interest Income
▼ + stars: | 2023-10-18 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - US Bancorp beat estimates for third-quarter profit on Wednesday, as higher interest income from loans offset a hit from bigger credit-loss provisions. The U.S. Federal Reserve's aggressive monetary tightening over the past year to tame inflation has boosted profits at consumer-facing banks as customers pay a higher rate on their mortgages and credit card debt. Net interest income, which is the difference between what banks earn from lending and pay out on deposits, for the third quarter ended Sept. 30 rose 10.7% to $4.27 billion for USB. But even though lenders have reaped a windfall from interest income, the 'higher-for-longer' interest rate environment has soured the outlook for the economy as consumers feel the burn of higher credit costs and lower household budgets. USB set aside $515 million as provisions anticipating more loan defaults, compared with $362 million a year earlier.

Persons: Pritam Biswas, Krishna Chandra Eluri Organizations: Reuters, US Bancorp, U.S Locations: Federal, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. A rise in U.S. Treasury yields, with the 10-year yields up at 4.813%, pressured megacaps Apple (AAPL.O), Microsoft (MSFT.O), Alphabet (GOOGL.O) and Amazon.com (AMZN.O), dragging them down between 0.1% and 0.5%. Bank of America (BAC.N) gained 3.1%, boosting the S&P 500 (.SPX) as it joined rivals in earning more from interest payments by its customers, while investment banking and trading fared better than expected. Economy-sensitive energy (.SPNY) and materials stocks (.SPLRCM) led gains amongst the major S&P 500 sectors, while information technology (.SPLRCT) lagged behind. Dollar Tree (DLTR.O) rose 4.4% after Goldman Sachs upgraded the discount retail chain's shares to "buy" from "neutral".

Persons: Brendan McDermid, Goldman Sachs, megacaps, Sam Stovall, Thomas Barkin, Biden, Joe Biden, Benjamin Netanyahu, Lockheed Martin, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Companies, Biden, Dow, Nasdaq, Treasury, megacaps Apple, Microsoft, CFRA Research, Federal Reserve Bank of Richmond, Bank of America, Semiconductor, Dow Jones, Israel, Washington, VMware, NYSE, Thomson Locations: New York City, U.S, China, megacaps ., Philadelphia, Bengaluru

☆ Nasdaq ends down on higher yields, chipmaker share declines
▼ + stars: | 2023-10-17 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. U.S. Treasury yields rose on robust economic data. Higher yields dull the allure of stocks by offering investors comparatively high income on risk-free government bonds. Helping to limit the declines, though, were upbeat earnings reports from companies including Bank of America (BAC.N), whose stock was up following its quarterly results. In other earnings news, Goldman Sachs's (GS.N) third-quarter profit dropped less than expected, though its shares fell.

Persons: Brendan McDermid, Goldman Sachs, Biden, Peter Cardillo, Anthony Saglimbene, Joe Biden, Goldman Sachs's, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Companies, Biden, Semiconductor, Nvidia, Treasury, Bank of America, Spartan Capital Securities, Nasdaq, Dow Jones, Federal, Investors, U.S, Israel, Hamas, Thomson Locations: New York City, U.S, China, chipmakers, Philadelphia, New York, Troy , Michigan, Israeli, Gaza City, Gaza, Bengaluru

☆ Wall Street ends up on earnings optimism; eyes remain on Middle East
▼ + stars: | 2023-10-16 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Consumer discretionary (.SPLRCD) led gains among S&P 500 sectors, although all of the sectors were higher on the day. Third-quarter earnings for S&P 500 companies are estimated to have increased 2.2% year-over-year, up from an estimated increase of 1.3% a week earlier, according to LSEG data Friday. At the same time, global leaders are trying to make sure that the Middle East conflict "remains contained," she said. The S&P 500 posted 11 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 33 new highs and 206 new lows.

Persons: Brendan McDermid, Charles Schwab, Russell, Goldman Sachs, Morgan Stanley, Johnson, Quincy Krosby, Patrick Harker, Lululemon, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Major U.S, Bank of America, Johnson, Netflix, Dow Jones, York, Philadelphia Fed, Activision Blizzard, NYSE, Thomson Locations: New York City, U.S, Major, Gaza, Charlotte , North Carolina, Bengaluru

Consumer discretionary (.SPLRCD) and materials (.SPLRCM) led the gains across major S&P 500 sectors, while utilities (.SPLRCU) and energy stocks (.SPNY) lagged behind. Third-quarter earnings for S&P 500 companies are estimated to grow 2.2% year-on-year, LSEG data showed on Friday. Investors also await economic data including retail sales for September and the Philly Fed Business Index for October later this week. Lululemon Athletica (LULU.O) added 9.6% as the sportswear apparel maker is set to join the S&P 500 index this week, replacing Activision Blizzard . The S&P index recorded nine new 52-week highs and six new lows, while the Nasdaq recorded 29 new highs and 148 new lows.

Persons: Brendan McDermid, Charles Schwab, Dow, Ross Mayfield, Baird, Goldman Sachs, Morgan Stanley, Johnson, Jerome Powell's, Patrick Harker, Lululemon, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Moderna, Dow, Nasdaq, Microsoft, Bank of America, Johnson, Tesla, Netflix, Investors, Philly, Dow Jones, Federal, Fed, Philadelphia Fed, Apple, Activision Blizzard, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, New York State, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The S&P 500 and the Nasdaq dropped on Friday as deteriorating consumer sentiment data and the Middle East conflict kept investors away from riskier bets and overshadowed some upbeat earnings from big U.S. banks. Third-quarter earnings for the S&P 500 companies are estimated to grow 2.2% on an annual basis, LSEG data showed. Of the 32 S&P 500 companies that have reported results, 87.5% have surpassed expectations compared with the long-term average of 66.5%. Rival Moderna (MRNA.O) dipped 5.1%Lululemon Athletica (LULU.O) added 5.8% as the sportswear apparel maker is set to join the S&P 500 index this week, replacing Activision Blizzard (ATVI.O).

Persons: Brendan McDermid, Antony Blinken, Pissouros, Goldman Sachs, Morgan Stanley, Johnson, Charles Schwab, Patrick Harker, Jerome Powell, Harker, Austan Goolsbee, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Reuters, Pfizer, Dow, Nasdaq, Treasury, XM, Bank of America, Johnson, Tesla, Netflix, Philly, New York, Philadelphia Fed, Federal, Chicago Fed, Dow e, Nvidia, Activision Blizzard, Thomson Locations: New York City, U.S, China, Israel, Gaza, United States, Bengaluru

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The S&P 500 Banks index (.SPXBK) pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 28 new highs and 335 new lows.

Persons: Brendan McDermid, Wells, Wall, Dow, Israel, Lauren Goodwin, Goodwin, Patrick Harker, Todd Vasos, Jeff Owen, advancers, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Shounak Dasgupta, Anil D'Silva, Shinjini Ganguli, Richard Chang Organizations: New York Stock Exchange, REUTERS, JPMorgan, Dow, Nasdaq, The United Nations, Treasury, New York Life Investments, Dow Jones, JPMorgan Chase, Citigroup, Federal Reserve Bank of Philadelphia, BlackRock, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Gaza, Israel, BLK.N, Bengaluru

☆ PNC Financial Services to cut jobs after quarterly profit drop
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it would reduce its workforce by about 4% as part of its cost reduction plans after it posted a drop in profit in the third quarter. Average deposits at Pittsburgh-based PNC were also down 3.8%, at $422.5 billion in the third quarter, compared to $439.2 billion for the same quarter last year. The lender earned a profit of $1.57 billion, or $3.60 per share, compared to $1.64 billion, or $3.78 per share, from a year earlier. The lender said it expects a drop of 1% to 2% for the fourth quarter in its net interest income (NII), compared to the current quarter this year. In the third quarter, it posted a drop of 1.6% in NII, to $3.4 billion, from the same quarter last year.

Persons: Brendan McDermid, Banks, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai Organizations: PNC Financial Services Group Inc, New York Stock Exchange, REUTERS, PNC Financial Services, PNC, Analysts, Signature Bridge Bank, Federal Deposit Insurance Corp, Thomson Locations: New York City, U.S, Pittsburgh, NII, Bengaluru

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ Barclays appoints Geoffrey Belsher as new Canada CEO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - Barclays (BARC.L) on Friday named investment banking veteran Geoffrey Belsher as chairman and country chief executive officer for Canada, effective Oct. 16. Belsher has previously held senior role in Canadian Imperial Bank of Commerce (CM.TO). He was also the president of Canadian operations of Barclays Capital and its predecessor Lehman Brothers Canada, according to the company's statement. Belsher would be based in Toronto and report to CEO of Americas Richard Haworth and the global co-heads of investment banking Cathal Deasy and Taylor Wright.

Persons: Dado Ruvic, Geoffrey Belsher, Belsher, Richard Haworth, Cathal Deasy, Taylor Wright, Bruce Rothney, Pritam Biswas, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Barclays, Canadian Imperial Bank of Commerce, Barclays Capital, Lehman Brothers Canada, Citigroup, Jefferies Financial, Reuters, Thomson Locations: Canada, Toronto, U.S, Bengaluru

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