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☆ Bank of Montreal is exploring sale of RV loan portfolio - Bloomberg News
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsOct 24 (Reuters) - Bank of Montreal (BMO.TO) is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The potential sale comes at a time when several banks in North America shed loan portfolios to bolster balance sheets in the face of a 'higher-for-longer' interest rate environment. "We can't comment on specifics of a transaction," a Bank of Montreal spokesperson told Reuters in an emailed statement. The sale of loan portfolios, particularly those which are rate-sensitive, allows lenders to manage risk and keeps credit loss provisions or capital set aside to cover potential defaults in check.

Persons: Chris Wattie, Manya Saini, Jaiveer Shekhawat, Shailesh Organizations: of Montreal, BMO, REUTERS, Bank of Montreal, Bloomberg, Reuters, Thomson Locations: Ottawa , Ontario, Canada, North America, Bengaluru, Balu, Toronto

☆ Huntington Bancshares Profit Drops 8% as Interest Income Declines
▼ + stars: | 2023-10-20 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Huntington Bancshares posted an 8% drop in third-quarter profit on Friday, as the lender's income from interest on loans declined. U.S. banks are beginning to see the boost from rising benchmark interest rates fade as the Federal Reserve heads toward the end of its monetary policy tightening cycle. Growth in interest income has also been pressured by higher costs of deposits as customers withdraw cash to seek better returns in higher-yielding alternatives such as money market funds. Huntington said net interest income in the third quarter declined 3%, or $36 million, from the year-ago quarter. On a per-share basis, Huntington earned 35 cents in the three months ended Sept. 30, a drop of 4 cents from a year earlier.

Persons: Huntington Bancshares, Huntington, Manya Saini, Arun Koyyur Organizations: Reuters, Federal Reserve Locations: U.S, Bengaluru

☆ Morgan Stanley profit beats on wealth management strength
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Morgan Stanley's (MS.N) third-quarter profit dropped less than expected as a strong performance in the bank's wealth management division offset a hit from lethargic dealmaking. The wealth management business, which has been a bright spot for Morgan Stanley in recent quarters, has reduced the lender's reliance on trading and investment banking, which are largely tied to economic cycles. "Our equity and fixed income businesses navigated markets well, and both wealth and investment management produced higher revenues." INVESTMENT BANKING WEAKNESSTotal revenue from investment banking fell 27% to $938 million, as global mergers and acquisitions activity showed few signs of improvement.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, James Gorman, Goldman Sachs, Manya Saini, Noor Zainab Hussain, Niket, Tatiana Bautzer, Lananh Nguyen, Shounak Organizations: New York City , New York U.S, REUTERS, Wall, Equity, U.S, Treasury, Thomson Locations: New York City , New York, Bengaluru, New York

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Wells Fargo, which has reduced headcount for every quarter since the third quarter of 2020, said it still sees more opportunities for layoffs. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier. The bank in January dismissed 3,200 employees, its biggest round of layoffs since the 2008 financial crisis.

Persons: Brendan McDermid, Jeremy Barnum, Morgan Stanley, Wells Fargo, Thomas DiNapoli, Goldman Sachs, Denis Coleman, That's, Coleman, Manya Saini, Niket, Lananh Nguyen, David Evans Organizations: Wall, REUTERS, JPMorgan, PNC Financial, Citigroup, Bank of America, Investment, Banks, Citi, Goldman, BofA, PNC, New York, GOLDMAN, Reuters, Thomson Locations: New York, U.S, Wells Fargo, Wells, GOLDMAN SACHS BUCKS, headcount

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ Crypto exchange Binance to stop accepting new users in UK
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 16 (Reuters) - Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from overseas digital asset firms in the country. The Financial Conduct Authority's (FCA) new rules around cryptoasset promotions came into effect on Oct. 8. Last week, Britain's financial regulator said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company. The FCA in its decision notice had said unregistered cryptoasset firms must not promote cryptoassets to UK consumers unless they have an authorized company to approve the promotions. "We are working closely with the FCA ... are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible," Binance said.

Persons: Dado Ruvic, Binance, Manya Saini, Devika Organizations: REUTERS, FCA, Thomson Locations: United Kingdom, 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

Citi's net income rose 2% to $3.5 billion from a year ago, while earnings per share remained stable at $1.63. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. Citi's total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses. Rivals Wells Fargo (WFC.N) and JPMorgan Chase (JPM.N) also reported higher quarterly profit on Friday, boosted by a rise interest payments.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, Federal, ICG, Citi, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue. At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsOct 13 (Reuters) - Wells Fargo on Friday beat analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments. The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks' interest income. Rival banking giant JPMorgan Chase (JPM.N) on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans. Wells Fargo earned $1.48 per share in the third quarter, beating analysts' expectations of $1.24, according to LSEG data.

Persons: Wells, NII, JPMorgan Chase, Wells Fargo, Charlie Scharf, Banks, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Sriraj Organizations: REUTERS, Friday, JPMorgan, Wells, Manya Saini, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Bengaluru, New York

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Based on the low end of the range, Birkenstock could be valued at as low as $8.5 billion. Their shares have, however, given up gains since going public, muddying the outlook for the IPO market. As of Tuesday's close, Instacart shares were 10% below their IPO price. The company had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30.

Persons: Fabrizio Bensch, Bernard Arnault, Louis Vuitton Moet Hennessy, Susannah Streeter, Hargreaves Lansdown, Margot Robbie, Barbie, Tommy Tranfo, Tranfo, Birkenstock, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Arm Holdings, Hargreaves, Reuters, Reuters Graphics, Thomson Locations: Berlin, Germany, French, Langen, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ Birkenstock shares fall 11% in market debut to notch $8.32 bln valuation
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsOct 11 (Reuters) - Luxury sandal maker Birkenstock (BIRK.N) notched a valuation of $8.32 billion in its market debut on Wednesday after shares opened 11% below their offer price. The stock began trading at $41 apiece on the New York Stock Exchange, compared with the initial public offering price of $46 apiece. Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Thomson Locations: London, Britain, Bengaluru

☆ US regulators weigh penalizing bankrupt crypto lender Voyager's ex-CEO - Bloomberg
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Oct 6 (Reuters) - Investigators at the U.S. Commodity Futures Trading Commission's enforcement division have concluded that the co-founder of Voyager Digital broke derivatives regulations before the failed crypto lender plunged into bankruptcy last year, Bloomberg News reported on Friday. Voyager filed for bankruptcy in July last year, becoming a casualty of a dramatic fall in prices that had shaken the cryptocurrency sector. "CFTC commissioners are now voting on whether to approve an enforcement action against him within days," said the Bloomberg report. The CFTC did not immediately respond to Reuters request for comment, while Ehrlich and his representatives could not be immediately reached. Reporting by Manya Saini in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen Ehrlich, Luna stablecoin, Ehrlich, Manya Saini, Saumyadeb Organizations: U.S . Commodity, Voyager, Bloomberg, CFTC, Thomson Locations: Bengaluru

☆ Discover Financial jumps 7% after agreeing with FDIC to improve consumer compliance
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Discover Financial Services FollowOct 2 (Reuters) - Shares of Discover Financial Services (DFS.N) climbed 7% on Monday after the bank agreed to improve its consumer compliance and related corporate governance as part of a consent order with the Federal Deposit Insurance Corp (FDIC). The stock was the top percentage gainer on the benchmark S&P 500 (.SPX) in early trading, outperforming both the broader markets and the financial sector. In late July, Discover revealed it had received a proposed consent order from the FDIC in connection with consumer compliance. At the time, the bank's shares tanked after it also disclosed a regulatory review over some incorrectly classified credit card accounts from around mid-2007 unrelated to the FDIC consent order.

Persons: Carlo Allegri, Manya Saini, Sriraj Organizations: New York Stock, REUTERS, Discover Financial, Discover Financial Services, Federal Deposit Insurance Corp, Discover Bank, U.S . Securities, Exchange Commission, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Goldman names head of wealth investment solutions for asset management
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Goldman Sachs Group Inc FollowSept 15 (Reuters) - Wall Street giant Goldman Sachs (GS.N) has named Monali Vora as its head of wealth investment solutions for asset management, according to an internal memo seen by Reuters on Friday. Vora is a 23-year Goldman veteran who joined as an analyst within the quantitative investment team. The unit Vora will head caters to affluent clients who fall under the ultra-high net worth and high-net worth categories, with personalized investment portfolios across both stocks and bonds. "(She) has spent her entire career at the firm as a quantitative investor, ultimately building the Quantitative Equity Solutions business which she leads today," the memo said.

Persons: Goldman Sachs, Brendan McDermid, Vora, Goldman, Manya Saini, Saeed Azhar Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Reuters, Equity Solutions, Thomson Locations: New York City, U.S, Bengaluru, New York

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

☆ SoftBank-backed Arm's long march to $54.5 bln US listing
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

The Arm Ltd logo and a U.S. flag are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 14 (Reuters) - Arm Holdings (ARM.O) secured a $54.5 billion valuation in its U.S. initial public offering (IPO) on Wednesday, seven years after its owner SoftBank Group (9984.T) took the chip designer private for $32 billion. The Japanese investment giant sold 95.5 million American Depositary shares of Arm at $51 apiece to raise $4.87 billion in the listing. Last month, SoftBank signed a deal to buy the 25% stake it did not already own in Arm from its $100 billion Vision Fund, enabling it to sell fewer Arm shares in the IPO. Below is a timeline of key events:Reporting by Manya Saini in Bengaluru; Editing by Janane Venkatraman and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, SoftBank, Manya Saini, Janane Venkatraman, Maju Samuel Organizations: REUTERS, Arm Holdings, SoftBank, Vision, Thomson Locations: U.S, Bengaluru

☆ SoftBank's Arm set to debut on Nasdaq after biggest IPO since 2021
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 14 (Reuters) - SoftBank's chip designer Arm Holdings (ARM.O) is set to debut on the Nasdaq on Thursday, in what is expected to be the biggest test for the U.S. IPO market after a listing drought that lasted for nearly 16 months. Hopes of a revival in the IPO market largely depend on the success of the high-profile listings of Arm and other marquee startups, including grocery delivery firm Instacart and marketing firm Klaviyo. Arm also told investors its royalty fees, which account for most of its revenue, were accumulating since it started collecting them in the early 1990s. Royalty revenue came in at $1.68 billion at the latest fiscal year, up from $1.56 billion a year ago.

Persons: Dado Ruvic, iPhones, it's, Susannah Streeter, Hargreaves Lansdown, Goldman Sachs, JPMorgan Chase, Manya Saini, Niket, Arun Koyyur Organizations: REUTERS, Arm Holdings, Nasdaq, U.S, Apple, Intel, London Stock Exchange, SoftBank, Android, Nvidia, Devices, Broadcom, Qualcomm, Micron Technology, Barclays, JPMorgan, Mizuho Financial Group, Thomson Locations: Samsung's, China, New York, Bengaluru

☆ Canada's Laurentian Bank says completed review of strategic options
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015. REUTERS/Christinne Muschi Acquire Licensing RightsSept 14 (Reuters) - Canada's Laurentian Bank (LB.TO) said on Thursday it has completed a previously disclosed review of strategic options, with the lender now focusing on simplifying its organizational structure. "The Board, with the support of the Executive Management Team, has unanimously concluded that the best path forward is... accelerated evolution of its current strategic plan with an increased focus on efficiency and simplification," Laurentian said. However, later that month, a media report citing sources said Montreal-based Laurentian was struggling to find an acquirer and that Canada's top banks - Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) - had backed out of a potential acquisition. Laurentian said it considered a variety of options through the review process, including an acquisition of the whole bank and divesting certain businesses.

Persons: Christinne, Manya Saini, Krishna Chandra Organizations: Laurentian Bank, REUTERS, Executive Management Team, Laurentian, Bank of Nova, Dominion Bank, Thomson Locations: Montreal, Bank of Nova Scotia, Toronto, Bengaluru

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

☆ Grocery delivery app Instacart aims for up to $7.7 bln valuation in US IPO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

As the Federal Reserve raised borrowing costs to tame inflation, several high-flying startups have had to raise funds at lower valuations. Instacart too has had to cut its internal valuation to as low as $10 billion in December in its long walk toward a Nasdaq debut. Instacart would join SoftBank's (9984.T) chip designer Arm and marketing automation firm Klaviyo, which are also gearing up for market debuts in September. Instacart and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing. Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Niket Nishant, Manya, Arun Koyyur Organizations: Federal Reserve, Nasdaq, Reuters, Instacart, Fed, Cornerstone, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Manya Saini, Thomson Locations: United States, San Francisco, U.S, Ukraine, TCV, Sequoia, Bengaluru

☆ Instacart to target valuation of up to $9.3 billion in IPO, source says
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr Acquire Licensing RightsSept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. Unlike an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public. For the six months ended June 30, Instacart last month reported revenue of $1.48 billion, up 31% from the same period last year.

Persons: Eric Cohn, Cheney Orr, Instacart, Andreessen Horowitz, Rowe Price, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Safeway, REUTERS, Arm Holdings Ltd, Reuters, Sequoia Capital, Fidelity Management & Research, Thomson Locations: Tucson , Arizona, U.S, Bengaluru, Echo, New York

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