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☆ 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.

It said 80% of its close to $8 trillion in assets are in its index funds, which primarily attract retail investors. Vanguard's biggest competitors, BlackRock Inc (BLK.N) and State Street Corp's (STT.N) asset-management arm, rely more on institutional investors including pension funds and foundations. Many retail investors are also interested in matters like climate change, but prioritize them less in building retirement portfolios, said Rosenbluth and other industry analysts. A FINRA Investor Education Foundation study of retail investors last March found only 9% of respondents held ESG investments. A big factor behind this gap is retail investors' lack of familiarity or knowledge about ESG products, the study found.

☆ Financial executives and Texas Republicans spar over climate actions
▼ + stars: | 2022-12-15 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Financial executives and Texas state senators clashed over company concerns for climate change at a hearing on Thursday, a rare in-person confrontation as Republicans ramp up attacks on the use of environmental, social and governance (ESG) factors in investing. Texas Republicans at the hearing, which was webcast, questioned whether the participation of BlackRock Inc (BLK.N) and State Street Corp (STT.N) in industry efforts to cut emissions put too much pressure on portfolio companies. Even as they take heat from energy-producing U.S. states, asset managers have faced pressure from climate activists and Democrats to take more environmental action. With some $8 trillion under management, BlackRock has been singled out by Texas for alleged over-pressuring of its important energy sector. A number of State Street funds were also designated.

☆ BlackRock executive and Texas Republicans spar over climate actions
▼ + stars: | 2022-12-15 | by ( Ross Kerber | ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - A BlackRock Inc (BLK.N) executive and Texas state senators sparred over the firm's membership in an investment group aiming to limit climate change at a hearing on Thursday. Republicans at the hearing, which was webcast, questioned if BlackRock's membership in the Climate Action 100+ committed it to putting too much pressure on portfolio companies to take steps to reduce emissions. BlackRock Senior Managing Director Dalia Blass said the firm had maintained its independence within the group. “We have one bias, and that's to get the best risk-adjusted returns for our clients," Blass said. Reporting by Ross Kerber Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ 31 stocks that mutual funds are heavily betting on, driving their best-performing year since 2007 according to Goldman Sachs
▼ + stars: | 2022-11-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Mutual funds are set to have their best year of outperformance relative to benchmarks since 2007. The report indicates that 56% of large-cap mutual funds outperformed their benchmarks compared to a 36% outperformance rate seen since 2007. Meanwhile, 66% of large-cap value funds outperformed the benchmark Russell 1000 Value index. Below are 31 of the 50 stocks listed in Goldman Sachs' Mutual Fund Overweight Positions basket. The list is based on the investment bank's analysis of 548 large-cap core, growth, and value mutual funds with $2.5 trillion in equity assets.

☆ Bank regulators tell Citigroup to take urgent action to fix resolution plan
▼ + stars: | 2022-11-23 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

The regulators gave Citi a January 2023 deadline to submit its plan to address the shortcomings, while giving the all clear to seven other large banks that submitted resolution plans. The problems related to earlier concerns the Fed had identified with Citi’s data quality and data management in an October 2020 enforcement action against the bank. Eric Compton, a banking analyst at Morningstar, said regulators often highlight data management issues at banks because they can be interrelated, potentially having wide-ranging impact. “Citi is not the first bank to have its resolution plan dinged," he said. Those problems related to the banks' abilities to produce data in stressed conditions to implement their resolution plans.

☆ Cramer's lightning round: State Street is a buy
▼ + stars: | 2022-10-20 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...State Street Corp : "I think State Street down here at this level is a terrific buy." Loading chart...Fox Corp. Class B : "I don't like the media stocks. The media stocks I do like are Google , Meta and Amazon ." Loading chart...Generac Holdings : "I do not want to touch this one." Disclaimer: Cramer's Charitable Trust owns shares of Alphabet, Meta and Amazon.

☆ State Street Hires New Compliance Chief From Google
▼ + stars: | 2022-10-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +1 min

State Street Corp. said it appointed Yvette Hollingsworth Clark as its new global chief compliance officer. At State Street, Ms. Hollingsworth Clark will report to Brad Hu, global head of risk, and will be accountable to the board’s examining and audit committee. She will oversee compliance activities globally, State Street said Monday in a statement. Jacqueline Angell, Ms. Hollingsworth Clark’s predecessor, left her position in June after about 10 years at State Street, according to her LinkedIn profile. State Street said Ms. Hollingsworth Clark’s background in risk compliance management and in setting up effective anti-money-laundering and compliance frameworks at global financial institutions will help it further strengthen its compliance functions.

☆ HSBC warns investors to avoid European stocks
▼ + stars: | 2022-09-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. Dan Kitwood | Getty Images News | Getty Imageswatch now"We think that the emphasis should be on quality. With earnings season set to kick off in earnest next month, analysts broadly expect earnings downgrades to dominate worldwide in the short term. This need was exacerbated early this month when Russia's state-owned gas giant Gazprom cut off gas flows to Europe via the Nord Stream 1 pipeline. "The energy needs of the European chemical industry were equivalent to 51 million tonnes of oil in 2019.

A spokesperson for BNY Mellon declined to comment on the status of its crypto custody project. “BNY Mellon believes digital assets are here to stay, and increasingly becoming part of the mainstream of finance," he added. Offering to hold clients' digital assets appeared the safest way to enter the market. read moreThe SEC guidance departed from that practice. At a conference last week, the SEC's acting chief accountant said that custodied crypto assets present "unique" risks which meet the definition of a liability under U.S. accounting standards.

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