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☆ See how Wall Street CEO pay stacks up after a brutal year for investment banking — from David Solomon to Jamie Dimon
▼ + stars: | 2023-01-27 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

The pay cut follows a 20% drop in 2022 revenues and a $3.8B loss in the consumer bank over 3 years. Goldman Sachs CEO David Solomon has taken a 30% pay cut for 2022, according to documents filed by the firm on Friday. Solomon's 2022 compensation includes an annual, unchanging base pay of $2 million in addition to $23 million in bonus, which varies each year. Investment banking revenues are down across Wall Street as M&A dealmaking and IPOs dry up. But Solomon's pay cut stands to be the steepest among his Wall Street CEO peers.

☆ Jim Cramer's top 8 things to watch in the market Wednesday: Microsoft, 3M, Boeing earnings
▼ + stars: | 2023-01-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Lots of price target cuts by Wall Street analysts, but they largely keep their buy ratings. Baird keeps Danaher (DHR) at an overweight (buy) rating but cuts price target to $309 per share from $321. Barclays raises price target on SLB (SLB) to $74 per share from $62. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Bank earnings become a post-Covid parlor game
▼ + stars: | 2023-01-23 | by ( John Foley | ) www.reuters.com time to read: +6 min

Chief among the mysteries is how much interest banks will harvest in 2023 and beyond. Even then, the link between benchmark interest rates and the rate banks actually charge is getting harder to forecast. Bank of America boss Brian Moynihan said that depositors who used to have roughly $3,500 with the bank now have almost four times more. Goldman just laid off 6% of its workforce, but it remains bigger than it was in 2019; Bank of America says it’s still hiring. To that end, the fog is arguably less troublesome for Goldman and Morgan Stanley than it is for JPMorgan, Bank of America and Citigroup (C.N).

☆ Bank of America, JPMorgan and other banks reportedly team up on digital wallet to rival Apple Pay
▼ + stars: | 2023-01-23 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo , JPMorgan Chase and Bank of America , according to the report. The new wallet would initially be launched with Visa and Mastercard already on board, according to the report. Shares of PayPal, which has digital payments as its core business, slipped about 1.5% in premarket trading.

☆ Wall Street succession plans: The case for why all 6 big banks could consider a leadership change this year
▼ + stars: | 2023-01-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Morgan Stanley CEO James Gorman confirmed what everyone already presumed: There are three executives in the running for his job. It turns out you could make the case for every top US bank making a change in leadership, either with or without the consent of their CEO. At 64 years old, he's the second-oldest CEO among the big six US banks. When discussing succession plans with Bloomberg on Thursday, Gorman acknowledged he doesn't want this job forever. And at 63 years old, he's not exactly a spring chicken.

☆ Davos 2023: Global bank chiefs get FBI cybersecurity update
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationDAVOS, Switzerland, Jan 19 (Reuters) - Global bank and exchange chiefs got insight on cybersecurity and resilience from the U.S. Federal Bureau of Investigation's director during a private session in Davos this week. The financial services executives also compared notes on economic risks, financial stability and sustainability. Klaas Knot, President of the Dutch central bank who chairs the Financial Stability Board, also spoke with the group. He discussed vulnerabilities in the financial system, including risks posed by so-called shadow banks, the sources said. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

☆ Hope and optimism are surprise guests at Davos: podcast
▼ + stars: | 2023-01-19 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Jan 19 (Reuters Breakingviews) - Business leaders like Bank of America’s Brian Moynihan and Microsoft’s Satya Nadella are attending this week’s World Economic Forum. In this Viewsroom podcast, Breakingviews columnists give a view from the ground, debate the upbeat tone and explain why politicians stayed home. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bank of America CEO says new rules to reboot capitalism must be straightforward for businesses
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America CEO says new rules to reboot capitalism must be straightforward for businessesBank of America's Brian Moynihan discusses how businesses must take a leading role in rolling out new official global standards for corporate reporting.

☆ Bank of America CEO says capitalism needs cleaning up with new global ESG rules
▼ + stars: | 2023-01-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Bank of America Chief Executive Brian Moynihan said Wednesday that current efforts to produce a set of official global standards on ESG issues were vital to "align capitalism with what society wants from it." He said it was now important to "go to the official side" and was supporting the new International Sustainability Standards Board set up by non-profit the IFRS. This is due to comprise a set of general non-financial sustainability disclosure requirements for companies, and a set specifically on climate. Moynihan also said it was crucial that sustainability and ethical standards became official and global. "Which, at the end of the day, will align capitalism with what society wants from it and get us going faster."

☆ Davos 2023: What you need to know about the WEF on Tuesday
▼ + stars: | 2023-01-17 | by ( Kathryn Lurie | ) www.reuters.com time to read: +2 min

The European Union will counter the U.S.'s game-changing Inflation Reduction Act (IRA), described in Davos as the most significant climate legislation since the 2015 Paris Agreement, with its own green deal. Liu's visit to Davos contrasts with the conspicuous absence of Russia, a key ally whose invasion of Ukraine China has refused to condemn. What was most needed, Kerry said, was "money, money, money, money, money, money, money." The slopes continued to be dominated by discussions about Davos' hottest topic in 2023 - Chat GPT and generative AI. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing hereEditing by Leela de Kretser and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

"The consumers are spending, their wages are growing and frankly, there's still a lot of stimulus ... Social Security payments are going up at a high rate," Moynihan told Reuters. "Things like that are going to add more fuel that they can use to spend," he added. Moynihan said that for the first time in a long time deposits had come down a little bit for the industry. (For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.) Reporting by Lananh Nguyen in Davos and Noor Zainab Hussain in Bengaluru Additional reporting by Niket Nishant Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Just 40% of people say their lives will be 'better off' in the next 5 years, a new global survey finds, with trust in business growing and trust in government falling
▼ + stars: | 2023-01-17 | by ( Reed Alexander | Read More | Read Less | ) www.businessinsider.com time to read: +4 min

Just 40% of respondents in a new global survey believe they'll be "better off" in the next five years. The annual Edelman Trust Barometer also found growing trust in business versus the public sector. Just four in 10 respondents who participated in the Edelman Trust Barometer for 2023 predicted that they and their families will be "better off" in five years — a dramatic 10-point reduction from last year. Edelman published its 2023 Trust Barometer this weekend, coinciding with a constellation of other warning signs that further economic pain may be on the way. The Edelman Trust Barometer, which this year polled more than 32,000 respondents in 28 countries, found that trust is tilting away from the public sector.

☆ Forget inflation, it’s all about earnings
▼ + stars: | 2023-01-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

They noted that over the last three quarters, S&P 500 reactions to earnings beats and misses have soared higher and have now surpassed the one-day market reaction to both CPI inflation and Fed policy meeting decisions. Shares of Disney sank 13.16% last November — their lowest level in more than two years — when they missed earnings estimates. “We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller,” wrote Subramanian and Kwon. So we can expect some serious volatility over the next few weeks as companies report their fourth quarter corporate earnings. Bad news ahead: The estimated earnings decline for the S&P 500 in the fourth quarter of 2022 is -3.9%, according to a FactSet analysis.

☆ Bank of America CEO expects 'mild recession' and is preparing for worse
▼ + stars: | 2023-01-13 | by ( Jesse Pound | ) www.nbcnews.com time to read: +1 min

Bank of America CEO Brian Moynihan said Friday that the bank is preparing for a potential recession in 2023, including a scenario where unemployment rises rapidly. “Our baseline scenario contemplates a mild recession. That pessimistic case, which is more negative than it was last quarter, calls for unemployment to rise to 5.5% early this year and remain at 5% or above through the end of 2024, Moynihan said. While the bank said net credit charge offs are still below pre-pandemic levels, outstanding balances on credit cards are up 14% year over year, and Moynihan said delinquencies are rising from their unusually low pandemic levels. Shares of Bank of America were up less than 1% on Friday.

JPMorgan Chase & Co (JPM.N) fell 1.2% as it set aside $1.4 billion in anticipation of a mild recession, even after beating quarterly profit estimates. The bank's Chief Executive Jamie Dimon listed a number of uncertainties facing the economy including geopolitical tensions and sticky inflation. Bank of America Corp (BAC.N) reported better-than-expected profit, with CEO Brian Moynihan also acknowledging an "increasingly slowing economic environment". Wells Fargo & Co (WFC.N) and Citigroup Inc (C.N) fell short of quarterly profit estimates, sending their shares down 3.9% and 0.6% respectively. Keeping the pressure off the Dow Jones, UnitedHealth Group Inc (UNH.N) rose 1.9% after beating Wall Street expectations for fourth-quarter profit.

☆ Brian Moynihan says Bank of America expects 'mild recession' and is preparing for worse
▼ + stars: | 2023-01-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Brian Moynihan, chief executive officer of Bank of America Corp., during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on Thursday, Sept. 22, 2022. Bank of America CEO Brian Moynihan said Friday that the bank is preparing for a potential recession in 2023, including a scenario where unemployment rises rapidly. "Our baseline scenario contemplates a mild recession. The CEO's statement mirrors the earnings report for JPMorgan Chase, whose economic outlook calls for "a mild recession in the central case." Shares of Bank of America were down less than 1% on Friday.

☆ Wall Street banks stockpile funds for possible recession, show resilience
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.

Bank of America reported fourth-quarter results on Friday that showed higher interest rates helped the Wall Street giant make up for a sharp slowdown in investment banking. Expectations were running high that Bank of America would post gains in interest income thanks to higher rates and loan growth in the fourth quarter. The bank reported $14.7 billion of net interest income, up 29% year over year but slightly below Wall Street expectations of $14.9 billion, according to StreetAccount. Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. On the consumer banking front, Bank of America reported that balances were roughly flat, while credit card and debit spending rose 5% year over year.

☆ Bank earnings are under way. Here are the biggest storylines everyone on Wall Street is focused on.
▼ + stars: | 2023-01-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Starting today, the six big US banks (Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) report their Q4 and year-end earnings. But instead of a boring preview on what to expect, I figured I'd have some fun by setting gambling lines on some of the biggest storylines heading into earnings. OK, let's get into the biggest storylines and their odds:David Solomon discusses the recent headcount reduction at Goldman Sachs. What'll be interesting is if he teases even more cuts coming down the line as the bank looks to cut costs. (-150)Background: The bank got ahead of this one by announcing its plans to step back from mortgages earlier this week.

☆ Why one fast-casual restaurant is a Wall Street favorite, even with a recession looming
▼ + stars: | 2023-01-13 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

One fast-casual restaurant chain has remained a favorite on Wall Street even as the U.S. grapples with a potential looming recession. Over the past 15 months, the burrito chain has introduced three rounds of price increases that boosted the cost of its products 13% from a year earlier. In addition, many Wall Street analysts are forecasting a mild recession, which is better for fast-casual restaurants as the hope is consumers won't have to pull back very much or for very long. Potential for growth Another reason that Wall Street likes Chipotle is that it has solid potential for growth in the coming months and years, according to Zackfia. Overall, however, Wall Street sees fast-casual restaurants holding up to economic weakness.

☆ Stocks making the biggest moves midday: JPMorgan Chase, Wendy's, Virgin Galactic, Delta Air Lines, Tesla and more
▼ + stars: | 2023-01-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Wells Fargo - The bank stock dipped 0.1% after the firm reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Lockheed Martin — The defense stock slipped more than 3% after Goldman Sachs downgraded shares to sell from a neutral rating. Northrop Grumman shares also dove 5% on Goldman's downgrade to a sell from neutral rating. Copa — Shares of the Latin American airline jumped 4.9% following an upgrade to overweight from a neutral rating by analysts at JPMorgan.

☆ BofA profit beats estimates as higher rates bolster interest income
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

Jan 13 (Reuters) - Bank of America Corp (BAC.N) reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. Bank of America's net interest income (NII) — a metric that measures the difference between the interest earned on loans and paid out on deposits — surged 29% to $14.7 billion in the quarter. Its profit applicable to common shareholders rose 2% to $6.9 billion, or 85 cents per share. The bank added $403 million to its net reserve build. That compares with a net reserve release of $851 million a year ago.

☆ Four troubling global trade trends flashing consumer weakness for a market already fearing recession
▼ + stars: | 2023-01-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

The flow of trade is a real-time and forward-looking indicator of consumer spending and the economy because it shows supply, demand, and consumption. 1: Warehouse inventory and ratesWarehouse inventory is a good indicator of the health of the consumer because it gauges how much product is sitting in storage. The more product sitting in storage, the more it takes up valuable space and increases the price of storage. "Based on the inventory, we see more consumers purchased online rather than in-store," said Jordan Brunk, chief marketing officer of WarehouseQuote.com. "We had more e-commerce inventory from the warehouse than inventory heading to the brick-and-mortar stores."

☆ Bank of America 4th quarter profit beats estimates, buoyed by `organic growth' and higher interest rates
▼ + stars: | 2023-01-13 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +1 min

Bank of America reported fourth-quarter earnings Friday that topped Wall Street's forecasts. The lender's profit rose to $7.1 billion, or 85 cents a share, beating analyst estimates of 77 cents. The Wall Street lender reported $24.5 billion in managed revenue, above analyst estimates of $24.3 billion. Fourth-quarter profit rose to $7.1 billion, or 85 cents per share, beating analyst estimates of 77 cents. "The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise."

☆ We feel very good about our position and our team, says Bank of America CEO Brian Moynihan
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe feel very good about our position and our team, says Bank of America CEO Brian MoynihanBank of America CEO Brian Moynihan joins 'Closing Bell' to discuss the company's earnings and his outlook for 2023, including the possibility of a mild recession this year.

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