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NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

☆ Goldman profit slides to three-year low on consumer losses
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.

Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York

☆ Warburg Pincus names Asia real estate chief Perlman as president
▼ + stars: | 2023-07-19 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Private equity firm Warburg Pincus on Wednesday named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president. Geithner, who was U.S. Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm. "Now is the ideal time to put in place a plan for the next generation of leadership at the firm," Warburg CEO Chip Kaye said. Warburg Pincus has already raised more than the targeted $16 billion in its global flagship private equity fund, said a person with knowledge of the matter. Founded in 1996, Warburg has more than $83 billion in assets under management and its portfolio spans more than 250 companies.

Persons: Warburg Pincus, Jeffrey Perlman, Timothy Geithner, Geithner, Obama, Warburg, Chip Kaye, Kaye, Perlman, Pritam Biswas, Niket, Kane Wu, Arun Koyyur Organizations: Wednesday, Treasury, Federal Reserve Bank of New, Reuters, Ou Asset Management Co, HK, Industrial Development JSC, Thomson Locations: Asia, Federal Reserve Bank of New York, York, China, Ou, Southeast Asia, Pacific, Bengaluru, Hong Kong, Lincoln

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

July 18 (Reuters) - Morgan Stanley's profit beat estimates as growth in its wealth management business offset lower trading revenue in the second quarter, and executives expressed optimism about the economic environment. Morgan Stanley (MS.N) shares rose more than 6%, shrugging off the 14% drop in profits. Excluding one-off items, Morgan Stanley earned $1.24 a share on revenue of $13.46 billion, comfortably beating estimates of $1.15 a share on $13.08 billion revenue, according to data from Refinitiv IBES. Still, "we expect investment banking to lead the recovery in the next quarter," she said. The Wall Street giant followed rivals including JPMorgan Chase and Citigroup in reporting tepid trading results.

Persons: Morgan, Morgan Stanley, James Gorman, Brennan Hawken‎, Sharon Yeshaya, Morgan Stanley's, James Shanahan, Edward Jones, Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, Tatiana Bautzer, Mehnaz Yasmin, Niket, Lananh Nguyen, Arun Koyyur, Louise Heavens, Nick Zieminski Organizations: UBS, JPMorgan Chase, Citigroup, Bank of America, Reuters, Thomson Locations: New York, Bengaluru

☆ U.S. banks shares spark after interest income boost, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Nacho Doce/File PhotoWASHINGTON, July 18 (Reuters) - Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector. Bank of America's net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits, rose 14% to $14.2 billion in the second quarter, helping it to beat Wall Street estimates. The bank said it expects full year NII to be up about 8% at about $57 billion. That has forced some banks to offer consumers higher returns to deter them from moving their deposits to competitors. Overall, the bank's profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking, although investors were cheered by executives' positive outlook for M&A.

Persons: Nacho, BNY Mellon, Robert Pavlik, BNY, JPMorgan Chase, Charles Schwab, Morgan Stanley, MS.N, BofA, Mehnaz Yasmin, Niket, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, " Bank of America, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Investment, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ Morgan Stanley profit drops 18% as deal drought persists
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Morgan Stanley's (MS.N) profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking. The bank's revenue from asset management slipped 2%. Morgan Stanley's revenue climbed 2% to $13.46 billion while expenses rose 8% to $10.48 billion. Profit applicable to common shareholders fell to $2.05 billion, or $1.24 per diluted share, the bank said on Tuesday. Shares of the investment bank were up 1.4% in premarket trading.

Persons: Morgan Stanley's, James Gorman, Morgan Stanley, Andy Saperstein, Tatiana Bautzer, Mehnaz Yasmin, Niket, Lananh Nguyen, Arun Koyyur Organizations: Thomson Locations: New York, Bengaluru

☆ PNC Financial's interest income forecast trim clouds upbeat quarter
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - PNC Financial Services Group (PNC.N) on Tuesday cut its forecast for full-year net interest income (NII), casting a shadow over the lender's second-quarter earnings beat. The cut in full-year expectations for NII - the difference between the interest banks earn on loans and pay out on deposits - came even as PNC reported a 15% jump in NII to $3.51 billion. To lure more customers, banks are also expected to pay higher interest on deposits, a move that could increase costs and weigh on profits. PNC set aside $146 million as provisions for credit losses in the second quarter, compared to $36 million a year earlier. For the three months ended June 30, PNC earned $3.36 per share.

Persons: Niket, Sriraj Organizations: PNC Financial Services, NII, PNC, U.S . Federal Reserve, U.S, Thomson Locations: NII, Bengaluru

☆ Schwab's profit drops less than expected on asset management strength
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Charles Schwab relies primarily on clients' uninvested cash to fund its interest-earning businesses such as purchase of fixed-income assets and lending. Schwab has had to turn to supplementary funding sources to counter this churn. Last month, the Westlake, Texas-based company said it was relying on more expensive funding sources, like borrowing from the Federal Home Loan Bank, to supplement its cash flow. Meanwhile, inflows into the company's funds boosted asset management and administration fees by 12% to $1.17 billion. Excluding one-time costs, Schwab's profit fell 25% to $1.49 billion, or 75 cents per share, for the three months ended June 30.

Persons: Charles Schwab, Schwab, Walt Bettinger, Niket, Sriraj Kalluvila, Shounak Organizations: U.S . Federal Reserve, Federal Home Loan Bank, Thomson Locations: Westlake , Texas, Bengaluru

☆ Israel's Oddity seeks higher valuation in US IPO
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Oddity Tech said on Monday it was targeting a valuation of $1.92 billion in its U.S. initial public offering (IPO), more than 13% higher than what it was previously seeking. Over 10.5 million shares priced between $32 and $34 each will be offered, Oddity said. At the top end of the new range, the IPO would fetch around $358 million for Oddity and its existing investors who are cashing out some of their stake. It was previously expected to rake in around $316 million. Up to 2% of the shares being sold will be offered to retail investors via brokerage firm SoFi Technologies (SOFI.O), Oddity said.

Persons: Tech, Oddity's, Johnson, Niket, Shinjini Organizations: Federal Reserve, SoFi Technologies, Thomson Locations: Bengaluru

July 14 (Reuters) - JPMorgan Chase (JPM.N) reported a bigger-than-expected jump in second-quarter profit as it earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank. The bank bought a majority of failed First Republic Bank's assets in a government-backed deal in May after weeks of industry turbulence. That bolstered its net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits. The bank's NII, which has also been gaining from high interest rates, was $21.9 billion, up 44%, or up 38% excluding First Republic. JPMorgan plans to cut around 500 jobs across different divisions, a source familiar with the matter told Reuters in May.

Persons: JPMorgan Chase, Jamie Dimon, Octavio Marenzi, Dimon, Niket Nishant, Noor Zainab Hussain, Nupur Anand, Bansari Mayur, Lananh Nguyen, Saumyadeb Organizations: JPMorgan, First Republic Bank, First Republic, Wall, Investment, Reuters, Thomson Locations: Ukraine, Republic, Federal, Bengaluru, New York

☆ U.S. banks point to resilient but slowing economy, flag risks ahead
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt. "The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said. Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain. Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters. For now, the economy is performing better than many expected but will likely continue slowing.

Persons: JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski Organizations: JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson Locations: Wells, U.S, Bengaluru, New York

NEW YORK, July 13 (Reuters) - Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. Three federal regulatory agencies also sued Mashinsky and Celsius in connection with the case. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - according to an indictment unsealed earlier on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. "Whether it's old-school fraud or some new-school crypto scheme, it doesn't matter one bit.

Persons: Alex Mashinsky, Mashinsky, Sam Bankman, Fried, Ona Wang, Roni Cohen, Pavon, Cohen, Damian Williams, Williams, Hannah Lang, Luc Cohen, Chris Prentice, Elizabeth Howcroft, Chizu Nomiyama, Michelle Price, Jonathan Oatis Organizations: YORK, Prosecutors, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, Federal Trade Commission, U.S, Thomson Locations: Manhattan, Israeli, U.S, Hoboken , New Jersey, Washington, New York, Bengaluru, London

July 13 (Reuters) - Alex Mashinsky, the founder and former CEO of bankrupt cryptocurrency lender Celsius Network, was arrested and charged with fraud, a U.S. prosecutor in New York said Thursday, while three federal regulatory agencies sued him and his company. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts, according to the indictment, which was unsealed on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. Crypto lenders such as Celsius grew rapidly as crypto prices surged during the COVID-19 pandemic. The U.S. Commodity Futures Trading Commission and the Federal Trade Commission also sued Celsius and Mashinsky.

Persons: Alex Mashinsky, Roni Cohen, Pavon, Cohen, Sam Bankman, Fried, Mashinsky, Niket, Hannah Lang, Elizabeth Howcroft, Chris Prentice, Shinjini Ganguli, Chizu Nomiyama, Jonathan Oatis Organizations: Mashinsky, Attorney's, Prosecutors, U.S . Securities, Exchange Commission, SEC, Arrows Capital, U.S . Commodity Futures Trading Commission, Federal Trade Commission, FTC, Network, Coinbase, Arbinet, Transit Wireless, Thomson Locations: U.S, New York, Manhattan, New Jersey, cryptocurrency, Singapore, Bengaluru, Washington, London

☆ Goldman Sachs offloads $1 billion of Marcus loans to Varde
▼ + stars: | 2023-07-13 | by ( Saeed Azhar | ) www.reuters.com time to read: +1 min

NEW YORK, July 13 (Reuters) - Goldman Sachs Group (GS.N) has sold $1 billion of personal loans from its consumer unit, Marcus, to alternative investment firm Varde Partners, a source familiar with the matter said on Thursday. This was the second tranche of unsecured loans offloaded by Goldman after it disclosed earlier it had sold about $1 billion from the $4.5 billion loan portfolio in the first quarter. The Wall Street giant booked a $470 million loss on the sale of some Marcus loans in the first quarter, which dragged down its earnings. The sale to Varde was reported by Bloomberg News earlier on Thursday, citing people with knowledge of the transaction, saying the loans were sold at a discount to their face value to Varde. Founded in 1993, Varde has invested $95 billion across both public and private credit markets.

Persons: Marcus, GreenSky, Goldman, Varde, Saeed Azhar, Shinjini Ganguli, Josie Kao Organizations: YORK, Goldman Sachs, Varde Partners, Goldman, Street, Bloomberg, Varde, Thomson Locations: North America, Europe, Asia Pacific, New York, Bengaluru

☆ JPMorgan plans 63 job cuts in Jersey City
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 11 (Reuters) - JPMorgan Chase (JPM.N) is planning to lay off 63 of its employees in Jersey City, according to a Worker Adjustment and Retraining Notification (WARN) issued on Tuesday. The planned cuts come after months of a slowdown in dealmaking that has hurt several investment banks, prompting them to lay off thousands of employees. The job cuts at JPMorgan would take place in September, according to the notice. JPMorgan did not immediately respond to a Reuters request for comment. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Niket, Shailesh Organizations: JPMorgan, U.S, Thomson Locations: Jersey City, Bengaluru

☆ Factbox: Five things to watch out for in US bank earnings
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

An S&P index of U.S. bank stocks has fallen more than 9% this year as investors fret about the effect of high interest rates and a looming downturn. Here are five trends to watch this season:COMMERCIAL REAL ESTATE (CRE)Investors will scrutinize disclosures on banks' CRE exposure, particularly on office loans. CRE has come under pressure from rising interest rates and the proliferation of remote working that emptied out many office buildings. Big U.S. banks' CRE portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly versus last year, the central bank said last month. To lure customers, banks will face pressure to pay higher rates on deposits, which would erode their profits, analysts have said.

Persons: Morgan Stanley, Mike Segar, CRE, Goldman Sachs, Niket, Lananh Nguyen Organizations: REUTERS, Federal, Thomson Locations: Manhattan, New York City, Big U.S, Bengaluru

REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.

Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru

☆ Israel's Oddity Tech seeks up to $1.7 bln valuation in U.S. IPO
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Israel-based Oddity Tech will seek a valuation of up to $1.7 billion in its U.S. initial public offering (IPO), the beauty and wellness products company said on Monday. The company is aiming to price its shares between $27 and $30 each to raise up to $315.8 million. Oddity, which owns the IL MAKIAGE and SpoiledChild brands, is seeking to list on the Nasdaq under the symbol "ODD." Goldman Sachs, Morgan Stanley and Allen & Co are the lead underwriters, Oddity said. Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Goldman Sachs, Morgan Stanley, Niket, Sriraj Kalluvila, Arun Koyyur Organizations: Tech, Nasdaq, Allen, Thomson Locations: Israel, Bengaluru

☆ Icahn unties personal loans from his investment firm's share price, shares jumps
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

July 10 (Reuters) - Billionaire activist investor Carl Icahn has amended the terms of his personal loans to separate them from the price of Icahn Enterprises' (IEP.O) depositary units, the investment firm disclosed in a filing on Monday. The move comes months after short-seller Hindenburg's criticism triggered a massive fall in the shares of his investment company. Icahn and its affiliates have entered into a three-year loan agreement with banks, including Bank of America, N.A. In the amended loan agreement, Icahn will provide additional collateral of $2 billion from his personal funds and 320 million IEP shares. It also said IEP units were inflated by more than 75%.

Persons: Carl Icahn, Icahn, Hindenburg, Jaiveer Shekhawat, Niket, Gursimran Kaur, Dhanya Ann Thoppil, Pooja Desai Organizations: Billionaire, Icahn Enterprises, Bank of America, Bank of Montreal, Deutsche Bank AG, Thomson Locations: Bengaluru

July 7 (Reuters) - Cryptocurrency firm Gemini, the largest creditor of bankrupt crypto lending firm Genesis, sued Digital Currency Group (DCG) and its CEO on Friday after a dispute over a restructuring deal for the venture capital firm's troubled unit. DCG and Gemini, the two most prominent players in the crypto industry, have clashed several times over the past few months following the collapse of Genesis, which had filed for bankruptcy in January. Gemini has accused DCG and CEO Barry Silbert of "fraud" and "deception." The dispute came to a head earlier this week after Gemini set a deadline to come to terms on a restructuring agreement by Thursday afternoon, failing which it would pursue litigation. Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Gemini, DCG, Barry Silbert, Genesis, Niket, Maju Samuel, Shinjini Organizations: Digital Currency Group, Thomson Locations: Bengaluru

☆ Payments processor FIS to sell stake in merchant unit to GTCR for $11.7 bln
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Fidelity National Information Services (FIS.N) is selling a majority stake in its merchant business to private equity firm GTCR, the payments processor said on Thursday, in a deal that will fetch $11.7 billion. The company built its merchant business through a $43-billion purchase of Worldpay in 2019. As part of the deal, the private equity has committed an additional investment of up to $1.25 billion in Worldpay. Reuters had earlier this week reported that GTCR was in advanced talks for a majority stake in the merchant business. Charles Drucker, former CEO of Worldpay, will lead the merchant business after the spinoff, FIS said.

Persons: GTCR, Charles Drucker, Niket Nishant, Manya, Arun Koyyur Organizations: Fidelity National Information Services, FIS, GTCR, Reuters, Manya Saini, Thomson Locations: Worldpay, Bengaluru

CARE Hospitals Group, according to another investor source, is in talks to sell a 70% stake to U.S. investment giant Blackstone (BX.N) in a deal valued at $800 million. MORE ATTRACTIVE THAN EVERAs government hospitals became increasingly overburdened and incomes rose in India's vast middle class, demand for private healthcare rose over the years. "The India healthcare opportunity has always been attractive, but never more than now. In 2022, PE investors spent $3.2 billion buying stakes in hospitals in India. "Big private hospitals are more reliable," said 35-year-old G. Chavan said as he accompanied his wife to see a doctor.

Persons: Rana Mehta, PwC's, Atlantic, Indira, Blackstone, Gaurav Sharma, Investcorp, Nishant Sharma, Sharma, Chavan, Sriram, Aditya Kalra, Simon Cameron, Moore Organizations: PwC, General Atlantic, CARE Hospitals, Blackstone, CARE, Kedaara Capital, ASIA'S PACE, Temasek, Reuters Graphics, Apollo Hospitals, Thomson Locations: India, PUNE, Pune, Indira, Bahrain, Mumbai, Manipal, Asia

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ Inflection AI raises $1.3 bln in funding from Microsoft, others
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

June 29 (Reuters) - Artificial intelligence startup Inflection AI said on Thursday it had raised $1.3 billion in funding from a clutch of investors including Microsoft (MSFT.O) and Bill Gates. The funding comes less than two months after the company, founded by LinkedIn co-founder Reid Hoffman and Google DeepMind co-founder Mustafa Suleyman, released its chatbot, Pi. Similar to OpenAI's popular ChatGPT, Pi uses generative AI technology to interact with users through dialogues, allowing people to ask questions and share feedback. Hoffman, former Google CEO Eric Schmidt and NVIDIA (NVDA.O) also participated in the latest funding round, the company said. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Gates, Reid Hoffman, Mustafa Suleyman, Hoffman, Eric Schmidt, Niket, Vinay Dwivedi Organizations: Microsoft, LinkedIn, Google, NVIDIA, Thomson Locations: Bengaluru

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