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Trump picked up a larger portion of voters under 30 than any Republican presidential candidate since 2008, according to NBC News exit polling, improving with both young men and young women. In 2020, President Joe Biden beat Trump by 11 percentage points among young men; this year, Trump beat Kamala Harris by 2 points. Among young women, Biden’s 35-point lead over Trump in 2020 shrunk to a 24-point lead for Harris. Among young white men without college degrees, Trump beat Harris, 56% to 40%. “Every candidate and party had an opportunity to really listen to young voters and hear what they really wanted,” Kawashima-Ginsberg said.

Persons: Donald Trump’s, “, Adin Ross, Theo Von, Bussin, Joe Rogan, ” Dana White, Trump, Joe Biden, Kamala Harris, Harris, “ it’s, ”, Kei Kawashima, Ginsberg, Young, Kawashima, Rogan, influencers, Jake Paul, ” Kawashima, Ryan Jones, Jones, would’ve, Jaiveer Bajwa, Kaeli Bennet, Barron Trump, Joe Rogan’s, Barron, Sobolewski, Von, ” Trump, Von’s, Alex Cooper’s “, Gen, Harris ’, Anil Cacodcar, you’re, ” Cacodcar Organizations: Trump, Republican, NBC, Tufts University’s Center for Information, Research, Civic, Edison Research, Harris ’, Trump ., YouTube, Harvard, Biden Locations: United States, Pennsylvania, Ohio

☆ India’s election campaign turns negative as Modi and ruling party embrace Islamophobic rhetoric
▼ + stars: | 2024-05-28 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

CNN —Indian Prime Minister Narendra Modi is increasingly resorting to overtly Islamophobic language during his election campaign, critics and observers say, as he seeks a third straight term governing the world’s most populous nation. It’s coming directly from the prime minister. The BJP did not respond to a request for comment on the rhetoric being used by party leaders during this campaign. The prime minister has set an ambitious target for his alliance to win 400 seats in the country’s Lok Sabha, or lower house of Parliament, in this election. BJP party spokespeople subsequently said Modi was talking specifically about undocumented migrants.

Persons: Narendra Modi, –, Modi, we’ve, ” Milan Vaishnav, “, surrogates, “ Modi, it’s, ”, Asim Ali, It’s, ” Modi, he’s, Jaiveer Shergill, Irfan Nooruddin, Weeks, Arvind Kejriwal, Ali, Santosh Kumar, Alishan Jafri, Vaishnav, ” Nooruddin, Prakash Singh, spokespeople Organizations: CNN, Indian, Bharatiya Janata Party, BJP, South Asia, Carnegie Endowment, International, Home Minister, Indian National Congress, “, Georgetown University, Indian Army, Hindustan Times, Bloomberg, Getty Locations: “, BJP, Lok, Delhi, Pataliputra, India, Australia, United States, China, Britain, Muzaffarnagar district, Uttar Pradesh

☆ Islamophobia and India’s election: Rising Hindu nationalism leaves Muslims fearful in India’s holy city
▼ + stars: | 2024-04-30 | by ( Rhea Mogul | Will Ripley | ) edition.cnn.com time to read: +18 min

Varanasi, India CNN —The sun glistens on the Ganges as Hindu devotees bathe in the holy river’s waters, and the Muslim call to prayer reverberates through the dusty air. The Gyanvapi mosque, left, and Kashiviswanath Temple on the banks of the river Ganges in Varanasi, India, December 12, 2021. He believes Gyanvapi is not a mosque, but a Hindu temple, and wants to see his community worship inside the walls of the building. Vishwambhar Nath Mishra, the priest of a prominent Hindu temple in Varanasi, believes Modi’s stoking of religious tensions is ruining the fabric of Indian society. This is my country.”Read more from CNN’s India election coverage:Billions spent, jungle-trekking poll workers and voting at 15,000 feet.

Persons: Narendra Modi’s, Modi, Varanasi John Mees, Sana Sabah, trepidation, “, Modi’s, Rajesh Kumar Singh, John Mees, Syed Mohammad Yaseen, ”, Hinduism John Mees, ’, Dileep Patel, inching, Nasir Ali, Ali, ‘ Jai Shree Sri Ram ’, Vijay Bedi, CNN Ali, Muzamil, Usman, it’s, Jai Shree Ram ”, Manish Swarup, Raja Singh, we’ll, Singh, –, Jaiveer Shergill, spokespeople, haven’t, Shamsher Ali, Emperor Aurangzeb, Lord Shiva, Kashi Vishwanath Temple, Pawan Kumar, ” Ali, Yaseen, ” Syed Mohammad Yaseen, turbocharge, ” Modi, Ram, Lucas Vallecillos, Swami Jitendranand Saraswati, Gyanvapi, Swami Saraswati, Amit Pandey, Vishwambhar Nath Mishra, ” Mishra, ” Read, Narendra Modi Organizations: India CNN, Bharatiya Janata Party, BJP, CNN, Rashtriya Swayamsevak Sangh, Modi, Bhajanpura Police, United Nations, Human Rights, ” CNN, Modi’s, Hate, AP BJP, T, Human Rights Watch, Amnesty International, International Federation for Human Rights, Reuters, Guards, “ Locations: Varanasi, India, Varanasi John, today’s India, “, Hinduism, Jammu, Kashmir, New Delhi, Delhi, Mustafabad, Rajasthan, Jaipur, Gujarat, Washington, BJP, Ali, Kashi, Gyanvapi, John, Ayodhya, Uttar Pradesh

☆ Elon Musk's AI firm xAI files to raise up to $1 bln in equity offering
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsDec 5 (Reuters) - Elon Musk's artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering, according to a filing on Tuesday. In a Twitter Spaces event earlier in the year he said that rather than explicitly programming morality into its AI, xAI will seek to create a "maximally curious" AI. The billionaire, who has criticized Big Tech's AI efforts as ridden with censorship, in July launched xAI, calling it a "maximum truth-seeking AI" to rival Google's (GOOGL.O) Bard and Microsoft's Bing AI. In 2015, Musk co-founded OpenAI, the company behind ChatGPT, which has created a frenzy for generative AI technology around the world, but stepped down from the board in 2018. The team behind xAI, which launched in July this year, comes from Google's DeepMind, the Windows parent, and other top AI research firms.

Persons: Elon Musk, Porte, Gonzalo Fuentes, xAI, Google's, Bard, Microsoft's Bing, XAI, Musk, Google's DeepMind, Akash Sriram, Jaiveer, Arsheeya Bajwa, Shailesh Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Elon, Securities and Exchange Commission, Microsoft Corp, Regulators, Thomson Locations: Paris, France, Bengaluru

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. But Fisker was limited by its delivery and service infrastructure rather than production and demand. "We have not been able to follow through with deliveries fast enough," CEO Henrik Fisker said on the call. "In the course of completing the preparation of the report, the company determined that it has material weaknesses in the company's internal control over financial reporting," Fisker said. The EV company reported a loss of $91 million, missing analysts' estimates for a loss of $75 million, according to Visible Alpha.

Persons: Stephane Mahe, Fisker, Geeta Fisker, Tesla, Elon, Henrik Fisker, Samrhitha Arunasalam, Jaiveer Singh Shekhawat, Akash Sriram, Abhirup Roy, Shounak Dasgupta, Stephen Coates Organizations: Fisker, REUTERS, Ford, General Motors, EV, Alpha, stoke, Revenue, Thomson Locations: Paris, France, U.S, Canada, Austrian, Bengaluru, San Francisco

☆ China's Zeekr reveals wider loss, Beijing influence in US IPO paperwork
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold. For the six months ended June 30, the company reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion Chinese yuan a year earlier. It will list its shares on the New York Stock Exchange under the ticker symbol "ZK". ($1 = 7.2835 Chinese yuan renminbi)Reporting by Niket Nishant, Manya Saini, Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zeekr, Didi, Goldman Sachs, Morgan Stanley, Niket Nishant, Manya Saini, Jaiveer, Mehnaz Yasmin, Krishna Chandra Eluri, Shilpi Majumdar Organizations: Geely Auto, HK, Reuters, New York Stock Exchange, underwriters, Thomson Locations: Beijing, New York, U.S, York, China, Bengaluru

☆ Citigroup considering at least 10% job cuts in major businesses - CNBC
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 6 (Reuters) - Citigroup's (C.N) managers and consultants working on CEO Jane Fraser's reorganization have discussed job cuts of at least 10% in several major businesses, CNBC reported on Monday, citing people with knowledge of the process. The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter. Fraser's push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10% for executives, the report said. Since taking charge of the banking giant in 2021, Fraser has tried to improve profits, streamline the bank and fix regulatory problems.

Persons: Andrew Kelly, Jane Fraser's, Fraser, we've, We've, Niket, Jaiveer Singh Shekhawat, Tatiana Bautzer, Arun Koyyur Organizations: Citibank, New York Stock Exchange, REUTERS, CNBC, Boston Consulting Group, Citi, Boston Consulting, Thomson Locations: Manhattan , New York City, U.S, Bengaluru, New York

☆ Citi weighs shutting municipal-bond trading business - Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 3 (Reuters) - Citigroup (C.N) Chief Executive Officer Jane Fraser is weighing whether to shutter the bank's municipal-bond trading and origination business, Bloomberg News reported on Friday. Citi's municipal offering business has been under scrutiny from Texas attorney general, who in January halted the bank's ability to underwrite most municipal bond offerings in Texas saying that Citi has discriminated against the firearms sector. A Citi spokesperson at that time had said the company did not discriminate against the sector and that it believed it was complying with Texas' law. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Jane Fraser, Citi's, Fraser, Jaiveer Singh, Saumyadeb Chakrabarty, Maju Samuel Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Bloomberg, Citi, Thomson Locations: Manhattan , New York City, U.S, Texas, Bengaluru

☆ Goldman Sachs forays into geopolitical advisory business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 26 (Reuters) - Goldman Sachs (GS.N) on Thursday launched an institute to offer its clients insights on geopolitics and technology, according to an internal memo seen by Reuters. The Goldman Sachs Global Institute will be led by Jared Cohen and George Lee, partners at the U.S. banking heavyweight, the memo said. Apart from Goldman Sachs, independent investment firm Lazard (LAZ.N) has been advising its clients on geopolitical risks. The Goldman Sachs Global Institute will partner with leaders across businesses to engage with clients on a range of topics from the U.S.-China relationship, conflicts in Europe and the Middle East and shifting supply chains, the memo added.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Jared Cohen, George Lee, Lazard, Jaiveer Singh, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Reuters, Goldman Sachs Global, Goldman Sachs Global Institute, U.S ., Thomson Locations: New York City , New York, U.S, Ukraine, China, Europe, Bengaluru

☆ Lazard quarterly profit misses estimates on dealmaking drought
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsOct 26 (Reuters) - Lazard (LAZ.N) on Thursday missed Wall Street estimates for third-quarter profit, as the independent investment bank's advisory business reeled from a prolonged slump in dealmaking activity. Lazard's bigger rivals, JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N), reported weakness in their investment banking segments earlier this month. Lazard reported an adjusted profit of $10 million, or 10 cents per share, in the three months ended Sept. 30, compared with $106 million, or $1.05 per share, a year earlier. Analysts on average has expected a profit of 16 cents per share, according to LSEG data. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Morgan Stanley, Lazard, Peter R, Orszag, Jaiveer Singh, Shinjini Organizations: Lazard Ltd, New York Stock Exchange, REUTERS, Lazard, JPMorgan Chase &, Revenue, Thomson Locations: New York, U.S, Wall, Bengaluru

☆ 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

☆ Billionaire investor Ackman says 'covered our bond short'
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian/File Photo Acquire Licensing RightsOct 23 (Reuters) - Bill Ackman's hedge fund Pershing Square Capital Management has covered its bond short position, the billionaire investor posted on Monday, saying it was too risky to remain short bonds at current long-term rates. Pershing Square Capital Management did not immediately respond to a Reuters request for additional comment. "The economy is slowing faster than recent data suggests," Ackman wrote on messaging platform X, formerly known as Twitter. One of Wall Street's most voluble investors, Ackman has been using the social media platform to express his opinion on economic policy and presidential politics.

Persons: Bill Ackman, Richard Brian, Bill Ackman's, Ackman, Jaiveer Singh, Shilpi Majumdar Organizations: Pershing Square Capital Management, REUTERS, Capital Management, U.S, Pershing, Twitter, Treasury, Thomson Locations: Las Vegas , Nevada, U.S, Bengaluru

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 20 (Reuters) - Credit card giant American Express (AXP.N) on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn. AmEx reported a profit of $3.30 per share, up from $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data. "Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.

Persons: Lucy Nicholson, AmEx, “, Christophe Le Caillec, Gen Zs, Stephen Squeri, Niket Nishant, Pooja Desai Organizations: Dow Jones Industrial, American Express, REUTERS, American, Entertainment, Consolidated, Thomson Locations: Los Angeles , California, United States, Bengaluru

Oct 20 (Reuters) - Shares of mid-sized U.S. banks fell on Friday after a string of earnings reports heightened investor concerns that the boost to lenders from the Federal Reserve's interest rate hikes was tapering off. Regions Financial (RF.N) dropped to the lowest level since March, when an industry crisis began following an outflow of deposits that engulfed three banks. The lender, shares of which were last down 11% at $14.71, said it expects net interest income (NII) in the fourth quarter to decline about 5% from current levels. Huntington Bancshares' (HBAN.O) stock dipped 1.3%, while Comerica (CMA.N) dropped 6.6%, dragging down the S&P 500 Banks index (.SPXBK) by 2.1%. Huntington Bancshares posted an 8% drop in third-quarter profit as interest income declined.

Persons: Wells, Mike Mayo, Mayo, Terry McEvoy, Huntington Bancshares, NII . Huntington Bancshares, Jaiveer Singh, Shilpi Majumdar Organizations: Regions, Regions Financial, Reuters, Stephens, Comerica, Third Bancorp, Thomson Locations: NII ., Bengaluru

☆ Northern Trust posts smaller drop in Q3 profit on robust fee-based income
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

An employee walks past a company logo at Northern Trust offices in London, Britain August 1, 2019. REUTERS/Toby Melville/File Photo Acquire Licensing RightsOct 18 (Reuters) - Asset and wealth manager Northern Trust (NTRS.O) on Wednesday posted a smaller-than-expected drop in third-quarter profit as a rise in fee-based income cushioned the hit from a drop in its interest income. Analysts on an average expected a profit of $1.47 per share, according to LSEG data. Total assets under the custody or administration of Northern Trust increased 10.5%, to $14.16 trillion, from the same quarter last year. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Jaiveer Singh, Pooja Desai Organizations: Northern Trust, REUTERS, Analysts, Investment, Thomson Locations: London, Britain, Bengaluru

[1/2] A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada, Dec. 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOct 18 (Reuters) - Bank of Nova Scotia (BNS.TO) on Wednesday announced plans to cut about 2,700 jobs globally - 3% of its workforce - and take a C$590 million ($430.94 million) charge in the fourth quarter, making it the latest Canadian bank to take cost-cutting steps in a challenging environment. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) similarly have cut hundreds of jobs in response to rising costs in a high interest rate environment. Scotiabank said the layoffs will result in a restructuring charge and severance provisions of about C$247 million. Analysts said the charge does not come as a surprise amid a review of is strategic direction.

Persons: Carlos Osorio, Scott Thomson, Darko Mihelic, Jaiveer Singh, Balu, Will Dunham, Shilpi Majumdar, Jonathan Oatis Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Wednesday, Royal Bank of Canada, Bank of Montreal, China's, China's Bank of Xi'an, Analysts, RBC Capital, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, China's Bank, Bengaluru, Toronto

☆ BNY Mellon beats profit estimates on boost from higher interest rates
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. Last week, JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) beat analysts' estimates for the latest quarter and raised FY23 interest income forecasts. BNY Mellon's net interest revenue for the reported quarter jumped nearly 10% to $1.02 billion, compared with $926 million a year earlier. While higher interest rates have benefited banks, they have also deepened fears of more loan defaults, prompting lenders to maintain reserves on the sidelines. New York-based BNY Mellon kept aside $3 million in provision for credit losses for the quarter.

Persons: Brendan McDermid, Banks, BNY Mellon, Jaiveer Singh, Shinjini Organizations: of New York Mellon Corp, REUTERS, Bank of New York Mellon Corp, U.S . Federal Reserve, JPMorgan, Citigroup, Thomson Locations: Wells Fargo, New York, Bengaluru

☆ Crypto giant Binance's US affiliate halts direct dollar withdrawals
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets. "In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the terms page said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Binance, Binance.US, Coindesk, Changpeng Zhao, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Thomson Locations: U.S, Bengaluru

☆ Charles Schwab posts profit beat on robust asset management growth, shares rise
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 16 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) posted a smaller-than-expected drop in quarterly profit on Monday as strength in asset management fees softened the blow from a fall in its net interest revenue. Charles Schwab's shares surged 6.2%, to $54.49, set for their best day in nearly three months, if gains hold. Drops in deposits have drained firms like Charles Schwab of a cheap source of funding, forcing them to either raise new capital or cut costs. Excluding one-time costs, Charles Schwab's profit fell 31% year-over-year, to $1.52 billion, or 77 cents per share, for the three months ended Sept. 30.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Jaiveer Singh, Pooja Desai Organizations: REUTERS, Thomson Locations: New York, U.S, Westlake , Texas, 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

The firm's results "underscore continued pressure on industry organic growth that may last longer than currently reflected in investors’ expectations amid higher-for-longer short-term rates," analysts at Goldman Sachs wrote in a report Friday. "While we are encouraged by the firm’s sharper focus on expenses, we expect (BlackRock's) near-term organic base fee growth to remain muted." Investors are likely waiting for yields to peak before making any significant changes in their asset allocation, BlackRock said. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, Larry Fink, Fink, Kyle Sanders, Edward Jones, Larry, Goldman Sachs, . Fink, Cathy Seifert, Jaiveer Singh, Devika Syamnath, Jonathan Oatis Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Goldman, CNBC, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, 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

☆ BlackRock posts surprise rise in profit, inflows drop
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N) handily beat third-quarter profit estimates on Friday but posted a sharp drop in net inflows, sending shares of the world's largest asset manager down 1% in premarket trade. A rise in investment advisory fees and BlackRock's assets under management (AUM) helped the company's adjusted profit of $10.91 per share breeze past analysts' estimates of $8.26, according to LSEG data. BlackRock ended the third quarter with $9.10 trillion in assets under management (AUM), up from $7.96 trillion a year earlier, but lower than $9.4 trillion in the second quarter this year. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, BLK.N, Larry Fink, Fink, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Securities and Exchange Commission, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ BlackRock's third-quarter profit rises as investors flock to its funds
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N), the world's largest asset manager, on Friday reported a 13% rise in third-quarter profit as a rebound in markets attracted investors to its funds. On an adjusted basis, BlackRock earned $1.64 billion, or $10.91 per share, for the three months ended Sept. 30, from $1.45 billion, or $9.55 per share, a year earlier. Analysts on average had expected a profit of $8.26 per share, according to LSEG data. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ PNC Financial to cut jobs after profit drops, revenue misses estimates
▼ + stars: | 2023-10-13 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

[1/2] A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it has started reducing its staff by about 4% as part of a cost-cut initiative after the U.S. lender's third-quarter profit declined and revenue missed estimates. Average deposits at the bank fell 3.8%, to $422.5 billion. PNC posted a profit of $3.60 per share, compared to analysts' estimate of a profit of $3.11 per share, according to LSEG IBES data. Its third-quarter NII fell 1.6% from a year earlier.

Persons: Ashraf Fahim, Timothy Coffey, Janney Montgomery Scott, Scott, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai, Sriraj Kalluvila, Vinay Dwivedi Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, U.S, PNC, Thomson Locations: Washington , U.S, Pittsburgh, Bengaluru

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