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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

☆ 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

☆ 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

☆ 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

☆ 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

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

☆ 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

☆ 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

☆ 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

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

☆ 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

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ Kazakh's fintech Freedom is being investigated by US SEC, DOJ - CNBC
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. The SEC's Boston regional office has been probing Freedom for months, the report said, citing documents seen by CNBC and people familiar with the matter. The allegations in the Hindenburg report are without merit, Freedom had said then. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, the CNBC report added. The SEC declined to comment on the existence or nonexistence of a possible investigation, whereas the Department of Justice and Freedom did not immediately respond to Reuters requests for comment.

Persons: Jim Bourg, Freedom, Hindenburg, Jaiveer Singh, Shinjini Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, U.S . Department of Justice, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, Department of Justice, Thomson Locations: Washington, Kazakhstan, U.S, Bengaluru

☆ PNC Bank buys $16.6 bln capital commitment portfolio from Signature Bridge Bank
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 3 (Reuters) - PNC Financial Services' (PNC.N) banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver. "PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. PNC Bank purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC, the company added. The FDIC closed Signature Bank in March amid an intensifying regional banking crisis and transferred all of its deposits and substantially all of its assets to Signature Bridge Bank, a full-service financial institution that is operating under a board appointed by the watchdog.

Persons: Ashraf Fahim, Jaiveer Singh, Anil D'Silva Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, Signature Bridge, Federal Deposit Insurance Corp, PNC, FDIC, Bank, Thomson Locations: Washington , U.S, Bengaluru

☆ Ally Financial to lay off nearly 5% of staff
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsOct 2 (Reuters) - Ally Financial (ALLY.N) said on Monday job cuts in various divisions of the digital banking firm will affect nearly 5% of its workforce. "After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce," Ally spokesperson Peter Gilchrist said in an emailed statement. The Detroit-based company offers various financial products and is best known for its auto-loan business. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Ally, Peter Gilchrist, Jaiveer Singh, Saeed Azhar, Shinjini Organizations: Ally Financial, New York Stock Exchange, REUTERS, Ally, Thomson Locations: New York, U.S, Detroit, Bengaluru

☆ Canada's RBC injects capital into City National to bolster US subsidiary's liquidity
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsSept 29 (Reuters) - Royal Bank of Canada (RBC) (RY.TO) on Friday said it had injected capital into City National to strengthen the Los Angeles-based subsidiary's liquidity position and pay down higher-cost borrowing. "This is part of the management actions that RBC is taking on the path to improving profitability at City National" an RBC spokesman told Reuters. RBC, which bought City National in 2015 for $5.4 billion, said in August that the subsidiary's losses in the third quarter stood at $38 million, compared with a profit of $102 million a year ago. RBC has also hired Greg Carmichael, the former CEO of U.S. regional lender Fifth Third Bancorp, to sit on City National's board.

Persons: Carlos Osorio, Dave McKay, Greg Carmichael, Mike Rizvanovic, Rizvanovic, Jaiveer Singh, Balu, Maju Samuel, Paul Simao Organizations: Royal Bank of Canada, REUTERS, RBC, City National, Reuters, Valley Bank, Fifth Third Bancorp, City, Thomson Locations: Toronto , Ontario, Canada, Los Angeles, California, U.S, Santa Clara, Bengaluru, Toronto

☆ Canada's RBC injects capital into unit City National to strengthen liquidity
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsSept 29 (Reuters) - Royal Bank of Canada (RBC) (RY.TO) on Friday said it had injected capital into City National to strengthen its subsidiary's liquidity position and pay down the higher cost of borrowing. The bank, however, did not disclose how much capital it has injected into the unit. "This is part of the management actions that RBC is taking on the path to improving profitability at City National" an RBC spokesman told Reuters. The bank also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit, which will be "eliminated at the Royal Bank of Canada consolidated level".

Persons: Carlos Osorio, Banks, Jaiveer Singh, Maju Samuel Organizations: Royal Bank of Canada, REUTERS, RBC, City National, Reuters, City, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ AI startup AlphaSense valued at $2.5 bln after latest funding round
▼ + stars: | 2023-09-28 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups. Big Tech companies including Amazon (AMZN.O) and Microsoft (MSFT.O) have been pouring billions into securing ties with AI startups that are reshaping their industry. When asked if AlphaSense has any plans for an initial public offering, CEO Jack Kokko told Reuters the company has "plenty of capital more than we could hope for" right now. Investing in new initiatives, especially in generative AI, is a focus too as the company explores expanding its product offering, Kokko said in an interview. AlphaSense helps its customers extract relevant information from a trove of public and private content such as equity research, earnings calls, company filings and news.

Persons: Goldman Sachs, AlphaSense, Jack Kokko, Kokko, Mary Meeker, Jaiveer Singh, Devika Organizations: Viking Global, Big Tech, Amazon, Microsoft, Reuters, Thomson Locations: Bengaluru

☆ Crypto exchange Kraken to offer US-listed stocks' trading - Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 27 (Reuters) - Crypto exchange Kraken is planning to offer trading in U.S.-listed stocks and exchange-traded funds, Bloomberg News reported on Wednesday, citing a person familiar with the matter. Kraken will initially offer trading in the United States and the United Kingdom through a service built by a new division called Kraken Securities, and is targeting to launch the service in 2024, the report said. It already holds the required regulatory permits in the United Kingdom and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the United States, the report added. Several of them are trying to get approval from the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund.

Persons: Dado Ruvic, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Bloomberg, Kraken Securities, Financial Industry, Authority, Reuters, U.S . Securities, Exchange Commission, Thomson Locations: United States, United Kingdom, Bengaluru

☆ Centerbridge teams up with Wells Fargo to launch direct-lending fund
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 26 (Reuters) - Private equity firm Centerbridge Partners is launching a direct-lending fund with backing from Wells Fargo (WFC.N), the companies said on Tuesday. The direct-lending market is dominated by private equity firms, which in recent months have been looking to expand their footprints in the sector as mid-sized banks tighten loan standards. The fund named Overland Advisors will target at least $5 billion in investible capital with a focus on meeting credit requirements of North American mid-sized companies, the San Francisco-based bank and Centerbridge said. Abu Dhabi Investment Authority and British Columbia Investment Management Corporation have agreed to provide nearly $2 billion in initial equity commitments.

Persons: Stephanie Keith, Wells, Centerbridge, JPMorgan Chase, forayed, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Centerbridge Partners, Overland, North, Abu, Abu Dhabi Investment Authority, Columbia Investment Management Corporation, JPMorgan, Reuters, Thomson Locations: New York City, U.S, Wells Fargo, San Francisco, Abu Dhabi, Bengaluru

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

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