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Search resuls for: "Matt Wirz"


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☆ Big Banks Cook Up New Way to Unload Risk
  + stars: | 2023-11-07 | by ( Matt Wirz | Peter Rudegeair | ) www.wsj.com   time to read: 1 min
U.S. banks have found a new way to unload risk as they scramble to adapt to tighter regulations and rising interest rates. JPMorgan Chase , Morgan Stanley , U.S. Bank and others are selling complex debt instruments to private-fund managers as a way to reduce regulatory capital charges on the loans they make, people familiar with the transactions said.
Persons: JPMorgan Chase, Morgan Stanley Organizations: JPMorgan, U.S . Bank
☆ 10 Great Books About AI for Your Science-Fiction Reading List
  + stars: | 2023-10-08 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
Today you can use ChatGPT to clone your voice or plan your meals, but what will the AI of the future do? Here are potential answers in books by 10 science-fiction writers who envision sentient machines that fulfill human desires, topple governments, disrupt economies, save humanity and, maybe, replace it.
☆ The New Kings of Wall Street Aren’t Banks. Private Funds Fuel Corporate America.
  + stars: | 2023-10-08 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/fed-rate-hikes-lending-banks-hedge-funds-896cb20b
Persons: Dow Jones
☆ This Science-Fiction Writer Thinks AI Needs Its Own Body
  + stars: | 2023-10-08 | by ( Matt Wirz | Photography Chase Castor For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/tech/ai/this-science-fiction-writer-thinks-ai-needs-its-own-body-740bcaf6
Persons: Dow Jones
☆ Ukraine Hunts for Cash as Fighting Drains Coffers
  + stars: | 2023-09-18 | by ( Matt Wirz | Alexander Saeedy | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/europe/ukraine-hunts-for-cash-as-fighting-drains-coffers-a6443e9c
Persons: Dow Jones Locations: ukraine
☆ Private Equity Borrows Billions to Bring You Broadband Internet
  + stars: | 2023-08-29 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/private-equity-borrows-billions-to-bring-you-broadband-internet-2d75c1ae
Persons: Dow Jones
☆ Hedge Funds Brawl Over Battered Commercial Real Estate
  + stars: | 2023-07-23 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/hedge-funds-brawl-over-battered-commercial-real-estate-1a12df4
Persons: Dow Jones
☆ Sex, Drugs and Spreadsheets: Dr. Glazer Treats Wall Street’s Addiction Surge
  + stars: | 2023-07-11 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sex-drugs-and-spreadsheets-dr-glazer-treats-wall-streets-addiction-surge-8c41c1f2
Persons: Dow Jones, glazer
☆ Ecstasy-for-Medicine Advocate MAPS Looks for Cash Lifeline
  + stars: | 2023-06-28 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ecstasy-for-medicine-advocate-maps-looks-for-cash-lifeline-326b77fd
Persons: Dow Jones
☆ Where Is the U.S. Economy Headed? Follow the Money
  + stars: | 2023-05-31 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/where-is-the-u-s-economy-headed-follow-the-money-c79a6b1c
Persons: Dow Jones
☆ Betting Against Banks Brings Reward and Backlash
  + stars: | 2023-05-09 | by ( Matt Wirz | Ben Foldy | ) www.wsj.com   time to read: 1 min
The FDIC seized First Republic Bank in early May and struck a deal to sell the bulk of its operations to JPMorgan Chase. WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseeShort selling is back in vogue on Wall Street, rewarding some who bet against banks while triggering a backlash. Short selling, or betting that securities prices will fall, surged over the past year as many investors braced for market turbulence. The approach helped hedge funds beat major stock indexes last year for the first time since 2008.
☆ FDIC Starts Selling $114 Billion of Bonds From Failed Banks
  + stars: | 2023-04-19 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
Bonds that were held by Silicon Valley Bank will help pay for the cost of rescuing depositors. Photo: Steven Senne/Associated PressThe Federal Deposit Insurance Corp. has begun selling bonds it inherited from Silicon Valley Bank and Signature Bank to recoup the cost of rescuing the failed banks’ depositors. The FDIC put up for auction about $700 million of high-quality mortgage-backed bonds Tuesday in what could prove to be a test of how much the U.S. government recovers on the $114 billion in face value of the bonds it assumed.
☆ Private Equity’s Food Binge Goes Sour
  + stars: | 2023-04-10 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
Private-equity funds went on a buying binge for food companies before markets crashed in 2022. Now they have indigestion that is contributing to rising prices at the grocery checkout. The funds snapped up a record 786 makers of food and beverages worth $32 billion in 2021, using bundles of debt to pay for their purchases, according to data from S&P Global Market Intelligence. The financiers projected that staple goods would keep making profits no matter how the economy fared. But that forecast changed, with the food industry soon hammered by higher labor costs, supply-chain disruptions and surging inflation.
☆ Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse
  + stars: | 2023-03-22 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
Strains in the banking sector are roiling a roughly $8 trillion bond market considered almost as safe as U.S. government bonds. So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac . The bonds are far less likely to default than most debt and are easy to buy and sell quickly, a crucial reason they were Silicon Valley Bank’s biggest investment before it foundered.
☆ Credit Suisse Bond-Wipeout Threatens $250 Billion Market
  + stars: | 2023-03-20 | by ( Matt Wirz | Caitlin Mccabe | Anna Hirtenstein | ) www.wsj.com   time to read: 1 min
Credit Suisse Group AG’s emergency merger with UBS Group AG will wipe out the bank’s riskiest bonds, rattling investors in the quarter-trillion-dollar market for similar bank debt. About 16 billion Swiss francs, or about $17.3 billion, of the bank’s additional tier 1 bonds will be completely written down, Switzerland’s financial regulator, Finma, said in a Sunday statement. Credit Suisse also said it was informed by Finma that the bonds would be “written off to zero.”
☆ Dow Breaks Four-Week Losing Streak After Services Data
  + stars: | 2023-03-03 | by ( Matt Wirz | Anna Hirtenstein | ) www.wsj.com   time to read: 1 min
U.S. stocks gained Friday after data on the U.S. services sector showed its strongest activity since the summer. The signs of economic resilience outweighed concerns about inflation and tighter global monetary policy that prompted selling earlier in the week. The Nasdaq Composite jumped 226.02 points, or 2%, to 11689.01 as technology stocks recovered some of their losses from a dismal performance in February. The S&P 500 advanced 64.29 points, or 1.6%, to 4045.64 and the Dow Jones Industrial Average gained 387.40 points, or 1.2%, to 33390.97.
☆ Wall Street Backs New Class of Psychedelic Drugs
  + stars: | 2023-02-23 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
Wall Street is betting tens of millions of dollars on psychedelic drugs that backers say could treat mental illness for a fraction of what it costs to do therapy with better-known treatments. Transcend Therapeutics Inc. raised $40 million from venture-capital investors in January to develop a post-traumatic stress disorder treatment that its 29-year-old CEO Blake Mandell says would require about half the amount of therapy as MDMA, or ecstasy, a popular hallucinogen. Gilgamesh Pharmaceuticals Inc. and Lusaris Therapeutics Inc. have announced capital raises of about $100 million since November for similar products addressing depression.
☆ Private Equity Taps Insurers’ Cash to Speed Up Growth
  + stars: | 2023-01-31 | by ( Matt Wirz | Leslie Scism | ) www.wsj.com   time to read: 1 min
New York-based Apollo Global Management merged with an annuity insurer that now accounts for almost half of the $523 billion Apollo manages. Investment firms that play on the cutting edge of finance are turning to one of the oldest businesses on Wall Street to turbocharge their growth: insurance. Private-credit fund managers such as Blackstone Inc., Carlyle Group Inc. and Centerbridge Partners are increasingly forming partnerships with insurers, or buying them outright. Call it the merger of slow money and fast money.
☆ Bonds Over Stocks: The New 60-40 Portfolio
  + stars: | 2023-01-17 | by ( Matt Wirz | Jack Pitcher | ) www.wsj.com   time to read: 1 min
BlackRock is advising clients to buy bonds and sell stocks going into 2023. Investors big and small are betting on bonds, after debt funds in 2022 posted their worst performance on record. The steep selloff in fixed income means that bonds now pay their highest yields in more than a decade. Fund giants such as BlackRock Inc. and Vanguard Group say that makes high-quality corporate and mortgage bonds attractive compared with stocks, which stand to extend their losses from last year if the U.S. economy enters recession.
☆ Market Chill Opens Path for Buyout Lender Sixth Street’s Rise
  + stars: | 2022-12-23 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
The leveraged buyout of an Emerson Electric business is one of several large deals recently financed by Sixth Street. The credit crunch on Wall Street is forcing some of its biggest deal makers to turn to a little-known investment firm to bankroll their purchases: Sixth Street Partners . Many banks and private-credit funds are tightening their purse strings after taking losses on big junk-rated loans that they committed to before debt markets seized up this summer. That leaves Sixth Street, which manages about $65 billion, as one of the few outfits willing to write fat checks to finance corporate takeovers.
☆ Avaya Veers Toward Bankruptcy Filing
  + stars: | 2022-12-15 | by ( Alexander Gladstone | Andrew Scurria | Alexander Saeedy | ) www.wsj.com   time to read: 1 min
Avaya Holdings Corp. is nearing a chapter 11 bankruptcy filing to restructure its balance sheet as it looks to turn around its business and move past problems surrounding the company’s accounting, people familiar with the matter said. Avaya disclosed earlier this week it has reviewed various restructuring proposals from competing creditor groups. One plan, supported by a senior lender group including Apollo Global Management , would significantly reduce Avaya’s debt load through chapter 11, wipe out shareholders and, pending the completion of an internal investigation into controls over financial reporting, provide directors and executives with releases from potential litigation.
☆ Fed Rate Increases Are Squeezing Consumer-Finance Companies
  + stars: | 2022-12-11 | by ( Matt Wirz | Ben Eisen | Tom Mcginty | ) www.wsj.com   time to read: 1 min
Consumer spending in the U.S. is going strong. Consumer lending, not so much. The financial squeeze that started about six months ago for companies that lend to ordinary Americans is getting worse, contrasting sharply with recent rallies in stocks and corporate bonds. The main reason: These finance companies have lost access to easy money.
☆ JPMorgan Dodges a Buyout-Loan Bullet
  + stars: | 2022-11-13 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
JPMorgan Chase & Co. CEO Jamie Dimon is pleased about the bank’s level of exposure to bad buyout loans. Sometimes in investment banking, it is the deals you don’t do. JPMorgan Chase & Co. has avoided most of 2022’s so-called hung deals that have cost competitors billions of dollars in paper losses. Whether by luck or by design, the biggest U.S. bank didn’t make loans backing takeovers of companies such as Twitter Inc., Citrix Systems Inc. and Nielsen Holdings PLC, which fell in value as markets turned choppy.
☆ Raising Money on Wall Street Hasn’t Been This Hard in a Decade
  + stars: | 2022-11-06 | by ( Matt Wirz | ) www.wsj.com   time to read: 1 min
It is quiet on Wall Street. Autumn is usually one of the busiest times of the year in finance but new stock sales, debt raises and corporate mergers all slowed to a trickle in recent weeks. The supply of cash that fuels such deals is evaporating and the slowdown likely is here to stay, bankers, investors and corporate lawyers say.
☆ U.K. Crisis Spills Into U.S. Junk Debt
  + stars: | 2022-10-11 | by ( Matt Wirz | Caitlin Ostroff | ) www.wsj.com   time to read: 1 min
Fallout from the crisis in U.K. financial markets has hit a faraway corner of Wall Street: the trillion-dollar market for collateralized loan obligations. Once a niche product, CLOs are now widely held by investors around the world, including the British pensions, insurers and funds that got caught by the recent crash in U.K. currency and government-bond markets. Many of them sold CLO bonds to meet margin calls, sending prices of the securities tumbling well below their intrinsic value, analysts and fund managers said.
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