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☆ KKR acquires $2.1 bln portfolio of multifamily real estate assets from Quarterra
▼ + stars: | 2024-06-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo/File Photo Purchase Licensing Rights New Tab , opens new tabJune 25 (Reuters) - Investment firm KKR (KKR.N) New Tab , opens new tab acquired a portfolio of 18 multifamily real estate assets on Tuesday from a closed end fund sponsored by developer Quarterra Multifamily for about $2.1 billion. The portfolio includes 5,200 units across California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. "We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two-years of dislocation in commercial real estate markets," said Justin Pattner, KKR's head of real estate equity in the Americas. KKR will partner with prominent multifamily real estate operators Carter-Haston, MG Properties and Dalan Real Estate to operate the assets. New Tab , opens new tab

Persons: Brendan McDermid, Quarterra, Justin Pattner, Carter, Pritam Biswas, Krishna Chandra Organizations: KKR, New York Stock Exchange, REUTERS, Investment, Thomson Locations: New York, U.S, California, Washington , Florida , Texas, Georgia, North Carolina , Colorado, New Jersey, Americas, Bengaluru

☆ Neeraj Chopra has gained unlikely stardom in India. If he wins another Olympic gold, he will be ‘treated like God’
▼ + stars: | 2024-03-11 | by ( George Ramsay | ) edition.cnn.com time to read: +7 min

CNN —In a line-up of India’s sporting heroes, most of whom have gained celebrity status through cricket, Neeraj Chopra is an anomaly. Matthias Hangst/Getty ImagesPrior to Chopra, India had practically no history in track and field, winning most of its Olympic medals in field hockey and wrestling. But still, Neeraj Chopra is the best sportsperson. “My main focus is to stay healthy,” says Chopra, “but I’m not taking the pressure of winning a gold medal again. He is a moving billboard, one can say now.”And if he wins a second gold medal at the Olympics?

Persons: Neeraj Chopra, ” Chopra, – Chopra, ”, Chopra, It’s, Matthias Hangst, Norris Pritam, He’s, Fabrice Coffrini, “, Pritam, Kirill Kudryavtsev, he’s, I’m, I’ll, ’, –, Michael Steele, ’ ” Organizations: CNN, CNN Sport, Ormax Media, Diamond League, Tokyo, “, ”, volleyball, Zurich Diamond League, Getty, Commonwealth Games, Paris Olympics, India Locations: India, Tokyo, Budapest, Khandra, Haryana, Panipat, AFP, Panchkula, Hungary

☆ Discover Financial explores sale of students loan portfolio
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Discover Financial Services (DFS.N) said on Wednesday it was exploring the sale of its students loan portfolio. The company said it will stop accepting applications for student loans from Feb. 1, 2024 without impacting the loans or payments from current customers. The potential sale will see the transfer of servicing of these loans to a third-party. The company did not give a deadline for the sale. Reporting by Pritam Biswas in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas, Arun Koyyur Organizations: Discover Financial Services, Thomson Locations: Bengaluru

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Apple to end credit card partnership with Goldman Sachs - WSJ
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 28 (Reuters) - Apple (AAPL.O) is pulling the plug on its credit card partnership with Goldman Sachs Group (GS.N), the Wall Street Journal reported on Tuesday. Apple and Goldman had started to roll out a virtual credit card in 2019. The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added. Apple in April had introduced a high-yield deposit account, which offers an annual percentage yield higher than what Goldman offers for an online savings account at its digital consumer bank, Marcus.

Persons: Marche Saint, Gonzalo Fuentes, Goldman, Marcus, Pritam Biswas, Arsheeya, Arun Koyyur, Sherry Jacob, Phillips Organizations: Apple, Marche, Marche Saint Germain, REUTERS, Goldman Sachs, Wall Street, Mastercard, Thomson Locations: Paris, France, United States, Bengaluru

☆ Chinese fast-fashion retailer Shein files for U.S. IPO - WSJ
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said. Shein declined to comment to Reuters on the report. Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands (AUTH.N) and mall operator Simon Property (SPG.N), as the online fashion retailer and its rivals look to expand their market reach. Reporting by Pritam Biswas and Ananya Mariam Rajesh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Arun Koyyur Organizations: REUTERS, Wall Street, New York Stock Exchange, Nasdaq, Reuters, JPMorgan, SPARC Group, Forever, Brands, Simon, Thomson Locations: New York City, U.S, China, United States, Bengaluru

☆ Citi bankers leave for Jefferies as municipal banking department in turmoil -Bloomberg News
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

General view of Jefferies Financial Group offices in Manhattan, New York City, U.S., December 8, 2021. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNov 27 (Reuters) - A team of bankers focused on healthcare at Citigroup (C.N) has left for rival Jefferies Financial (JEF.N) after the firm's executives mulled closing the municipal banking department altogether, Bloomberg News reported on Monday. The group of about 10 bankers departing for Jefferies included managing directors Brian Carlstead, Ben Klemz and Katherine Meyers, the report said, citing people familiar with the matter. CEO Jane Fraser has been weighing whether to shutter the bank's municipal-bond trading and origination business. 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 Citi has discriminated against the firearms sector.

Persons: Eduardo Munoz, Brian Carlstead, Ben Klemz, Katherine Meyers, Jane Fraser, Pritam Biswas Organizations: Jefferies Financial, REUTERS, Citigroup, Jefferies, Bloomberg, Citi, Thomson Locations: Manhattan , New York City, U.S, Texas, Bengaluru

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

☆ ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. The attack impeded trading in the $26 billion Treasury market and has left users of the bank's U.S. arm skittish about trading with the bank, the report said, citing people familiar with the matter. ICBC (601398.SS) did not immediately respond to Reuters' request for a comment. ICBC's U.S. arm was hit by a ransomware attack earlier this month. Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, BNY Mellon, Pritam Biswas, Shilpi Majumdar Organizations: Industrial, Commercial Bank of China, REUTERS, Bloomberg, Reuters, Thomson Locations: Beijing, China, U.S, Bengaluru

☆ Silvergate Capital fully repays deposit liabilities
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Crypto-focused bank Silvergate Capital said on Wednesday it had fully repaid all remaining deposit liabilities, following the bank's decision earlier this year to wind down operations. Silvergate, which now holds less than $10,000 according to the statement, said in March it intended to voluntarily liquidate after being hit with losses following the dramatic collapse of crypto exchange FTX. "Silvergate continues to focus on implementing the Bank Liquidation," it said in a statement on Wednesday. California-based Silvergate, once among the crypto industry's favored banks, had reported a $1 billion quarterly loss before the winding down decision, as investors spooked by the FTX debacle pulled out more than $8 billion in deposits. Reporting by Pritam Biswas in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Silvergate, Pritam Biswas, Devika Organizations: Silvergate, Bank, Thomson Locations: . California, Bengaluru

☆ Autodesk sees annual revenue above estimates amid robust client spending
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Autodesk (ADSK.O) forecast full-year revenue above market estimates on Tuesday, in a sign that client spending on its design software remains resilient in an uncertain economy. Shares of the San Francisco-based company rose 2.8% after market, as it also posted higher revenue and profit in the third quarter. The company has been benefiting from higher sales and recurring revenue as clients in the construction sector look to optimize their industrial design software despite high borrowing costs. Autodesk, whose AutoCAD software is used by construction, engineering and manufacturing companies, expects full-year revenue to be in the range of $5.45 billion to $5.47 billion, compared with LSEG estimates of $5.43 billion. Autodesk's architecture, engineering and construction segment reported a 17% rise in revenue from a year earlier to $675 million.

Persons: Zaheer Kachwala, Pritam Biswas, Shilpi Majumdar Organizations: Autodesk, Cadence Design Systems, Thomson Locations: San Francisco, Bengaluru

☆ Anne Richards steps down as Fidelity International CEO
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Anne Richards, CEO of Fidelity International, attends the Global Financial Leaders' Investment Summit, in Hong Kong, China November 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 20 (Reuters) - Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. “Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients," Chair of Fidelity International, Abby Johnson, said. In her new role as vice chair, Richards will help the company with its external relationships and strategic partnerships, Fidelity said in a statement.

Persons: Anne Richards, Tyrone Siu, Richards, Brian Conroy, Anne, Abby Johnson, Pritam Biswas, Pooja Desai Organizations: Fidelity International, Global Financial, Investment, REUTERS, G Investments, Fidelity, Aberdeen Asset Management, Thomson Locations: Hong Kong, China, Bengaluru

☆ Short-seller Jim Chanos to close hedge funds - WSJ
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Jim Chanos, Founder and Managing Partner of Kynikos Associates LP speaks at the Reuters Global Investment Outlook summit at the Thomson Reuters building in New York, November 19, 2013. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNov 17 (Reuters) - After nearly four decades, Jim Chanos is shutting down hedge funds he manages that wager against companies he believes are overpriced or fraudulent, the Wall Street Journal reported on Friday. His firm, Chanos & Co., manages less than $200 million today, down from $6 billion in 2008, the report added. Chanos is known for his bets against Tesla (TSLA.O), on which he went short in 2016. Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Chanos, Mike Segar, Chanos, Tesla, Pritam Biswas, Shilpi Majumdar Organizations: Kynikos, Reuters Global Investment, Thomson Reuters, REUTERS, Wall Street, Chanos, Reuters, Thomson Locations: New York, Bengaluru

☆ Fitch says US regional bank challenges to persist in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - Rating agency Fitch said on Wednesday that U.S. regional banks will face continued challenges in 2024, with those lacking scale or focused on commercial loan growth disproportionately pressured. Fitch said that a delay in meaningful loosening of monetary policy would likely translate into "sustained competition for deposits" and "stubbornly weak loan growth." Large regional banks focused on commercial loan growth saw the weakest credit demand, which in some cases reached double digit declines on an annualized basis, Fitch said. In third quarter earnings, a string of regional banks reported pressure on net interest income (NII), the difference between what banks earn from lending and pay out on deposits, which hit some of their shares.

Persons: Brendan McDermid, Fitch, Bill Gross, Pritam Biswas, Megan Davies, Shounak Dasgupta, Jonathan Oatis, Cynthia Osterman Organizations: Wall, REUTERS, Valley Bank, Federal Reserve, Thomson Locations: New York, U.S, SVB, Bengaluru

☆ Wells Fargo to cut less than 50 investment banker jobs - source
▼ + stars: | 2023-11-14 | 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 RightsNov 14 (Reuters) - Wells Fargo (WFC.N) has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday. Top U.S. banks have flagged even more potential layoffs to save costs, especially if the economy remains under pressure from high interest rates and geopolitical tensions, threatening to derail a budding rebound in investment banking. "Like all well-managed organizations, we regularly review and evaluate the needs of our clients and the markets we serve in order to ensure we align our resources accordingly," Wells Fargo said in a statement to Reuters. "These departures represent a small number, and we remain fully committed to our Corporate & Investment Banking business."

Persons: Stephanie Keith, Wells, Wells Fargo, Pritam Biswas, Saeed Azhar, Devika Organizations: REUTERS, Reuters, Corporate & Investment Banking, Bloomberg, Thomson Locations: New York City, U.S, Bengaluru, New York

REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

☆ Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru

☆ Loews posts Q3 profit on higher investment income, insurance premium
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

James Tisch, President and Chief Executive of Loews Corporation, speaks during The Economist's Buttonwood Gathering in New York October 25, 2012. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 30 (Reuters) - Loews Corp (L.N) on Monday reported a profit in the third quarter compared to a loss a year earlier, boosted by higher investments and insurance unit CNA Financial's (CNA.N) strong performance. Investment income for the New York-based company jumped to $592 million in the third quarter ended Sept. 30 from $404 million a year earlier. The company reported an underlying combined ratio of 90.4% in its property and casualty business, compared with 91.1% a year earlier. CNA's larger peer, Travelers Companies (TRV.N), reported a 14% fall in quarterly profit earlier this month.

Persons: James Tisch, Carlo Allegri, Pritam Biswas, Shinjini Organizations: Loews Corporation, REUTERS, Loews Corp, CNA, U.S . Federal, Loews, New, Travelers Companies, Thomson Locations: New York, Bengaluru

☆ Fifth Third expects further interest income weakness after quarterly profit falls
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Joe Skipper/File photo Acquire Licensing RightsOct 19 (Reuters) - Fifth Third Bancorp (FITB.O) said on Thursday it expects interest income (NII) to decline again in the current quarter after posting a 1.3% fall in third-quarter profit. The bank's net interest margin in the quarter contracted to 2.98% from 3.22% a year earlier. Cincinnati, Ohio-based Fifth Third sees net interest income - the difference between the interest banks earn on loans and pay out on deposits - down roughly between 1% and 2% in the fourth quarter. Fifth Third's third-quarter NII fell 4% from a year earlier to $1.44 billion. Average deposits at Fifth Third were up 4% at $165.64 billion in the third quarter compared with a year earlier.

Persons: Joe Skipper, Tim Spence, Pritam Biswas, Krishna Chandra Organizations: Fifth Third Bank, REUTERS, Third Bancorp, Fifth, Thomson Locations: Boca Raton , Florida, Cincinnati , Ohio, Bengaluru

☆ Nasdaq beats profit estimates on strong demand for investment products
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Nasdaq (NDAQ.O) on Wednesday reported third-quarter profit that beat Wall Street estimates, helped by stronger demand for its indexes and anti-financial-crime products. The diversification has helped it offset a prolonged slump in the initial public offering (IPO) market. Listings at Nasdaq are yet to gather pace despite the IPO market beginning to show "green shoots", underscoring risks to recovery even as hopes of a soft landing grow. A total of 87 companies listed on the Nasdaq Stock Market in the quarter, compared to 98 a year earlier.

Persons: Adena Friedman, Pritam Biswas, Pooja Desai Organizations: Nasdaq, REUTERS, Wall, Thomson Locations: New York City, U.S, Bengaluru

☆ US Bancorp Profit Beats Wall Street Estimates on Higher Interest Income
▼ + stars: | 2023-10-18 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - US Bancorp beat estimates for third-quarter profit on Wednesday, as higher interest income from loans offset a hit from bigger credit-loss provisions. The U.S. Federal Reserve's aggressive monetary tightening over the past year to tame inflation has boosted profits at consumer-facing banks as customers pay a higher rate on their mortgages and credit card debt. Net interest income, which is the difference between what banks earn from lending and pay out on deposits, for the third quarter ended Sept. 30 rose 10.7% to $4.27 billion for USB. But even though lenders have reaped a windfall from interest income, the 'higher-for-longer' interest rate environment has soured the outlook for the economy as consumers feel the burn of higher credit costs and lower household budgets. USB set aside $515 million as provisions anticipating more loan defaults, compared with $362 million a year earlier.

Persons: Pritam Biswas, Krishna Chandra Eluri Organizations: Reuters, US Bancorp, U.S Locations: Federal, 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

☆ 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

☆ Barclays appoints Geoffrey Belsher as new Canada CEO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - Barclays (BARC.L) on Friday named investment banking veteran Geoffrey Belsher as chairman and country chief executive officer for Canada, effective Oct. 16. Belsher has previously held senior role in Canadian Imperial Bank of Commerce (CM.TO). He was also the president of Canadian operations of Barclays Capital and its predecessor Lehman Brothers Canada, according to the company's statement. Belsher would be based in Toronto and report to CEO of Americas Richard Haworth and the global co-heads of investment banking Cathal Deasy and Taylor Wright.

Persons: Dado Ruvic, Geoffrey Belsher, Belsher, Richard Haworth, Cathal Deasy, Taylor Wright, Bruce Rothney, Pritam Biswas, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Barclays, Canadian Imperial Bank of Commerce, Barclays Capital, Lehman Brothers Canada, Citigroup, Jefferies Financial, Reuters, Thomson Locations: Canada, Toronto, U.S, 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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