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☆ Greg Fleming's Rockefeller strategic-advisory team defies dealmaking drought thanks to this rich family
▼ + stars: | 2023-05-31 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

The wealth manager's CEO Greg Fleming has deep ties to the Desmarais family behind the insurer. In the midst of a dealmaking lull, Rockefeller Capital Management can add another billion-dollar advisory deal to its resume. Advised by the five-year-old firm, Canadian insurer Great-West Lifeco is selling asset management subsidiary Putnam Investments to Franklin Templeton, the firms announced today. Since Fleming launched Rockefeller, born out of the Standard Oil heirs' family office, Great-West Lifeco has consistently sought the firm's services. The Rockefeller family also increased its stake by an undisclosed amount.

Persons: Rockefeller, Franklin Templeton, Greg Fleming, Lifeco, Morgan Stanley, Merrill Lynch, Jim Ratigan, Stephen Valentino, Fleming, Paul Desmarais Jr Organizations: Rockefeller Capital Management, Putnam Investments, Pitchbook, Wall Street, Deutsche Bank . Rockefeller, Standard, Rockefeller, Power Corporation of Canada, Viking Global, Bank of America

☆ Buy on volatility, says BofA's Marci McGregor
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuy on volatility, says BofA's Marci McGregorMarci McGregor of Bank of America and Merrill Lynch, joins 'Closing Bell' to offer her market forecast and the A.I.

Persons: BofA's Marci McGregor Marci McGregor, Merrill Lynch Organizations: Bank of America

☆ MLB roundup: Rays win shootout, take series from Dodgers
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +12 min

Rays starter Josh Fleming allowed 10 runs (eight earned) on 12 hits, including five home runs, in six innings. Dylan Covey (0-1) retired only two batters in his first start since 2019 and was tagged for seven runs (five earned) on six hits. Darvish (3-4) allowed a season-high seven runs and seven hits in 2 2/3 innings. Gerrit Cole (6-0) allowed a homer to Jake Cronenworth two batters into the game and a two-run homer to Rougned Odor in the seventh. Alex Cobb (4-2) gave up a season-high seven runs on seven hits in four innings.

☆ Famed economist David Rosenberg says home prices are set to fall further as buyers retreat to the sidelines and a hawkish Fed means stubbornly high mortgage rates
▼ + stars: | 2023-05-26 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

With mortgage rates unlikely to budge and incomes unlikely to grow, prices are due to drop. Housing affordability is calculated by accounting for three variables: home prices, mortgage rates, and incomes. Ian Shepherdson, the chief economist at Pantheon Macroeconomics who said in the 2005 that a housing downturn would spark a recession, made the same argument in recent weeks. Now that's quite striking because mortgage rates are no longer at peak, but applications are still falling. This would send interest rates — and therefore mortgage rates, which trade closely with Treasury rates — higher, further hurting demand and affordability, Moody's Chief Economist Mark Zandi recently told Fortune.

☆ 'Price bubble' in A.I. stocks will wreck rally, economist David Rosenberg predicts
▼ + stars: | 2023-05-25 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Economist David Rosenberg, a bear known for his contrarian views, believes enthusiasm surrounding AI has become a major distraction from recession risks. "No question that we have a price bubble," the Rosenberg Research president told CNBC's "Fast Money" on Thursday. "[This] looks very weird," said Rosenberg, who served as Merrill Lynch's chief North American economist from 2002 to 2009. Just seven mega-caps have accounted for 90% of this year's price performance," Rosenberg wrote. While mega cap tech outperforms, Rosenberg sees ominous trading activity in banks , consumer discretionary stocks and transports .

Persons: David Rosenberg, CNBC's, Rosenberg, Merrill Lynch's, Jensen Huang Organizations: Rosenberg Research, Nasdaq, Nvidia, Microsoft

☆ MLB roundup: Surging Cardinals down Dodgers for fourth straight series win
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +12 min

Cardinals starter Jack Flaherty allowed three runs on four hits and four walks with five strikeouts in 4 2/3 innings. Yankees 4, Reds 1Harrison Bader belted a two-run homer and Luis Severino pitched effectively into the fifth inning in his season debut, lifting New York past host Cincinnati. The 2-0 cushion proved enough to send the Phillies to a second straight win after losing five straight. In his fourth appearance, the left-hander went six innings and allowed one run on one hit, one walk and a career-high seven strikeouts. Mariners starter George Kirby (5-3) pitched seven innings and allowed three runs on six hits, one walk and six strikeouts.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Factbox: Morgan Stanley's three potential CEO candidates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday. EDWARD (TED) PICK, 54Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators. Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002. He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.

☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

☆ Bank of America's Merrill names new leaders to head divisions
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Bank of America Corp's (BAC.N) investment and wealth management arm Merrill named insider Greg McGauley as the head of private wealth management, international and institutional, Merrill said on Friday. Merrill offers investment management services to its clients including, wealth planning, insurance, retirement and savings planning. McGauley joined Merrill in 1994 and has held several senior roles at the company, including leading private wealth services. Lydia DiClemente was also named as the head of Merrill Banking Enablement and Merrill Financial Solution Advisors. DiClemente, who has more than 20 years of experience in the wealth management industry, will also work in partnership with April Schneider, the head of wealth management banking and lending.

☆ The SEC just paid out nearly $279 million to a tipster in its largest-ever award. Here's an inside look at the crazy world of whistleblower lawsuits.
▼ + stars: | 2023-05-08 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +11 min

The regulator announced a nearly $279 million award to a whistleblower on May 5, more than double the previous record of $114 million awarded in October 2020. When whistleblower information leads to settlements, tipsters can earn between 10 and 30 percent of the financial penalties paid by wrongdoers. When whistleblower information leads to settlements, the tipsters can earn a percentage of the financial penalties paid by wrongdoers. The tipster's law firm, Kirby McInerney, worked with state authorities on the investigation after "Tooley's" lawsuit was filed. This means tax-fraud whistleblowers will increasingly look for ways to bring their tips to New York law enforcement to be more involved in the investigation process.

☆ NYSE to delist First Republic Bank shares
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - The New York Stock Exchange said on Tuesday it will delist shares of First Republic Bank (FRC.N), the lender that was seized by regulators before JPMorgan Chase & Co (JPM.N) acquired most of its assets. Apart from the company's common stock, seven different types of its preferred stock will also be delisted. Trading in all the shares will be suspended immediately, the exchange said. First Republic was acquired by Merrill Lynch in 2007. California regulators on Monday seized First Republic and put it into Federal Deposit Insurance Corp receivership, marking the third major U.S. bank failure in two months and the largest since Washington Mutual in 2008.

The deal talks went down to the wire, according to two sources familiar with the situation. Four bidders, including JPMorgan, made it to the final rounds of the auction on Sunday night, one of the sources said. The final deal, announced around 3:30 a.m., cements Dimon's reputation as one of Wall Street's most powerful bankers. JPMorgan started a process internally, which looked at various options for First Republic, including an acquisition, according to a source familiar with the matter. The auction dragged out through the night as the FDIC's advisors examined each bid on its merits, a source familiar with the matter said.

☆ Explainer: Why First Republic Bank failed and what JPMorgan's deal means
▼ + stars: | 2023-05-01 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

May 1 (Reuters) - The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. The failure of First Republic, which said last week it had first-quarter outflows of more than $100 billion, marks the demise of a third major U.S. bank in just two months, after Silicon Valley Bank and Signature Bank . Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill's new owner, Bank of America. WHAT THE JPMORGAN DEAL MEANSJPMorgan said that under its deal First Republic's 84 offices in eight U.S. states would reopen as branches of JPMorgan Chase Bank from Monday, so customers of the failed bank will be dealing with the giant financial group instead. The biggest U.S. bank will get even bigger as a result of the deal for most of First Republic's assets.

☆ Narrow market implies further choppiness is ahead, says BofA and Merrill's Marci McGregor
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNarrow market implies further choppiness is ahead, says BofA and Merrill's Marci McGregorMarci McGregor of Bank of America and Merrill Lynch, joins 'Closing Bell' to discuss inflation coming down in 2023, narrow breath in the market, and a decline in earnings year-over-year.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

☆ What’s next for troubled First Republic Bank
▼ + stars: | 2023-04-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank is still an independent bank. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by their customers left the lenders unable to cover customers’ demands for withdrawals. Nervous major depositorsThe financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter. In its earnings statement, the bank said insured deposits declined moderately during the quarter and have remained stable from the end of last month through April 21. So when customers lose confidence in a bank and rush to withdrawal their money, what is known as a “run on the bank,” it can cause even an otherwise profitable bank to fail.

Students with a limited credit history are unlikely to be approved for the best credit cards, and even some student credit cards require good to excellent credit. Step is a secured credit card that has a dynamic credit limit that is attached to the bank account balance -- it operates like a debit card but it is a credit card, which is what enables the unique credit building feature. Best Credit Cards for Students With No Credit of 2023Methodology: How we chose the best credit cards for students with no creditInsider's credit cards team looked at dozens of student credit cards, secured credit cards, and starter credit cards and narrowed down the list by choosing only those that students with limited or no credit have a good chance of qualifying for. Credit Cards for Students With No Credit Frequently Asked Questions (FAQ)Which credit card is best for students with no credit? US Bank Altitude Go Secured Credit Card ReviewBest for Students Under 18Step Secured Visa CardWhile credit card accounts are only available to those aged 18 and over, the Step Secured Visa Card offers a solution for students looking to build credit who haven't yet reached legal adulthood.

☆ Brace for a recession by September, a 20% plunge in the S&P 500, and a painful credit crunch, top economist David Rosenberg says
▼ + stars: | 2023-04-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

David Rosenberg sees a near-term recession, a 20% hit to stocks, and a damaging credit crunch. The economist panned the Fed for hiking interest rates and said they could hit zero again. (Rosenberg suggested S&P 500 earnings could drop by one-fifth in a recession, to about 3,200 points.) Now we have not just the cost of credit being a problem for the economy, but the availability of credit is going to compound that. Read more: We put 7 burning questions to top economist David Rosenberg.

☆ US debt limit has seen 78 changes since 1960. This time is likely no different, says Bank of America's wealth management team
▼ + stars: | 2023-04-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Lawmakers will ultimately reach an agreement preventing the US from defaulting on its debt, according to Merrill strategists. The debt ceiling has been changed 78 times since 1960 despite political deadlocks, and this time is "likely no different", they said. "Many past instances of debt limit standoffs have been resolved without significant market fallout," they said. Many past instances of debt limit standoffs have been resolved without significant market fallout," Merrill strategists wrote in a note. "Since 1960, 78 times over, Congress acted to either raise, temporarily extend, or revise the debt limit, with this time likely no different," they added.

☆ Taylor Swift didn't sign $100 million FTX sponsorship because she was the only one to ask about unregistered securities, lawyer says
▼ + stars: | 2023-04-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Taylor Swift pulled out of a $100 million sponsorship deal with Sam Bankman-Fried's FTX. The lawyer suing other celebrities for promoting FTX says she was the only one to ask about unregistered securities. Taylor Swift managed to avoid signing a $100 million sponsorship deal with FTX because she was reportedly the only celebrity to question the crypto exchange, according to the lawyer handling a class-action lawsuit against several FTX promoters. "The one person I found that did that was Taylor Swift," Moskowitz told The Scoop's Frank Chaparro. "In our discovery, Taylor Swift actually asked them: 'Can you tell me that these are not unregistered securities?'"

That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

☆ BlackRock is open to a major deal. Here's where it could look to expand as the banking crisis emboldens the world's largest money manager.
▼ + stars: | 2023-04-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

The banking crisis that unfolded last month has created opportunities for BlackRock. The potential for a "transformational" deal would expand the world's largest money manager. The banking crisis that unfolded last month with the collapse of Silicon Valley Bank has emboldened BlackRock, the world's largest money manager with some $9 trillion of assets. The Financial Times reported last December that BlackRock had "discussed whether to pursue a takeover of private markets manager Carlyle but decided against it," citing three people with knowledge of those discussions. "We are asking ourselves to reimagine BlackRock," Fink said on Friday.

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