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☆ Stocks making the biggest moves premarket: Credit Suisse, Lennar, PacWest & more
▼ + stars: | 2023-03-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Axel Lehmann, chairman at Credit Suisse Group AG, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Friday, Oct. 14, 2022. Credit Suisse — Shares of Credit Suisse were down 21.5% after the firm's biggest backer, Saudi National Bank, said it won't provide it with further financial help. Credit Suisse and several other European banks, including Societe Generale , Italy's Monte dei Paschi and UniCredit , were halted from trading as prices plummeted. Bank of America , Morgan Stanley , Wells Fargo — Shares of larger financials were in lower early Wednesday as the Credit Suisse tumble sent ripples across the global banking sector. Bank of America lost 2.9%, Morgan Stanley dropped 3.2% and Wells Fargo declined by nearly 4.2%.

☆ Stocks making the biggest moves midday: Credit Suisse, First Republic Bank, Halliburton and more
▼ + stars: | 2023-03-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Credit Suisse — Shares of Credit Suisse plunged 25% after its biggest backer, Saudi National Bank, said it won't provide the Swiss bank with further financial help. First Republic Bank — The regional bank stock tumbled 23%, giving back some of Tuesday's gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. New York Community Bancorp — The regional bank stock jumped more than 5%, bucking the broader sell-off trend in banking names.

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

☆ DEI Is Dying On College Campuses. Or Is It?
▼ + stars: | 2023-03-14 | by ( ) www.wsj.com time to read: 1 min

Editor’s note: In this Future View, students discuss diversity, equity and inclusion. Next week we’ll ask, “Do you fear that World War III will happen in your lifetime? What will it look like?” Students should click here to submit opinions of fewer than 250 words before March 21. The best responses will be published that night.

☆ Republicans are slamming the bailout of Silicon Valley Bank's customers, saying it's a giveaway to the rich
▼ + stars: | 2023-03-13 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Federal regulators bailed out Silicon Valley Bank depositors following its Friday collapse. The joint statement made from the Treasury, Federal Reserve, and FDIC noted that the bailout will not be funded by taxpayers — the FDIC's insurance fund, which stands at about $125 billion, will cover all SVB depositors. "I don't know if making money's now woke," Baker said. "Banks like S.V.B. President Joe Biden referenced the 2018 law in Monday remarks on SVB, saying that "we must reduce the risks of this happening again."

☆ DeSantis and other prominent Republicans blame 'woke' politics for Silicon Valley Bank's collapse instead of bankers miscalibrating risk
▼ + stars: | 2023-03-13 | by ( Brent D. Griffiths | Nicole Gaudiano | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Some Republicans blamed "woke" investment strategies for Silicon Valley Bank's downfall. Economists and banking experts so far have chalked up Silicon Valley Bank's failure to much more apolitical circumstances. Silicon Valley Bank then had to sell its assets at a loss to fork over cash it didn't have, an increasingly untenable chain reaction that ended only when regulators shut the institution down. Regulators closed the Silicon Valley Bank on Friday, a stunning break to a period of relative banking stability in the wake of the 2008 financial crisis. "I don't know if making money's now woke," Baker said.

☆ GOP presidential contenders cast blame for Silicon Valley Bank collapse
▼ + stars: | 2023-03-13 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Former President Donald Trump and other 2024 Republican presidential hopefuls spoke out over the weekend on the failure of Silicon Valley Bank , offering early hints of their varied approaches to the markets. Silicon Valley Bank, or SVB, was shuttered by financial regulators last week, marking the largest failure of a banking institution since the 2008 financial crisis. Nikki Haley on Saturday night declared, "taxpayers should absolutely not bail our Silicon Valley Bank." "Now depositors at healthy banks are forced to subsidize Silicon Valley Bank's mismanagement.

☆ Five Best: Books on Hollywood
▼ + stars: | 2023-03-10 | by ( Charles Elton | ) www.wsj.com time to read: +1 min

FlickerBy Theodore Roszak (1991)1. “Flicker” is the love child of Pauline Kael and Umberto Eco—a 700-page novel that combines religious philosophy and film theory, with some tantric sex thrown in. “There was no bliss to compare with the discovery of a lost von Stroheim scene or a Pabst without torn sprockets,” he muses. His search for the mysterious Castle takes him into a sinister Catholic organization called Oculus Dei, which will do anything to destroy Castle’s legacy. If “Flicker” sounds unlike anything you’ve ever read, it is—and gloriously so.

☆ Nike taps Twitter's former head of diversity as next chief DEI officer
▼ + stars: | 2023-03-07 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

He previously worked as Twitter's vice president of inclusion, diversity, equity and accessibility. He most recently worked at Twitter as vice president of inclusion, diversity, equity and accessibility. "Diversity, equity and inclusion (DEI) continue to be top priorities for Nike, Inc.," said Chief Human Resources Officer Monique Matheson, in an email to employees announcing Loduca's hiring. Sam succeeded Felicia Mayo, who left the company in June 2020 after two years as chief talent, diversity and culture officer. Mayo succeeded Kellie Leonard, who stepped down as chief diversity and inclusion officer in 2020.

☆ Here are Friday's biggest analyst calls: Apple, Tesla, Alphabet, Kroger, Meta, Silvergate, UPS & more
▼ + stars: | 2023-03-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as a top pick Morgan Stanley said it sees a "catalyst rich event path" for the tech giant. Morgan Stanley names Alphabet, Amazon and Meta top AI picks Morgan Stanley named Alphabet, Amazon and Alphabet as top picks and said AI is at an inflection point. Barclays reiterates Alphabet as overweight Barclays said it's standing by its overweight rating on the stock but sees it range-bound for the foreseeable future. Morgan Stanley reiterates Eaton as a top pick Morgan Stanley said it sees several cyclical growth drivers for the multination power management company. Morgan Stanley names Eli Lilly as a catalyst driven idea Morgan Stanley named Eli Lilly as a catalyst driven idea, saying that the stock "levered" to a likely positive outcome from upcoming obesity drug trials.

☆ Monte dei Paschi investor CariFirenze doesn't plan to sell stake
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

FLORENCE, Italy, March 3 (Reuters) - A local banking foundation that invested in Monte dei Paschi's (BMPS.MI) new share issue last year said on Friday it had no plans to sell the stake it built under efforts to make the lender part of a larger banking group. Speaking to Reuters on the sidelines of an event, the chairman of banking foundation CariFirenze, Luigi Salvadori, said the Monte dei Paschi (MPS) stake was not a purely financial investment but a strategic one "because we believe there is a need for another large banking group." CariFirenze was one of several banking foundations - traditionally investors in Italian lenders - that responded to an appeal by the Italian Treasury to back the make or break share sale. "We also liked CEO Luigi Lovaglio's plan," Salvadori said. Reporting by Silvia Ognibene, Wriring by Valentina Za; editing by Gianluca Semeraro and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ The Equity Talk: One of America's largest insurance providers is making addiction and mental health a top focus for CEOs
▼ + stars: | 2023-03-02 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +9 min

In an Equity Talk, Nasenbenny talks about how mental health and addiction are DEI issues. The data has clearly demonstrated that everyone is affected by the current mental health and addiction crisis. Do you feel the CEOs at companies you provide insurance to actually care about mental health and addiction policies? We see a lot of individuals that come to us with claims who are on opioids or have a mental health condition, oftentimes an untreated mental health condition. If we see trends within one of our customers that suggest they have more addiction issues or mental health issues than other like-minded, similarly situated companies, we will bring that to their attention.

☆ AXA’s fling with Monte Paschi ends on high note
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.

☆ How to 'layoff-proof' your job, from 6 top recruiters at Netflix, McKinsey, Walmart, and more
▼ + stars: | 2023-02-28 | by ( Aj Eckstein | ) www.businessinsider.com time to read: +6 min

AJ Eckstein hosts a podcast interviewing recruiters from major tech, retail, and finance companies. Recruiters from PwC, Walmart, Lockheed Martin, Netflix, and more share how to safeguard your job. I'm a podcast host and job-search expert who interviews leading recruiters at some of the world's largest companies including Netflix, McKinsey & Company, Accenture, and Walmart. I've interviewed more than 30 recruiters in order to pull back the curtain on the recruitment process and help job seekers. "In a constantly shifting job market, employees shouldn't be stagnant either," he said.

☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

☆ Italy's Treasury sees AXA stake sale as way to simplify MPS governance - source
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French Insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane MaheMILAN, Feb 28 (Reuters) - Italy's Treasury does not regard negatively a decision by French insurer AXA (AXAF.PA) to sell its 8% stake in Monte dei Paschi (BMPS.MI) because it boosts free float and simplifies the state-owned bank's governance structure, a person close to the matter said. The Treasury owns 64% of Monte dei Paschi following a 2017 bailout and must eventually exit the Tuscan lender. AXA on Monday sold virtually all of the stake it had acquired late last year when it bought into a 2.5 billion euro rights issue at Monte dei Paschi, becoming its second biggest investor after the government. A source told Reuters on Monday the stake was bought by several institutional investors.

☆ Italy's MPS to rejoin Milan's blue-chip index from March 20 - sources
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 27 (Reuters) - Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) is set to rejoin the FTSE MIB blue-chip index on the Milan stock exchange after six years of absence, two market sources told Reuters on Monday. MPS is currently in the FTSE MID Cap index and left the blue-chip index in March 2017. At 1536 GMT, its stock was up by more than 3.6%, outperforming Italy's bank sub-index (.FTITLMS3010). One trader said MPS' stock has benefited from very high liquidity following November's 2.5-billion-euro new share issue, making it eligible for blue-chip status. At the same time, Italian cement maker Buzzi Unicem (BZU.MI) is "very likely" to be downgraded from the blue-chip to the FTSE MID Cap index, the trader said.

☆ Florida bill would ban gender studies majors, diversity programs at universities
▼ + stars: | 2023-02-25 | by ( Sharon Bernstein | ) www.reuters.com time to read: +3 min

Feb 24 (Reuters) - Florida Governor Ron DeSantis would gain more influence in the state's public university system, and majors involving gender studies or critical race theory would be eliminated if a bill filed this week wins support from the Republican-controlled legislature. The wide-reaching legislation represents a new front in the Republican war against the "woke" agenda many conservatives believe liberals are trying to push on public education across the country. Earlier this month, Texas Republican Governor Greg Abbott told state agencies and public universities that such practices violated labor laws. The Florida bill would also prohibit spending on programs or campus activities that promote DEI and what it calls "Critical Race Theory rhetoric." Critical race theory is an academic concept that asserts that racism is woven into the U.S. legal system and ingrained in its primary institutions.

☆ Gen Z women expect to make $6,200 less than men after graduating—salary transparency could help
▼ + stars: | 2023-02-24 | by ( Ashton Jackson | ) www.cnbc.com time to read: +4 min

Their latest Gen Z salary transparency report found that, after surveying 1,853 Gen Z jobseekers, women expect a $6,200 lower average salary compared to men. "I was surprised that women are still asking for less money and have lower salary expectations," Workman tells CNBC Make It. Though women have historically been paid less than men, the gap has narrowed significantly since 1960. What's more, for every dollar paid to white dads, Black, Native American, and Latina moms earn 52 cents, 49 cents, and 47 cents, respectively. Several states, cities, and counties across the country have already passed legislation making salary transparency a requirement, including California, Colorado, Connecticut, Maryland, Nevada, Rhode Island, Washington and New York City.

☆ Italian private equity fund FSI fund raised Anima stake to 9%
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 21 (Reuters) - Italian private equity fund Fondo Strategico Italiano (FSI) held 9% of Anima Holding as of Feb. 17, a regulatory filing showed on Tuesday, after beefing up an initial holding of just over 7% it built last week. Offering a premium of just 7.5% over the latest closing price, FSI reached only slightly more than its minimum target in the reverse ABB transaction. The filing showed FSI had then bought a further 1.7% stake on the market. Led by former Merrill Lynch banker Maurizio Tamagnini, FSI has not disclosed the reasons behind its investment in Anima. ($1 = 0.9376 euros)Reporting by Valentina Za, editing by Alvise Armellini and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ I've been 'code-switching' my entire career, but experts say that shouldn't be a workplace norm—here's why
▼ + stars: | 2023-02-16 | by ( Ashton Jackson | ) www.cnbc.com time to read: +7 min

I started working at age 15 and since then, I've had two personas: workplace me and the real me. Here's how code-switching impacts Black professionals, and why experts say it shouldn't be a workplace norm. There's an expectation that you must speak standard English in order to navigate this world, navigate society, get a job, or get into school. "When I think of code-switching, I think of the words 'standard English.' I think of how the English language has basically been oppressed and pushed onto people," Cornell tells CNBC Make It.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow layoffs will impact DEI pledges: McKinsey's Shelley StewartMcKinsey senior partner Shelley Stewart worries that an economic downturn may impact diversity, equity and inclusion efforts. He tells CNBC's Sharon Epperson how companies can mitigate high attrition rates in frontline jobs and reflects on how DEI pledges have evolved since 2020.

☆ How small-business owners can address pay equity, according to a startup founder trying to build generational wealth for employees of color
▼ + stars: | 2023-02-14 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Yemi Rose is the founder of OfColor, a startup helping workers of color build generational wealth. Rose shared his insights on how small businesses could reach pay equity for employees of color. Before starting OfColor, Rose spent 16 years workings for financial and consulting firms like Thomson Financial and KPMG. In a conversation with Insider, Rose shared his thoughts on how small-business owners could reach pay equity for their employees of color. Before launching OfColor, Rose wanted to become an expert on the systems dictating wealth across America.

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