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☆ Merrill financial advisor survey shows they love cash and bonds, but hate stocks
▼ + stars: | 2023-03-08 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

Almost 400 financial advisors surveyed at Bank of America's Merrill Lynch unit said they favor bonds and cash the most for investment portfolios, with stocks at a "distant third," a report out Wednesday said. Bonds as a percentage of portfolios climbed to 27% when the survey was taken in late January and early February, up from 24% a year earlier. The average allocation to cash climbed to 10% from 7% a year ago, while stocks fell to 57% from 62%. With the surplus cash that's being generated in portfolios, 26% of advisors plan to buy stocks, down from 42% last year. Meanwhile, 29% intend to put the money into bonds and 30% "are happy to remain in cash."

☆ Richard Rosenberg, former Bank of America chief who doubled its assets, dies
▼ + stars: | 2023-03-06 | by ( Lananh Nguyen | ) www.reuters.com time to read: +1 min

NEW YORK, March 5 (Reuters) - Richard Rosenberg, the former Bank of America Corp (BAC.N) chief executive who presided over a spree of acquisitions that doubled the bank's assets, has died. Rosenberg, a former Navy commander, served as the bank's chairman and CEO from 1990 to 1996. He took the helm as the industry was deregulating and orchestrated several major deals including a $4 billion merger with Security Pacific National Bank, one the largest banking deals of its time. They have since swelled to more $3 trillion after more deals, including the purchase of Merrill Lynch during the 2008 financial crisis. He joined Bank of America in 1987 to run its California operations, helping the company to swing to a profit from losses.

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☆ Spring training roundup: Pirates, O’s play unneeded bottom of 9th
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

Orioles catcher Maverick Handley called balls and strikes thrown by teammate right-hander Ofreidy Gomez during the half inning. The Pirates opened a 5-0 lead before the Orioles put up four runs across the fifth and sixth innings, thanks in part to Franchy Cordero's two-run home run. Kevin Pillar had a two-run homer and an RBI single to power the Braves' offense. Phillies 7, Blue Jays 2Trea Turner hit a two-run single and finished 2-for-3 with a run as host Philadelphia took care of Toronto in Clearwater, Fla. Jace Peterson cracked a three-run homer for the Athletics.

☆ We're a buyer of weakness and a seller of strength, says Merrill and BoA Private Bank's Chris Hyzy
▼ + stars: | 2023-02-27 | 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 EmailWe're a buyer of weakness and a seller of strength, says Merrill and BoA Private Bank's Chris HyzyChris Hyzy, Merrill and Bank of America Private Bank chief investment officer, joins 'Closing Bell' to offer his equity strategy for navigating a volatile market.

☆ MLB roundup: Mariners top Padres, Machado first to violate pitch clock
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] Feb 24, 2023; Peoria, Arizona, USA; Seattle Mariners designated hitter Mike Ford (20) hits a three run double against the San Diego Padres in the fourth inning at Peoria Sports Complex. Machado was not in the batter's box and ready to face Mariners starter Robbie Ray within eight seconds, and the umpire called timeout and assessed a first strike on Machado's count. The Padres scored two runs in the eighth but could not complete the comeback. Reserve shortstop Jackson Merrill went 3-for-3 with a run for San Diego. The Royals' Vinnie Pasquantino and recent Texas signing Robbie Grossman also homered.

☆ Revisiting JPMorgan’s innovative Cazenove deal
▼ + stars: | 2023-02-24 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +6 min

JPMorgan avoided most of these problems by structuring its deal as a joint venture with Cazenove. Though the corporate entity called JPMorgan Cazenove was quietly wound down a few years ago, the name still graces the U.S. group’s UK banking business. At the time of the JPMorgan deal, Cazenove acted as broker to almost half of the companies in the FTSE 100 Index (.FTSE). By 2009, the enlarged business reported a pre-tax profit of 280 million pounds. The Cazenove deal still stands as a case study of how to buy an investment bank without destroying it.

☆ 2 of America's most acclaimed wealth managers told us how to safeguard your money for a recession, and their tips for securing financial freedom
▼ + stars: | 2023-02-23 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

Jeff Erdmann and Peter Mallouk have both been named some of the best wealth managers in the US. Mallouk gave financial advice for young people, and Erdmann discussed investing before a recession. Among the honors he's racked up is Best US Wealth Manager, from Forbes, which he won for seven consecutive years through 2022. He said investors should stick with stocks and financial assets even when the going gets tough. Tips from MalloukMallouk often addresses young people through the Pathway Financial Education Center, which his firm launched in 2021.

☆ 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.

☆ A recession could be 'deeper than expected' this year, says analyst—here's what it means for your money
▼ + stars: | 2023-02-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Raheel Siddiqui, senior research analyst at Neuberger Berman, told CNBC Make It a recession in 2023 "will be more severe than expected." The labor market is strong, too, with a tiny unemployment rate of 3.4%. "In a plain-vanilla recession, earnings go down 20%. And when economic downturns occur at the same time as deflation, you can expect a larger-than-normal drop in earnings, Siddiqui said. The bottom quartile is entering a recession," Siddiqui said.

☆ CNBC's best big bank savings accounts of 2022
▼ + stars: | 2023-02-17 | by ( Elizabeth Gravier | ) www.cnbc.com time to read: +22 min

To determine which big bank savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by the largest banks and credit unions. Best big bank savings accounts of 2022Best at Bank of AmericaBank of America Advantage Savings Learn More Bank of America, N.A. If you want a simple, no-frills and low cost savings account at a big bank, U.S. Bank's Standard Savings Account is for you. The three choices include Virtual Wallet, Virtual Wallet with Performance Spend and Virtual Wallet with Performance Select. Spend is your everyday checking account, Reserve your interest-bearing checking account / primary overdraft protection account and Growth is your long-term savings account / secondary overdraft protection account.

The proposed amendments to federal custody rules would "expand the scope" to include any client assets under the custody of an investment advisor. The move poses a fresh threat to crypto exchange custody programs, as other federal regulators actively discourage custodians like banks from holding customer crypto assets. "Make no mistake: Today's rule, the 2009 rule, covers a significant amount of crypto assets," Gensler said in a statement. "As the release states, 'most crypto assets are likely to be funds or crypto asset securities covered by the current rule.' In its most recent earnings report, the exchange specified that it keeps customer crypto assets "bankruptcy remote" from hypothetical general creditors, but noted that the "novelty" of crypto assets meant it was uncertain how courts would treat them.

☆ Dr. Harvey Karp planned to tell the press the $1,700 Snoo was 'proven to reduce SIDS' last summer. But the FDA stamp of approval never came.
▼ + stars: | 2023-02-15 | by ( Kate Taylor | Jake Swearingen | ) www.businessinsider.com time to read: +6 min

Dr. Harvey Karp nearly announced last summer that the FDA certified that Snoo reduces SIDS. But 15 years later, the ability of the Snoo — now on the market as a $1,700 high-tech bassinet — to reduce SIDS remains unproven. Despite lofty promises from Karp and Nina Montée Karp, his wife and cofounder, experts who spoke with Insider remain skeptical. Karp said he and his wife created the Snoo to reduce parent stress and reduce SIDS. But the FDA approval never came, and the press release was never officially distributed.

☆ 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.

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With inflation accelerating, Ueda could finally set Japan on a path to raise rates after the BOJ spent a decade fighting deflation risks with its unorthodox bond buying scheme costing trillions of yen. Ueda himself on Friday said current policy settings were appropriate, which also put a bit of a dampener on expectations of any shift. Implied volatility has also eased in the forex options market, suggesting an ebbing in bets on big shifts in the yen exchange rate. "It's not very apparent that (Ueda) would take on the job and then immediately change the policy." To be sure, 10-year Japanese yields were untraded at the BOJ's ceiling on Monday, indicating plenty of investors are staying short.

☆ A husband-wife duo turned the $1,700 Snoo into the holy grail of parenting, but some say they run their company like a dysfunctional 'surveillance state'
▼ + stars: | 2023-02-13 | by ( Kate Taylor | Jake Swearingen | ) www.businessinsider.com time to read: +31 min

Karp and Montée Karp built the hype into a parenting-media empire that put out three books and two instructional films in 10 years. Karp and Montée Karp met at a Hollywood party in the early '90s. Karp and Montée Karp promised her independence and flexibility to accommodate her two young children's day-care schedules and a 90-minute commute. Karp and Montée Karp insisted on being involved in minutiae that most top executives hand off. Karp and Montée Karp turned the Snoo into an award-winning holy grail of parenthood in just a few years.

☆ Nina Montée Karp and Dr. Harvey Karp turned the $1,700 Snoo into the holy grail of parenting. But some say they overhyped the crib's abilities and created a nightmarish corporate culture.
▼ + stars: | 2023-02-13 | by ( Kate Taylor | Jake Swearingen | ) www.businessinsider.com time to read: +31 min

☆ BNP Paribas Italy names ex-Intesa banker Lattuada as CIB deputy head
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

MILAN, Feb 2 (Reuters) - BNP Paribas Italy (BNPP.PA) said on Thursday it had named Marco Lattuada as deputy head of its corporate and institutional banking division in the country, reporting to CIB Italy Executive Chairman Vittorio Ogliengo. Lattuada was the former global head of investment banking and structured finance at Intesa Sanpaolo (ISP.MI), in whose CIB division he had previously headed the telecoms, media and technology sectors. Prior to that he was senior director at Bank of America Merrill Lynch global investment banking and vice president at Bank of America CIB. Reporting by Valentina Za; editing by Francesca LandiniOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
▼ + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +20 min

In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.

☆ There's a massive disconnect between markets and the Fed - and Jerome Powell's messaging could fall upon deaf ears
▼ + stars: | 2023-02-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Let's break down what to know ahead of the Federal Reserve's widely expected interest rate hike today. Today's rate hike decision probably won't surprise anyone, as markets have long priced in a 25-basis-point move for the February and March meetings. Goldman said he'll be watching for three things in Powell's speech:Powell will talk tough: "He's going to push back on financial markets. In any case, according to Reinking, unless Powell musters up some serious aggression, any messaging will ultimately fall upon deaf ears. What will your investment strategy look like following another interest rate hike from the Fed?

☆ Managers at my company have to give at least one bad review on their teams. How can I make sure I don't get targeted?
▼ + stars: | 2023-02-01 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Stack ranking is when managers score employees' performances relative to that of their coworkers. It's not easy to fight it if your company uses stack rankings, but you can take a few actions. Forced, or stack, ranking — a system in which managers score their employees' individual performances relative to that of their coworkers — needs to die but, alas, refuses to do so. Stack ranking is still used today, including at companies like Amazon, though it's largely been found to be a terrible management practice. Why, then, do some companies persist in stack ranking?

☆ Karen Firestone: Investors can make money during pessimistic times. Here's how
▼ + stars: | 2023-02-01 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

One of the more senior brokers told me that the most important lesson I could learn about the stock market was – drumroll, please – "Buy low. By the second week in March, the S & P 500 had dropped 12% and the Nasdaq Composite had fallen about 20%. In mid-June, the S & P had sunk 23.4% from its Jan. 3 peak of 4,796, and the Nasdaq had collapsed more than 30%. On Oct. 12, the S & P closed at 3,577, down 25.4% from its peak. Since the market low in October, about half of the cohort has climbed 20%.

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Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

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