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Search resuls for: "Financial Services Conference"


10 mentions found


☆ Lazard CEO warns of more Wall Street layoffs
  + stars: | 2022-12-07 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
[1/2] The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. Rivals Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) have also culled some staff. Elsewhere on Wall Street, BlackRock Inc (BLK.N), the world's largest asset manager, has also frozen hiring except in critical roles. "When I talk to our clients, they sound extremely cautious," Goldman Sachs CEO David Solomon told investors Tuesday. Reporting by Manya Saini and Noor Zainab Hussain in Bengaluru; Additional reporting by Lananh Nguyen in New York; Editing by Krishna Chandra Eluri, Lananh Nguyen and Anna DriverOur Standards: The Thomson Reuters Trust Principles.
☆ Investors focus on lower earnings outlook for 2023, but the evidence is so far mixed
  + stars: | 2022-12-07 | by ( Bob Pisani | ) www.cnbc.com   time to read: +2 min
The boomlet from Fed Chair JeromePowell's speech is now over. Second, a string of hot economic reports (November nonfarm payrolls, strong hourly earnings, strong ISM Services report), has convinced many that the much anticipated year-end stock rally is not going to happen. At the Goldman Sachs Financial Services Conference on Tuesday, CEOs were cautious but not gloomy. While some chose to focus on one or two CEOs warning of a slowing economy, most CEOs at the conference were not pessimistic. The bottom line: Investors, for the moment, are choosing to believe that the outlook for 2023 is leaning more to "earnings are going lower" rather than "earnings will be flat."
☆ PE wants to see some cash flow before it starts making deals
  + stars: | 2022-12-07 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
As the markets continue to sour, and a recession looms, everyone's wondering when PE firms will begin scooping up assets. High on Bae's wishlist are "all things digital," he said, with one giant caveat: profitability. There are plenty of companies doing fascinating things in the digital space, but many have yet to reach profitability (*cough* fintechs *cough*). Goldman Sachs is going dumpster diving for crypto companies. Chaos in the crypto markets is creating investing and acquisition opportunities for the bank, according to Matthew McDermott, Goldman's head of digital assets.
☆ Most crypto should be regulated as securities, NYSE-owner ICE's CEO says
  + stars: | 2022-12-06 | by ( John Mccrank | ) www.reuters.com   time to read: +1 min
NEW YORK, Dec 6 (Reuters) - Most cryptocurrencies will likely be regulated under existing securities laws following crypto exchange FTX's collapse, and traditional players like the New York Stock Exchange may move into tokenized trading, the head of NYSE-owner Intercontinental Exchange Inc (ICE.N) said on Tuesday. "They're going to be regulated and dealt like securities," ICE Chief Executive Jeffrey Sprecher said of cryptocurrencies at a financial services conference by Goldman Sachs Group Inc (GS.N). "The laws already exist and I think they're just going to be implemented more strongly," Sprecher said. U.S. Securities and Exchange Commission Chair Gary Gensler has said he expects his agency to be the primary cryptocurrency regulator because he considers most crypto tokens to be securities. "We happen to run a securities exchange, so I could see us doing tokenized trading," ICE's Sprecher said, referencing the NYSE.
☆ Traders are watching this group of stocks to gauge how much investors really fear a recession
  + stars: | 2022-12-06 | by ( Bob Pisani | ) www.cnbc.com   time to read: +2 min
After what happened with bank stocks Monday, investor attention is going to shift to the Goldman Sachs US Financial Services Conference that opens today. Regional bank stocks tend to move with the S & P, so that is a very big selloff, and volumes were elevated as well. Others think investors are simply catching up with the "higher for longer" interest rate environment. You hear 'recession' and you sell bank stocks," Wells Fargo's long-time bank analyst Mike Mayo said on CNBC yesterday. "If we are entering a slower growth economy, will banks have to put aside more money for loans going bad?," Siefers told me.
☆ 'We don’t lay off people’: This is how Bank of America's CEO plans to reduce employee levels
  + stars: | 2022-12-06 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. Brian Moynihan is no stranger to laying off workers — it's one of the key ways he helped shape Bank of America after the 2008 financial crisis. The bank had 213,270 employees as of Sept. 30, about 3,900 more than the year earlier. Organizations as large as Bank of America are constantly losing and hiring employees, a churn that adds to expenses. Moynihan has used technology — from consolidating back-end processes to offering updated mobile apps — to help reduce noncustomer-facing employees.
☆ KKR's co-CEO says the firm is looking at investments in 'all things digital,' while avoiding tech companies with lofty valuations and no earnings
  + stars: | 2022-12-06 | by ( Rebecca Ungarino | ) www.businessinsider.com   time to read: +3 min
KKR's co-CEO said on Tuesday that the firm is staying away from unprofitable companies. The private-equity behemoth KKR still has an appetite to invest in tech companies. KKR oversaw $496 billion as of September 30 as one of the largest managers of alternative assets such as private equity, private credit, and real-estate. While it used to be far more heavily weighted toward private equity, KKR's fundraising has increasingly shifted toward other assets like private credit, liquid credit, and real estate, Bae said. Private credit has been a particular focus for alternative money managers like KKR, Blackstone, and Carlyle amid rising rates and big banks' retreats from some lending, Insider previously reported.
☆ The CEO of a major student-loan company says Biden's loan forgiveness plan has 'created all types of confusion' for borrowers
  + stars: | 2022-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Navient CEO Jack Remondi said Biden's student-loan forgiveness has created "confusion." He said borrowers with FFEL loans still need additional guidance on steps they need to take to get relief. Currently, the Education Department is advising people with FFEL loans to consolidate into direct loans to qualify. "Probably the most challenging thing for us right now is what we don't know," Remondi said. Navient owns some loans within the Federal Family Education Loan (FFEL) program, which are privately-held loans that would not automatically qualify for Biden's federal debt relief.
☆ A worker at a student-loan company says the 'lack of guidance' from Biden's Education Department on debt cancellation is hurting borrowers: 'I'm just so worried people are going to be left out'
  + stars: | 2022-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
A student-loan company worker expressed concern with the lack of guidance on Biden's debt relief. "There's a complete lack of guidance from the Education Department on what to advise borrowers," the worker, who requested to remain anonymous but whose identity is known to Insider, said. The worker specifically assists borrowers within the Federal Family Education Loan (FFEL) program, who have loans that are commercially-held and not eligible for federal relief. Currently, the Education Department is advising those borrowers to consolidate their loans into direct federal loans so they can qualify for forgiveness. In response to the worker's concerns, an Education Department spokesperson pointed Insider to the FFEL guidance already on its website and did not have any additional details to provide.
☆ The CEO of a major student-loan company says he won't sue Biden on debt cancellation even though he 'clearly' has standing
  + stars: | 2022-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Navient CEO Jack Remondi said he won't sue Biden on his student-loan forgiveness plan. However, he did note his company would have standing to bring forth legal action. Remondi addressed those threats and said that Navient would "clearly" have the legal standing to challenge the policy because it owns loans within the Federal Family Education Loan (FFEL) program. But in terms of whether Navient will actually sue, Remondi said: "It won't be us." "It's pretty clear that the precedent here requires someone to have standing in order to sue.
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