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☆ 8 money habits that are preventing you from growing your wealth, according to an ex-banker
▼ + stars: | 2023-06-22 | by ( Tim Denning | ) www.businessinsider.com time to read: +10 min

Ex-banker and personal-finance writer Tim Denning says a poor money mindset is what keeps you stuck. You also need to act on investments instead of waiting for the right time and seek out tax savings. I got this poor money mindset from the 2008 recession. "Don't pay in full. When you don't pay, they charge predatory fees and make you poorer.

Persons: Tim Denning, —, Katie, Austin Rief, Austin, Katie Gatti, I've, Cash, Lehman Brothers, you'll, Gordon Ramsay, It's, it's, There's Organizations: Service, Facebook, Morning, doesn't, Navy SEAL, Google, Microsoft, CNBC Locations: Australian

☆ SoftBank's billionaire CEO, who believes AI will completely change the way humans live within 30 years, says he can't stop using ChatGPT
▼ + stars: | 2023-06-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

SoftBank's billionaire CEO can't stop using ChatGPT. Masayoshi Son said during a shareholder meeting that he used the chatbot every day, per Reuters. SoftBank's billionaire CEO Masayoshi Son said he is "chatting with ChatGPT every day" as his company races to get ahead in the new era of AI. He made the comments on Tuesday during a shareholder meeting for the company's telecoms unit, per Reuters. However, the company's attempts to get ahead in the AI race through startup investing have fallen flat.

Persons: Masayoshi Son, Sam Altman, Altman, Son, SoftBank Organizations: Reuters, CNBC, Investments, Bloomberg Locations: Tokyo

LONDON, June 14 (Reuters) - Deutsche Bank (DBKGn.DE) has added three senior dealmakers to its team of bankers advising other financial institutions, such as insurance companies and lenders, according to a memo seen by Reuters on Wednesday and confirmed by a company spokesperson. It has hired Marie-Soazic Geffroy as global co-head of its Financial Institutions Group (FIG) from Perella Weinberg Partners (PWP.O). Based in Paris, she will lead the industry group alongside Jeff Cady, who is set to join the bank in New York from Citigroup (C.N). The bank has also appointed Chris Williams as FIG chairman for Europe, the Middle East and Africa (EMEA). Citigroup's Aaron Saperstein is also set to join Deutsche Bank in New York as head of diversified financials, covering speciality finance companies and financial technology lenders.

Persons: Marie, Soazic, Perella Weinberg, Jeff Cady, Chris Williams, Citigroup's Aaron Saperstein, Pablo Mayo Cerqueiro, Stefania Spezzati, Mark Potter Organizations: Deutsche Bank, Reuters, Group, Citigroup, Credit Suisse, Deutsche, Thomson Locations: Paris, New York, Europe, East, Africa

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Goldman Sachs is making a slew of leadership changes in its investment bank. See the key moves here.
▼ + stars: | 2023-05-03 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

Goldman has internally announced a slew of leadership changes in its investment bank. Goldman's Aasem Khalil will take on Posnett's role as global head of investment banking services. A fresh face will now lead one of Wall Street's most powerful investment banking groups. She ultimately served as co-COO of TMT and head of Internet investment banking before being appointed head of investment banking services. Succeeding Posnett as head of global investment banking services is Aasem Khalil, a Goldman partner and 26-year veteran of the Wall Street bank.

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. Citi earned $1.86 per share in the first quarter, beating analysts' average estimate of $1.67, according to Refinitiv data. The bank's investment in services to corporations resulted in 31% growth in revenues in treasury and trade solutions. INVESTMENT BANKING BACK? Mason expressed cautious optimism about a recovery in investment banking.

☆ Credit Suisse's biggest backer says can't put up more cash; share down by a fifth
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) (1180.SE), said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data. The Saudi bank would exit when proper value to the shares had been acquired, he added. At 1046 GMT, Credit Suisse shares were trading down 20% at 1.7840 Swiss francs"We are happy with the plan, the transformation plan that they have put forward. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.

☆ Here's how 'duration risk' came back to bite Silicon Valley Bank and led to its rapid collapse
▼ + stars: | 2023-03-13 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

One key term is "duration risk" along the yield curve in the bond market. Duration risk in bonds Those Treasury purchases in and of themselves were not the issue at SVB. The problem occurred when depositors came calling for their money and the bank didn't have the cash on hand. This mismatch, which always exists to some extent, is where "duration risk" comes into play. The risk is that the duration of the investments made by the bank doesn't match up with its potential liquidity needs.

☆ SVB had roughly $16 billion in unrealized losses: Raging Capital Ventures' William Martin, who called its collapse
▼ + stars: | 2023-03-13 | 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 EmailSVB had roughly $16 billion in unrealized losses: Raging Capital Ventures' William Martin, who called its collapseBill Martin, the founder of Raging Capital Ventures, joins 'Halftime' to discuss Silicon Valley Bank's investment in low rate mortgages, the scale of SVB's unrealized losses and the venture capital response to the SVB collapse.

☆ World Bank's IFC to provide Sri Lanka with $400 mln financing
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Feb 27 (Reuters) - The International Finance Corporation (IFC), the World Bank's investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports. Three private banks, which together deal with over 30% of Sri Lanka's remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday. The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars. IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added. Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.

☆ Intesa reassures on capital distribution after asset risk worries hit shares
▼ + stars: | 2023-01-20 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Shares in Intesa fell by 2% after Bloomberg reported Intesa was cutting as much as 20 billion euros ($22 billion) in risk-weighted assets to address supervisory remarks about its inadequate risk models. Intesa said the risk weighted asset (RWA) reduction it had carried out in the fourth quarter related to regulatory changes kicking in from Jan. 1, 2023 and its core capital would land at around 13% at the end of 2022. "We believe that the group is working on RWAs optimisation as well as rationalisation of capital usage in order to face regulatory headwinds (around 45 basis points already communicated) and continue the generous capital distribution that management had in the past." Il Sole said banks had taken action to avoid the capital hit by shifting to capital-light businesses, transferring risks to investors through so-called synthetic securitisation deals or shedding assets altogether. ($1 = 0.9232 euros)Reporting by Valentina Za, editing by Gianluca Semeraro and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Indian stocks top Asian markets, strong economic growth fuels hope
▼ + stars: | 2022-12-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

"Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December. The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to Tata Sons for $2.4 billion in enterprise value. Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn (2317.TW) plans to quadruple the workforce at its Indian plant, Reuters has reported.

☆ Recovery in Asia M&A, stuck at 8-year-lows, rests on macro conditions
▼ + stars: | 2022-12-19 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

Deals are set to revive slowly as companies and funds watch out for easier macroeconomic conditions, they said. "This will provide a more stable backdrop for the return of a more robust M&A market," said Maliah. Deals in private equity, a major M&A driver, amounted to $139 billion as of Dec. 15, down 52% on all of 2021. "Banks' ability to write big-size checks is still much challenged," said Samson Lo, UBS's co-head of Asia-Pacific M&A. An improvement in Asian equity capital market volumes from three-year lows will also help M&A deals, dealmakers said.

☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

☆ Swiss National Bank loses nearly $143 billion in first nine months
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +3 min

Gold holdings lost 1.1 billion francs in value. "The problem is the stagflationary environment where equities lose, bonds lose, gold loses and the Swiss franc becomes stronger. The loss could, however, mean that the central bank halts payouts to the Swiss federal and cantonal governments next year. Continued massive losses could wipe out the SNB's equity, which stood at 204 billion francs at the end of 2021. It helps the credibility of a central bank if it is well capitalized."

☆ CEO David Solomon Is Restructuring Goldman Sachs Again
▼ + stars: | 2022-10-18 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

David Solomon is changing up Goldman Sachs divisions like he switches tracks. Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in. But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.

☆ Goldman Sachs layoffs are underway as mid-level TMT bankers get handed pink slips from New York to San Francisco
▼ + stars: | 2022-09-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +3 min

Its tech, media, and telecom division has suffered roughly a dozen layoffs, Insider has learned. The news will fuel growing anxiety about cuts as Wall Street prepares third-quarter results. The TMT layoffs are part of a broader cost-cutting effort at Goldman that is resulting in layoffs across other investment banking teams and in offices around the world. Economic conditions are hammering Wall Street as public valuations tank, fears of a recession mount, and corporate confidence to get deals done dwindles. For the time being, the IPO market continues to remain stalled — creating further reason for worry as Wall Street prepares to report third-quarter earnings next month.

Standard Chartered (STAN.L), a competitor of HSBC in emerging markets, said earlier this year it would end all direct coal financing for clients by 2032. The Global Coal Exit List, which tracks finance firms' ties to the coal sector, said HSBC's fund arm exposure was $3.4 billion at end-November. HSBC said it will have engaged with all listed companies in its actively managed portfolios with more than 10% of revenues from thermal coal by next year. HSBC said in its 2021 annual report that the bank's thermal coal loan exposure was $1 billion, or 0.2% of its total wholesale loan book. When it comes to holding the boards of companies with significant thermal coal exposure to account, HSBC said its fund arm would vote against the election of board chairs at companies planning to expand production and use of thermal coal.

☆ Credit Suisse investment chief lays out why the bank has cut its weighting to US stocks, how likely a recession now is and how the bank is positioning its billions of dollars in client assets
▼ + stars: | 2022-09-16 | by ( Karin Wasteson | ) www.businessinsider.com time to read: +5 min

Credit Suisse downgraded its global equities positioning from overweight to neutral in early August, and then cut it again on the 29th August from neutral to underweight. "If you want a job, you can get a job," Siu said. "From the beginning of the Covid outbreak, bond yield was 0.5%, now bond yield is 3.2%; a six-fold increase since then. Is bond yield attractive? In a recession risk scenario you do not want to be overweight high risk assets such as high yield."

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