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7:08 a.m.: BTIG upgrades Block to buy, bullish on Cash App and Square growth Analyst Andrew Harte upgraded Block to buy from neutral, saying margins are poised to expand. His $85 price target implies shares could gain more than 23%. Braziler's new price target of $72, higher by $10, suggests about 2.7% potential upside over the next 12 months. That is equivalent to $12B revenue or 800k units," wrote analyst Srini Pajjuri. Morgan Stanley raised its price target on Citigroup to $65 from $46, implying upside of 20.1% over the next 12 months.

Persons: Morgan Stanley, Goldman Sachs, Andrew Harte, Harte, Cash, — Pia Singh, Timur Braziler, …, Braziler, WAL, Oppenheimer, Brian Nagel, Nagel, Raymond James, Adam Tindle, Tindle, CrowdStrike, Batya Levi, Levi, EBITDA, Raymond James downgrades, Srini Pajjuri, Fred Imbert, Goldman Sachs Morgan Stanley, Betsy Graseck, Graseck, Goldman Organizations: CNBC, Bank of America, Citigroup, UBS, Spotify, Western Alliance, Alliance Bancorp, Palo Alto Networks, AMD, BofA, Global Banking, Markets Locations: Wells Fargo Wells, CY23, Basel

☆ Here are Tuesday's biggest analyst calls: Amazon, Tesla, Goldman Sachs, Meta, Salesforce, Boeing, Spotify & more
▼ + stars: | 2024-01-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan initiates Light & Wonder as outperform JPMorgan initiated the Australian gambling company with an overweight and said it has earnings momentum. Evercore ISI reiterates Meta as outperform Evercore said it's bullish on Meta heading into earnings later this week. " Evercore ISI reiterates Amazon as outperform Evercore said it's bullish heading into Amazon earnings later this week. We are upgrading Bank of America (BAC) to OW from EW, upgrading Citigroup (C) to OW from UW, upgrading Goldman Sachs (GS) to OW from EW, and upgrading BNY Mellon (BK) to EW from UW. Bank of America reiterates Uber as buy Bank of America raised its price target on the stock to $73 per share from $68.

Persons: Oppenheimer, Raymond James, CrowdStrike, Mizuho, Evercore, it's, Morgan Stanley, Instacart, Morgan, Goldman Sachs, Raymond James downgrades, McDonald's, Wells, Baird, Tesla, TSLA, BTIG, Jefferies, Masimo, MASI, Uber Organizations: Accenture, Mizuho, JPMorgan, Morgan Stanley, Bank of America, Citi, Citigroup, BNY Mellon, BK, UW, Trust, AMD, Salesforce Inc, UBS, Spotify, sss, Western Alliance, WAL, Boeing, Olema Oncology, Breast Cancer, " Bank of America, Netflix, Seaport Locations: OW, UW, Wells Fargo

☆ Earnings playbook: Your guide to the biggest reports this week, including JPMorgan
▼ + stars: | 2024-01-07 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Friday UnitedHealth is set to report earnings before the bell, with a conference call scheduled for 8:45 a.m. JPMorgan Chase is set to report earnings before the market opens. Management has said it will disclose severance costs and job cuts along with fourth quarter earnings." Delta Air Lines is set to report earnings before the bell, followed by a call at 10 a.m. What history shows: Bank of America beats earnings estimates 79% of the time, per Bespoke.

Persons: Wells, John Butters, Butters, UNH, UnitedHealth, CVS, JPMorgan Chase, Hugh Son, Jane, DAL, Leslie Josephs Organizations: JPMorgan Chase, Citigroup, Bank of America, Delta Airlines, CNBC, LSEG, JPMorgan, First, Management, Delta Air Lines, CNBC CNBC, Delta Locations: Wells Fargo

☆ More US home buyers willing to purchase despite high rates -BofA study
▼ + stars: | 2023-12-04 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday. That compares with average 30-year fixed mortgage rates that surged to 8% in October, the highest in more than two decades, which deterred buyers. They also sold their homes for career or family reasons or to seek a lower cost of living. New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Silbiger, Matt Vernon, “, ”, Vernon, Nupur Anand, Lananh Nguyen, Leslie Adler Organizations: REUTERS, Bank of America, Reuters, Federal Reserve, Homeowners, U.S, Wall, Thomson Locations: Washington , U.S, U.S, Vernon, New York

☆ BNY Mellon to raise minimum wage, add mental health benefits
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Dec 1 (Reuters) - BNY Mellon (BK.N) will increase its minimum wage next year to $22.50 an hour from $20 and expand mental health benefits for employees, the bank said in a statement on Friday. Bank of America (BAC.N) raised its minimum hourly wage to $23 in October, heading toward a goal of $25 by 2025. BNY Mellon will also expand its mental health benefits to cover 12 therapy sessions a year, expanding from five currently. "We want our employees to feel valued and know that they are being compensated competitively," said Sharyn Jones, BNY Mellon's global head of talent.

Persons: Brendan McDermid, BNY Mellon, Sharyn Jones, Lananh Nguyen, Sharon Singleton Organizations: REUTERS, BNY, Bank of America, Thomson Locations: New, U.S

☆ US regulator fines Bank of America $24 mln for Treasuries spoofing
▼ + stars: | 2023-11-30 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FINRA said a junior trader and his supervisor at BofA Securities conducted 717 spoof trades between October 2014 and February 2021. It also faulted the oversight system of the second-largest U.S. bank for being designed to detect only spoofing by trading algorithms, not manual spoofing. The junior trader, Tyler Forbes, was accused of placing 194 spoof trades before Bank of America fired him in 2019. Bank of America did not admit or deny wrongdoing in accepting FINRA's fine and a censure. In a separate spoofing case, former Bank of America traders Edward Bases and John Pacilio were in March each sentenced in Chicago to one year in prison for spoofing in precious metals.

Persons: FINRA, Tyler Forbes, Sidney Lebental, Edward Bases, John Pacilio, Forbes, Lebental, Jonathan Stempel, Richard Chang Organizations: Bank of America, U.S, Treasuries, Financial Industry, Authority, BofA Securities, Thomson Locations: Charlotte, North Carolina, Chicago, New York

☆ Bank of America pays $12 mln fine for misreporting mortgage data
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Bank of America did not admit or deny wrongdoing in accepting the civil fine, which covered alleged conduct between 2016 and 2021. "We will be taking additional steps to ensure that Bank of America stops breaking the law," CFPB Director Rohit Chopra said in a statement, without elaborating. It also said it has improved training to ensure that employees ask mortgage applicants for the data. According to its latest quarterly report, Bank of America's consumer lending business originated $15.5 billion of first mortgages between January and September, down 61% from a year earlier when interest rates were lower.

Persons: Carlo Allegri, Rohit Chopra, Jonathan Stempel, Aurora Ellis Organizations: of America, REUTERS, Bank of America, U.S, Consumer Financial, Bank of, Thomson Locations: Manhattan, New York City , New York, U.S, Charlotte , North Carolina, New York

☆ This man spent $15,000 making a Tesla Cybertruck out of wood – and he's sending it to Elon Musk
▼ + stars: | 2023-11-26 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Vietnamese man built a fully functional replica of Tesla's Cybertruck out of wood. AdvertisementThe long-awaited Tesla Cybertruck is finally due to arrive in just a few days. The exterior of the wooden Tesla Cybertruck. It seems building a wooden Tesla replica does catch Musk's attention. After creating a wooden replica of the Audi Skysphere he was invited to meet with the company's head of design.

Persons: Truong Van Dao's, Elon Musk, —, Van Dao, Mercedes AVTR, Dao, Tesla, ❤️ — Elon, Business Insider's, Musk Organizations: Service, YouTube, Tesla, Audi, Business Locations: Bac Ninh, Vietnam

☆ CNBC Daily Open: Nvidia’s astounding earnings might not move markets
▼ + stars: | 2023-11-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's revenue tripledNvidia's fiscal third-quarter revenue grew 206% year on year to $18.12 billion, handily beating expectations, and net income rocketed from $680 million to $9.24 billion. Moreover, Nvidia expects revenue for the current quarter to increase to $20 billion, an implied 231% growth. Fed officials also project economic growth in the fourth quarter to "slow markedly" from last quarter's 4.9% increase in gross domestic product.

Persons: Colette Kress, Binance's CZ, Changpeng Zhao, Richard Teng, Zhao Organizations: CNBC, Nvidia, Federal, Auto, European Union, European Automobile Manufacturers ' Association, Binance's, U.S . Department of Justice, Bank of America Locations: China

☆ Payments-app war drags banks into discomfort zone
▼ + stars: | 2023-11-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break. Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N). If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank. From next year its banks will have to reimburse victims of online payment deceit. Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.

Persons: Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson Locations: Zelle, Britain, Wells Fargo

☆ US bond investors with mild recession concerns on the rise -BofA
▼ + stars: | 2023-11-13 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

Corporate bond investors are more selective with their funds, as their cash levels declined in November from September, according to the BofA survey. Investment-grade investors shifted to debt maturing between five and 10 years, while high-yield investors positioned more into debt maturing in one to three years. Some 41% of junk bond investors (compared to 24% in September) expect those rated BB to outperform, followed by B and BBB. The combination of attractive yields and recession concerns has made investment-grade bonds a popular choice for junk bond investors. Both high-grade and junk bond investors were underweight debt issued by companies in the industrial and telecom sectors at the time of the survey.

Persons: BofA, Matt Tracy, Andrea Ricci Organizations: Bank of America, BBB, Thomson Locations: U.S

☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP

Federal rules require banks to reimburse customers for payments made without their authorization, such as by hackers, but not when customers themselves make the transfer. Following its launch in 2017, Zelle grew to become one of the largest U.S. peer-to-peer payments networks by total payments. A March 2022 New York Times report that scams were flourishing on Zelle caught the attention of lawmakers frequently critical of big banks, including Senator Elizabeth Warren. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details. Chance said EWS has been engaging with policymakers on the need for a "holistic approach" to combating scams, including advocating for more dedicated law enforcement resources.

Persons: Jamie Dimon, Jane Fraser, Brian Moynihan, Banks, Ben Chance, Zelle, Elizabeth Warren, Warren, Dimon, EWS, Chance, ”, Trace, Carla Sanchez, Adams, we're, Lindsey Johnson, Hannah Lang, Chris Prentice, Michelle Price, Rod Nickel Organizations: JPMorgan Chase, Citigroup, Bank of America, Banking, Housing, Urban Affairs, Capitol, Warning, Reuters, Federal, JPMorgan, New York Times, Federal Trade Commission, Consumer Financial Protection Bureau, PayPal, National Consumer Law, Consumer Bankers Association, Thomson Locations: Zelle, U.S, Warren, Washington, New York

☆ Apple supplier Luxshare to invest $330 mln more in northern Vietnam
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

HANOI, Nov 10 (Reuters) - Apple (AAPL.O) supplier Luxshare Precision Industry Co (002475.SZ) has been awarded a license to invest an additional $330 million in its plant in Vietnam's northern province of Bac Giang, raising the total investment to $504 million, provincial authorities said. The facility is expected to be completed in 12 to 24 months, it added. China-based Luxshare, one of Apple's main AirPods makers, started investing in Vietnam since 2019. Its additional investment in the country comes as other manufacturers seek to further diversify production away from China. Earlier this year, another Apple supplier, Foxconn, set up a new factory in central Vietnam and raised its investment in the country by $250 million to make electric vehicles and telecom parts.

Persons: Luxshare, Phuong Nguyen, Lincoln Organizations: Luxshare Precision Industry, Apple, Thomson Locations: HANOI, Bac Giang, Vietnam, Bac, China

"It's pretty simple - you can't make a big business decision today without a geopolitical perspective," Orszag said in an interview at the Reuters NEXT conference in New York. Lazard has a geopolitical advisory unit that analyzes world events and their potential impact on clients' businesses. Orszag set an ambitious goal of doubling the investment bank's revenue by 2030. Some investment banks have laid off thousands of employees and cut other costs after several quarters of lethargic dealmaking. [1/5]Peter Orszag, CEO of Lazard, speaks with Reuters journalist Lananh Nguyen during the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023.

Persons: Peter Orszag, Orszag, Lazard, lethargic, Lananh Nguyen, Brendan McDermid, dealmaking, Brian Moynihan, Obama, We're, Leela de Kretser, Mark Porter, Emelia Organizations: Reuters NEXT, Wall, Reuters, REUTERS, Bank of America, reuters, Thomson Locations: China, Ukraine, New York, New York City , New York, U.S

NEW YORK, Nov 8 (Reuters) - Bank of America (BAC.N) CEO Brian Moynihan said on Wednesday he expects a soft landing in which the U.S. economy avoids a recession even as consumer spending and commercial borrowing slow. "Our research team is the best in the business and they have moved to the soft landing category. They have a slowdown in the economy in the middle of next year," Moynihan said in a wide-ranging interview at the Reuters NEXT conference. For months, Moynihan has cited healthy consumer finances and spending as indications that the U.S. economy could avoid recession. In the so-called soft landing scenario, economic growth slows, but remains positive.

Persons: Brian Moynihan, Moynihan, Lananh Nguyen, Brendan McDermid, Morgan Stanley, James Gorman, Ted Pick, Tatiana Bautzer, Chizu Nomiyama, David Gregorio, Edward Tobin Organizations: Bank of America, Reuters NEXT, Reserve, Federal, Reuters, REUTERS, Bank of, Wall, reuters, Thomson Locations: U.S, New York City , New York

☆ US banking executives talk soft landing, capital rules
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.

Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York

☆ Bank of America will lend $10 mln to veteran business fund
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Bank of America Corp FollowNEW YORK, Nov 8 (Reuters) - Bank of America (BAC.N) will provide a second round of funding to a veterans group that finances small businesses built by former military personnel, the lender said on Wednesday. The second largest U.S. bank will lend $10 million toward a $25 million fundraising round for the Veteran Loan Fund, which aims to grow to $100 million nationwide by 2027. The veterans group initially raised $15 million when it launched in 2021, with Bank of America investing $5 million of long-term capital below market rates. The fund offers an online platform to connect military veterans and their spouses with lenders to help them build small businesses.

Persons: Carlo Allegri, Saeed Azhar, Lananh Nguyen Organizations: of America, REUTERS, Companies Bank of America Corp, Bank of America, Veteran Loan Fund, Thomson Locations: Manhattan, New York City , New York, U.S

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, BJ's, Ferrari, Disney, Birkenstock & more
▼ + stars: | 2023-11-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Monday's biggest calls on Wall Street: KBW upgrades Bank of America to market perform from underperform KBW upgraded the banking giant with long-term rates declining. Bank of America downgrades Paramount to underperform from buy Bank of America said the backdrop is too challenging for the media stock. Bank of America reiterates Nvidia as buy Bank of America said it's bullish on the stock heading into earnings later this month. Goldman Sachs initiates Birkenstock as buy Goldman initiated the shoe company with a buy and said Birkenstock shares are compelling. Bank of America reiterates Apple as neutral Bank of America said it's sticking with its neutral rating on shares of Apple .

Persons: KBW, Mizuho, it's, BILI, Lee jeans, it's bullish, Goldman Sachs, Goldman, EBITDA, Raymond James downgrades Bloomin, Raymond James Organizations: Bank of America, Underperform, Corp, Deutsche Bank, Deutsche, Mizuho, TAM, UBS, Amazon, Citi, Disney, " Bank of America, Paramount, Barclays, Nvidia, AMD, Dominion, Biotech, JPMorgan, HSBC, RBC, Apple, of America Locations: China, FY24E, CLX, Russia, Ukraine

☆ BofA notifies customers of temporary industry-wide deposit delays
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The issue could be stemming from The Clearing House (TCH), a core payments system infrastructure owned by some of the largest commercial banks in the world. "TCH has experienced a processing issue with a single Automated Clearing House (ACH) file. TCH is working with impacted financial institutions on the matter," a spokesperson for the association said in an emailed statement to Reuters. An alert on the Federal Reserve Financial Services website said all services were operating normally as of 12:44 PM Eastern Time (ET).

Persons: Carlo Allegri, TCH, JPMorgan Chase, Niket Nishant, Manya, Saeed Azhar, Tatiana Bautzer, Shweta Agarwal Organizations: of America, REUTERS, Bank of America's, BofA, JPMorgan, Truist, U.S . Bancorp, Federal Reserve Financial, Manya Saini, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru, New York

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, December 1, 2015. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsSYDNEY, Oct 25 (Reuters) - Japanese investment bank Nomura Holdings (8604.T) has laid off about 10 of its Hong Kong-based investment bankers, including some who were focused on China-related deals, said two sources with direct knowledge of the matter. The Japanese investment bank has seen its China-linked fortunes slipping lately. Its fortunes in regional equity capital markets were boosted by its leading advisory role in March on the $9.24-billion stake sale by Japan Post Holdings (6178.T) in Japan Post Bank Co(7182.T). Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Nomura, LSEG, Goldman Sachs, Scott Murdoch, Selena Li, Helen Popper Our Organizations: Nomura Holdings, REUTERS, Rights, Reuters, Japan Post Holdings, Japan Post Bank Co, Bank of America, Citigroup, UBS, Hong, Thomson Locations: Tokyo, Japan, Hong Kong, China, Asia, Sydney

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