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☆ Stratasys receives $1.21 bln unsolicited buyout proposal from 3D Systems
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Stratasys Ltd (SSYS.O) said on Thursday that it had received an unsolicited buyout proposal from rival 3D Systems Corp (DDD.N), valuing the industrial 3D printer at about $1.21 billion. Stratasys shares were up 10.1% at $16.04, while 3D Systems was up 2.6% at $8.55 in premarket trading on Friday. 3D Systems has proposed to acquire Stratasys for $7.50 in cash and 1.2507 of its newly issued stock for each share of the target company, which translates to $17.92 on a per-share basis. Stratasys said its board would "carefully review" the newly received non-binding proposal, adding that the Desktop Metal deal is still expected to close in the fourth quarter of this year. 3D Systems on Friday confirmed its bid for Stratasys and said that if the deal goes through, it will bring $100 million in cost synergies.

Persons: Stratasys, Jaiveer Singh, Shilpi Majumdar, Anil D'Silva, Shounak Organizations: Stratasys, 3D Systems Corp, Systems, Metal Inc, Thomson Locations: Rehovot, Israel, Bengaluru

☆ Vanguard fined for providing misleading account statements to its customers
▼ + stars: | 2023-06-01 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Vanguard Group, the world's largest issuer of mutual funds, was fined and censured by the Financial Industry Regulatory Authority (FINRA) for errors appearing in about 8.5 million customer account statements. "From at least October 2019 to June 2021, certain VMC account statements inaccurately presented market appreciation/depreciation and investment returns," the filing said. The regulatory organization said Vanguard "accepts and consents" without admitting or denying the findings and the sanctions will come into effect on a later date to be determined by FINRA. FINRA said a technical issue caused the errors and further added it did not affect customers' actual returns. After FINRA began its investigation, Vanguard self-reported to the regulatory organization's staff that other errors affected the presentation on certain account statements, according to the filing.

Persons: FINRA, Jaiveer Singh, Jonathan Stempel, Krishna Chandra Organizations: Vanguard Group, Financial Industry Regulatory Authority, Vanguard, Thomson Locations: Bengaluru, New York

☆ Fidelity marks down value of Twitter stake again
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 30 (Reuters) - A Fidelity fund has marked down the value of its stake in Twitter for the third time since Elon Musk's $44 billion takeover of the social media platform in October, a monthly disclosure by the investment firm showed on Sunday. Fidelity Blue Chip Growth Fund's stake in Twitter, which now exists under Musk's X Holdings Corp, was valued at nearly $6.55 million as of April 28, compared with $7.8 million as of Jan. 31 and almost $8.63 million at November-end. Earlier this month, Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO as the company struggles to reverse a slump in advertising revenue and navigate an overhaul that included mass layoffs. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Linda Yaccarino, Jaiveer Singh, Devika Organizations: Twitter, Elon Musk's, Fidelity, X Holdings Corp, Thomson Locations: Bengaluru

☆ Bill Ackman calls on JPMorgan CEO Dimon to run for US president
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Billionaire hedge fund manager Bill Ackman said Jamie Dimon should run for president in the next U.S. elections after the JPMorgan Chase & Co (JPM.N) CEO expressed his interest in pursuing a public office. loadingAckman called Dimon an "exemplary leader" and lauded him for having "superbly managed" JPMorgan through every crisis. There have been speculations about Dimon's potential presidential run in the future. "If he decides to get out of banking, I think he would be really good in politics," former President Bill Clinton once said of Dimon. In the 2016 presidential election, Ackman had urged former New York City Mayor and billionaire Michael Bloomberg to run for president.

Persons: Bill Ackman, Jamie Dimon, Dimon, Ackman, Donald Trump, Bill Clinton, Michael Bloomberg, Niket, Bayliss, Jaiveer, Anil D'Silva Organizations: Billionaire, JPMorgan Chase &, Bloomberg, JPMorgan, Trump, Pershing, Capital Management, Street, New, New York City, Svea Herbst, Thomson Locations: China, United States, New York, Bengaluru, Svea

☆ Japanese lender Mizuho to buy Greenhill in $550 mln deal to expand US footprint
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Japan's Mizuho Financial Group Inc (8411.T) will acquire independent investment bank Greenhill & Co Inc (GHL.N) in an all-cash transaction, in a bid to expand further into U.S. investment banking. Of Japan's three megabanks, Mizuho has, however, been slower to move than bigger rivals Mitsubishi UFJ Financial Group (8306.T) and Sumitomo Mitsui Financial Group (8316.T). The Greenhill business will sit within Mizuho's banking division, led by Michal Katz, head of banking in the Americas, the statement said. Greenhill Chairman and CEO Scott L. Bok will become chairman of the M&A and restructuring advisory business, it added. Last year, Mizuho CEO Yoshiro Hamamoto told Reuters that the group's brokerage arm Mizuho Securities Co "has room for further growth" in the United States and acquisitions were an option it was exploring.

☆ Instant View: Morgan Stanley CEO Gorman plans to step down
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 19 (Reuters) - Morgan Stanley (MS.N) CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. Shares of Morgan Stanley slipped about 1% to $83.84 in morning trading. PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK:"I would applaud James Gorman here for taking the right time to step down. Building out their wealth management division has been a real boon to the company and they bested Goldman in that practice."

☆ Cloud-based Restaurant365 hits unicorn status after $135 mln funding round
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - U.S. cloud-based restaurant manager Restaurant365 has turned a 'unicorn' after a $135 million funding round, the company said on Friday. Start-up funding space, which is reeling from liquidity crunch since last year, has started to see some signs of relief. Earlier in the week, Reuters reported that U.S. property insurer SageSure achieved an unicorn status after closing a $250-million funding round. "L Catterton has deep experience investing in world-class restaurant brands globally," says Ian Friedman, Partner at L Catterton who will join Restaurant365's board. "The primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry," the company said.

☆ BlackRock to call staff back to office at least four days a week - memo
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - BlackRock Inc (BLK.N), the world's largest asset manager, has asked its staff to return to office at least four days a week, according to an internal memo seen by Reuters. "We will shift to at least four days per week in the office, with the flexibility to work from home one day per week," the memo said. The New York-based asset manager joins other major Wall Street firms in changing its work-from-home policy as financial institutions start to look beyond COVID-19-induced restrictions. Last month, J.P.Morgan Chase & Co (JPM.N), the United States' largest bank, asked its managing directors to work from office five days a week. J.P.Morgan CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), has been a strong advocate of in-office work.

☆ Icahn Enterprises fielding enquiries by U.S. prosecutors
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Icahn Enterprises LP (IEP.O) said on Wednesday it had received inquiries from U.S. prosecutors about its operations on May 3, a day after a short-seller accused it of over-valuing its assets. The disclosure from Icahn Enterprises that it had received inquiries from prosecutors in the Southern District of New York came as the firm posted a surprise quarterly loss, after volatility in markets hit returns on its investments. It added that the prosecutors had not made any claims or allegations against the company or Icahn. Icahn has called the report "self-serving" and said he stands by Icahn Enterprises statements about his finances. Excluding one-time items, Icahn Enterprises reported a loss of 11 cents per share, missing analysts' average estimate of a 19 cents profit, according to Refinitiv data.

☆ Icahn Enterprises shares slide on surprise quarterly loss
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Icahn Enterprises LP (IEP.O) on Wednesday reported a surprise quarterly loss as volatility in markets hit returns on its investments, sending the shares of the company owned by billionaire Carl Icahn down nearly 8% before the bell. "Icahn has been using money taken in from new investors to pay out dividends to old investors," Hindenburg had alleged about the Florida-based company with investments in the energy, automotive, food packaging, real estate and other industries. Excluding one-time items, Icahn Enterprises reported a loss of 11 cents per share, missing analysts' average estimate of a 19 cents profit, according to Refinitiv data. Revenue for the quarter ended March 31 came in at $2.6 billion compared to $4.1 billion a year earlier. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto stocks drop after Binance halts bitcoin withdrawals for hours
▼ + stars: | 2023-05-08 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-listed shares of Hut 8 Mining (HUT.TO) declined between 5.3% and 6.6%, tracking lower bitcoin prices. The company said its set fees did not anticipate a recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain. Binance said in a tweet that the company had adjusted its fees to "prevent a similar recurrence".

☆ Crypto stocks fall after Binance halts bitcoin withdrawals for hours
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Shares of crypto currency- and blockchain-related companies fell in premarket trading on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto exchange Coinbase Inc (COIN.O) fell 4%, while blockchain-farm operator Bitfarms Ltd dropped 4.3%. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and Hut 8 Mining (HUT.TO) declined between 4.6% and 7.2%, tracking lower bitcoin prices. The company said its set fees did not anticipate the recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain.

☆ Biopharma firm Acelyrin valued at $2.1 billion in strong market debut
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Shares of Acelyrin Inc (SLRN.O) rose 28% in their Nasdaq debut on Friday, giving the biopharma company a market capitalization of $2.1 billion. The Los Angeles-based company, which had priced its shares at $18 apiece, raised $540 million by selling 30 million shares in an upsized offering on Thursday. Acelyrin joins a spate of new listings recently that have fueled hopes of a recovery in IPO markets. On Thursday, Johnson & Johnson Inc's (JNJ.N) consumer health business Kenvue Inc (KVUE.N) went public, becoming the largest public offering since Rivian Automotive Inc (RIVN.O) in 2021. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

May 3 (Reuters) - Goldman Sachs Group Inc (GS.N) has named Kim Posnett as the head of its global technology, media and telecommunications (TMT) investment banking group, according to an internal company memo. Posnett, who is currently the co-head of the One Goldman Sachs initiative at the bank, will continue to hold her existing responsibilities. The One Goldman Sachs initiative aims to integrate the bank's dealings with clients across teams. Posnett, who has also served as the global head of investment banking services at Goldman, is one of the few executives who spoke at the bank's investor day in February alongside its chief executive and finance head. In a separate memo sent out by Goldman's heads of global banking & markets, Ashok Varadhan, Dan Dees and Jim Esposito, Goldman also named Aasem Khalil as the new global head of its Investment Banking Services division.

☆ US regional bank stocks fall for second day as First Republic failure weighs
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Shares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank (FRC.N), the largest U.S. bank failure since the 2008 financial crisis. Investors are still concerned that the crisis started by the closure of Silicon Valley Bank and Signature Bank in March could engulf other mid-sized lenders. Shares of PacWest Bancorp (PACW.O) tumbled nearly 30%, while Western Alliance Bank (WAL.N) and KeyCorp (KEY.N) fell 21% and 10%, respectively. Some investors are also concerned about the long-term impact of the JPMorgan deal, which risks worsening the "too-big-to-fail" problem regulators have been trying to solve for years. Reporting by Niket Nishant and Jaiveer Singh Shekhawat in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ US regional banks fall as FRC failure shakes faith in banking sector recovery
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Shares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank (FRC.N), the largest U.S. bank failure since the 2008 financial crisis. The sell-off pushed the KBW Regional Banking Index (.KRX) 5.2% down to its lowest since November 2020. JPMorgan Chase & Co (JPM.N) on Monday bought a majority of First Republic Bank's assets. "First Republic bank failure means unfortunately that the other 'so called' troubled regional banks should probably continue to sleep with one eye open." Reporting by Jaiveer Singh Shekhawat, Niket Nishant and Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

☆ CME profit rises as volatility spurred risk hedging
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - CME Group Inc (CME.O) on Wednesday posted first-quarter profits that beat Wall Street expectations, as traders turned to the exchange operator's hedging products to navigate market volatility related to worries about the banking sector and slowing macroeconomic growth. Overall average daily volumes were up 4% at 26.9 million contracts. The beat was driven in part by higher-than-anticipated revenue per contract, which benefited clearing and transaction fees, Piper Sandler analyst Richard Repetto said in a client note. Clearing and transaction revenues in the quarter were up 5.5% at $1.2 billion. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ CME Group's quarterly profit rises as high volatility spurred risk hedging
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - CME Group Inc (CME.O) on Wednesday reported higher first-quarter profits, as traders turned to the exchange operator's products to hedge against market volatility amid a banking crisis and worries over slowing macroeconomic growth. On an adjusted basis, net income for the quarter was $882 million, or $2.42 per share, compared with $766 million, or $2.11 per share a year earlier. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Deloitte to cut 1,200 jobs in the US - FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications. As growth in select practices moderates, we are taking modest personnel actions where necessary," Deloitte said in an emailed statement to Reuters. Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units. Deloitte is part of the Big Four accounting firms that include EY, KPMG and PricewaterhouseCoopers. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ State Street profit misses on lower fee income; shares fall
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

State Street, the world's largest custodian bank, saw its assets under custody or administration fall 10% to $37.6 trillion in the first quarter. Along with a number of other large U.S. banks, State Street provided $1 billion of liquidity to First Republic Bank (FRC.N) last month. State Street set aside $44 million as provision for credit losses in the reported quarter as steep rate rises stoke fears of an economic slowdown. Analysts had expected State Street to earn $1.64 per share, according to Refinitiv IBES data. "We are optimistic about client onboardings and we expect revenue growth in the coming quarter," State Street Chief Executive Officer Ron O'Hanley said.

Wells Fargo fared less favorably, down 0.3%, and regional banks including Zions (ZION.O) and First Republic (FRC.N) fell. Net interest income, a measure of how much a bank earns from lending, surged 49% to $20.8 billion. Meanwhile, Wells Fargo set aside $1.21 billion in the quarter to cover for potential loan losses, compared to a release of $787 million a year earlier. "While most consumers remain resilient, we've seen some consumer financial health trends gradually weakening from a year ago," Mike Santomassimo, Wells Fargo finance chief, told analysts. More banking results are due over the coming week, including Bank of America (BAC.N) and Goldman Sachs (GS.N) on Tuesday and Morgan Stanley (MS.N) on Wednesday.

[1/2] The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. First-quarter 2023 earnings from JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) beat Wall Street expectations on Friday as consumer and corporate spending held up in the face of rate rises, although all three saw signs of a slowdown and made provisions accordingly. Net interest income, a measure of how much a bank earns from lending, surged 49% to $20.8 billion. Meanwhile, Wells Fargo set aside $1.21 billion in the quarter to cover for potential loan losses, compared to a release of $787 million a year earlier. "While most consumers remain resilient, we've seen some consumer financial health trends gradually weakening from a year ago," Mike Santomassimo, Wells Fargo finance chief, told analysts.

☆ BlackRock first-quarter profit beats on robust inflows
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

Net inflows for the first quarter were at $110 billion, compared with $86 billion a year earlier. "I believe today's crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player," BlackRock Chief Executive Larry Fink said. BlackRock, which makes most of its money from fees charged for investment advisory and administration services, reported an adjusted profit of $7.93 per share. Analysts had estimated a profit of $7.76 per share, according to Refinitiv IBES data. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Davide Barbuscia in New York; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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