DIRS.INFO The most relevant business & tech news

☆ Goldman to merge investment banking, trading as Marcus takes backseat
▼ + stars: | 2022-10-18 | by ( Saeed Azhar | Lananh Nguyen | ) www.reuters.com time to read: +4 min

The group’s reorganization sees its investment banking and trading businesses merged into a single unit, two people familiar with the matter told Reuters. It is the biggest shakeup since the company’s investor day in early 2020 when it outlined plans for four core units: investment banking, global markets, consumer and wealth management and asset management. “They’re excellent at trading, excellent (at) investment banking,” said Marinac. But the consumer banking unit that launched in 2016 has struggled to gain traction and suffered from delays. The combined investment banking and trading group will be overseen by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman’s investment banking division, and Ashok Varadhan, now co-head of its global markets division, according to Bloomberg.

☆ Goldman's pivot away from money-losing Marcus shows that disrupting retail banking is hard
▼ + stars: | 2022-10-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

In this article AAPLWFCBACJPMGS Follow your favorite stocks CREATE FREE ACCOUNTDavid Solomon, Goldman Sachs, at Marcus eventGoldman Sachs CEO David Solomon is reining in his ambition to make the 153-year-old investment bank a major player in U.S. consumer banking. The moment is a humbling one for Solomon, who seized on the possibilities within the nascent consumer business after becoming CEO four years ago. Goldman started Marcus in 2016, named after one of the bank's cofounders, to help it diversify revenue away from the bank's core trading and advisory operations. "One could argue that there's been some execution challenges for Goldman in consumer; you've had multiple leadership changes," Bolu stated. "To be honest, when I speak with a lot of investors on Goldman Sachs, very few are excited about the consumer business," Hawken said.

Marcus, Goldman's consumer banking business, will be absorbed into the wealth unit, the sources said, confirming an earlier Wall Street Journal report. Register now for FREE unlimited access to Reuters.com RegisterThis is the biggest shakeup since the company's investor day in early 2020 when it outlined plans for four core units: investment banking, global markets, consumer and wealth management and asset management. The reorganization comes as the Wall Street titan seeks to boost its income from fee-based businesses and cut its reliance on volatile trading and investment banking revenues. The changes also signal Marcus, the consumer unit, is being relegated after Chief Executive Officer David Solomon expressed big ambitions to build a mainstream digital bank. But the consumer banking unit that launched in 2016 has struggled to gain traction and suffered from delays.

☆ Watch CNBC's full interview with Wells Fargo's Mike Mayo
▼ + stars: | 2022-10-17 | 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 EmailWatch CNBC's full interview with Wells Fargo's Mike MayoWells Fargo's Mike Mayo joins 'Closing Bell' to discuss increased EPS estimates for Bank of America, the parallel between higher interest rates and the strength of deposit relationships, and market concerns around recession, as well as a turn in the credit cycle.

☆ Wells Fargo Senior Banking Analyst responds to BofA earnings
▼ + stars: | 2022-10-17 | 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 EmailWells Fargo Senior Banking Analyst responds to BofA earningsWells Fargo's Mike Mayo joins 'Closing Bell' to discuss increased EPS estimates for Bank of America, the parallel between higher interest rates and the strength of deposit relationships, and market concerns around recession, as well as a turn in the credit cycle.

☆ A recession is looming, but for JPMorgan's Jamie Dimon all signs point toward business as usual when it comes to hiring and tech spend
▼ + stars: | 2022-10-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, how did those bank earnings go? JPMorgan's Jamie Dimon. Before we kick things off, let's give a quick recap on the state of play with bank earnings. And for JPMorgan's Jamie Dimon, the message was largely one of confidence. The plans JPMorgan laid out in May around its tech spend were "pretty much on track," Dimon said.

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Profits at big banks got a boost last year as they released funds reserved for potential COVID losses. In the third quarter of last year, they released about $4 billion of loan provisions, according to data from Refinitiv. read moreThe biggest U.S. bank by assets kicks off third-quarter results on Friday, followed by Wells Fargo (WFC.N), Citigroup (C.N) and Morgan Stanley. Shares of the big six U.S. banks have plunged between 14% and 34% so far this year.

☆ JPMorgan doubles down on UK retail bank Chase
▼ + stars: | 2022-09-27 | by ( Iain Withers | ) www.reuters.com time to read: +4 min

JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September. read more"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, said in an interview at the bank's UK headquarters in Canary Wharf in London on Friday. The retail banking revenue pool is in the trillions, even outside the U.S."He declined to say where Chase might launch next. Somani started his career in retail banking in India helping Citi launch a much simpler version of a 'digital bank' - one that would text you your bank balance. Germany's N26 quit the country after just two years, while Citi axed its UK retail bank last week.

☆ Banks should be one of the best performing industries over the next year, says Wells Fargo's Mike Mayo
▼ + stars: | 2022-09-22 | 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 EmailBanks should be one of the best performing industries over the next year, says Wells Fargo's Mike MayoMike Mayo, Wells Fargo managing director, joins 'Closing Bell' to discuss when investors can prove that a recession will not undercut bank earnings, whether the stocks you should monitor are more Main Street-oriented and more.

☆ The public cloud is changing how Wall Street works. Here's how the tech is upending everything from trading to dealmaking.
▼ + stars: | 2022-02-23 | by ( Bianca Chan | ) www.businessinsider.com time to read: +13 min

Cloud technology has now percolated through nearly every nook and cranny of Wall Street, affecting everything from investment banking to risk management and marketing. What's motivated the recent trend stems from two things that typically elicit change at financial firms: saving money and moving faster. But at least 30 Wall Street firms and well-known fintechs have publicly sided with one provider as a primary partner. "If you look at Wall Street, they have tens of thousands of people in back offices. Take Citibank, which accidentally wired $900 million to Revlon lenders in what is considered one of the largest blunders ever on Wall Street.

☆ Dozens of Goldman Sachs partners have departed the bank since David Solomon became CEO. See the running list here.
▼ + stars: | 2020-02-27 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years after succeeding Lloyd Blankfein. There's been a lot of talk about morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

Search resuls for: "Mike Mayo"

11 mentions found