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The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File Photo BlackRock Inc (BLK.N), the world’s largest asset manager, will offer infrastructure funds for the first time through independent financial ad... More »
Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Thursday that investors sh... More »
The headquarters of Germany’s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo Deutsche Bank (DBKGn.DE) will solve its problems without relying on help from Berlin, Germany’s flagship lende... More »
Reflections are seen in the windows of a Bank of America branch in New York, U.S. on October 8, 2008. REUTERS/Lucas Jackson/File Photo Bank of America (BAC.N) is set to cut about two dozen investment banking (IB) jobs in Asia, including some top dealmakers sta... More »
The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, in this October 12, 2010 file photo. REUTERS/Lucy Nicholson/File Photo JPMorgan retained its place at the top of ... More »
The offices of Pacific Investment Management Co (PIMCO) (R) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Global bond yields will rise modestly and spikes in volatility could be more commonplace in the coming years as loose central ... More »
An $8 billion hedge fund run by billionaire Michael Platt has yet to give investors all their money back nine months after the fund was shuttered, a spokesman for the fund and three of its investors told Reuters. More »
The logo on a Wells Fargo bank building is seen in downtown San Diego, California March 18, 2014. REUTERS/Mike Blake A phantom account scandal at Wells Fargo & Co has put the U.S. bank’s disclosure policies under a harsh spotlight. More »
A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque Fannie Mae (FNMA.PK), the largest U.S. home funding source, elected Ryan Zanin to its board of directors. More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank o... More »
Over the past two years, a growing number of U.S. banks has capped their directors’ earnings, but the ceilings are so high that they primarily serve to fend off potential shareholder litigation rather than control the pace of pay increases. More »
A Texas wealth management firm U.S. regulators said grew too fast to supervise agreed to pay more than $2 million in fines and restitution to settle charges its senior management failed to rein in partner offices where brokers were churning accounts. More »
By Greg Roumeliotis | NEW YORK NEW YORK U.S. water technology company Xylem Inc is nearing a deal to acquire Sensus USA Inc, a provider of advanced metering technologies to utilities, for around $1.7 billion, including debt, according to people familiar with t... More »
By Elzio Barreto and Steve Garton | HONG KONG HONG KONG The New York Stock Exchange (NYSE) sees technology companies driving a revival in new Asian listings and expects double-digit IPOs through the end of 2017 from the region, the exchange’s global head of ca... More »
By Richard Leong and Ross Kerber | NEW YORK/BOSTON NEW YORK/BOSTON Legg Mason Inc’s Bill Miller, whose mutual fund beat the S&P 500 handily for 15 consecutive years at the turn of the century, is riding off into the sunset after his recent lagging returns left... More »
NEW YORK Wells Fargo & Company named David Kowach to head its retail wealth management division, Wells Fargo Advisors, the nation’s third-largest brokerage, on Thursday. Kowach was promoted from his job overseeing roughly 11,000 brokers in the bank’s Private C... More »
NEW YORK International Business Machines Corp is in an unusual fix in telling big U.S. banks they can use its Watson software of Jeopardy-winning fame as a cost-saving solution: bankers say they like it, but cannot afford it. IBM is in a good company. Banks ar... More »
MILAN Italian bank Monte dei Paschi di Siena has secured underwriters to back a turnaround plan involving the sale of 9.2 billion euros ($10.3 billion) in bad loans and a 5 billion euros capital increase, the lender said in a statement on Friday. The country’s... More »
NEW YORK Two University of California, Berkeley professors have taken a deep dive into new data and found that claims in Michael Lewis’ bestseller “Flash Boys” that retail investors are being gouged, or “front-run,” by high-speed traders not to be true – at le... More »
NEW YORK Big U.S. brokerages are redefining the term “wealthy” in their pursuit of ever-richer clients to prop up margins eroded by historically low interest rates and growing regulatory burdens. Brokerages owned by Morgan Stanley, Bank of America Corp and Wel... More »
NEW YORK Wealthy U.S. investors are holding record cash balances out of fear that the U.S. presidential election will wreak havoc on their retirement accounts, a senior UBS Group AG (UBSG.S) executive said. Bob McCann, who chairs the Swiss bank’s Americas divi... More »
NEW YORK Big U.S. banks looking to wealth management to shore up their profits may have to wait for another year according to analysts, who expect market volatility to keep the business subdued throughout 2016. For years, wealth management has been banks’ crow... More »
ZURICH/MOSCOW Credit Suisse plans to close its booking platform for its private banking business in Russia, the bank said on Monday, the latest move in a major restructure by Switzerland’s second-largest lender. “Credit Suisse has revised its private banking o... More »
NEW YORK Social media users flooded TD Ameritrade’s (AMTD.O) and Fidelity Investments’ Twitter feeds with irate messages on Friday, as customers struggled to access their online brokerage accounts. The apparent problems came a day after Britain voted in a refe... More »
LONDON Britain’s 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, an upheaval that threatens London’s dominance of finance. The ‘Vote Leave’ campaign fron... More »
LUXEMBOURG Britain could not rejoin the European Union after leaving because membership requirements would be too onerous, Foreign Secretary Philip Hammond said on Monday. He said Thursday’s referendum on EU membership offered “no way back”. Since becoming a m... More »
U.S. bank Goldman Sachs, one of the most bearish forecasters on oil over the past year, on Monday raised its short-term price outlook as it said the market had flipped into a deficit due to production outages in Nigeria and Canada. Goldman, one of the most act... More »
NEW YORK Dan Loeb’s hedge fund Third Point LLC bought more than a half a million Class A share position of Google parent Alphabet Inc, according to a Securities and Exchange Commission filing late Friday. Third Point took a new stake of 700,000 Alphabet shares... More »
ZURICH Credit Suisse (CSGN.S) predicted on Tuesday financial markets would remain tough, after the Swiss bank started the year with a quarterly loss for the first time since 2008 amid a major restructuring. The result, which comes as Chief Executive Tidjane Th... More »
NEW YORK BlackRock Inc is accelerating its push in Latin America, making plans for its first launch of a private equity infrastructure fund targeting that market, a company document showed. The launch is anticipated this year, according to the document, an inf... More »
NEW YORK Hedge fund manager David Einhorn has built a reputation on his ability to crater a company’s stock. His prescient short calls such as Allied Capital and Lehman Brothers had been announced in previous years at the annual Sohn Investment Conference in N... More »
ZURICH Credit Suisse (CSGN.S) is placing asset management under the twin direction of its wealth management and Swiss banking divisions, it said on Sunday, announcing a further strategy rejig after a shake-up in October. Switzerland’s second largest bank will ... More »
SAO PAULO Oi SA (OIBR3.SA) will start talks to restructure $14.3 billion of bonds as early as Monday, sources familiar with the situation said, pitting some of the world’s biggest investors against each other as Brazil’s most-indebted phone carrier fights for ... More »
LONDON Investors withdrew $7.3 billion from stocks in the week to April 20, the largest outflows in nine weeks, while continuing to shovel money into corporate and emerging market debt, Bank of America Merrill Lynch (BAML) (BAC.N) said on Friday. The equity re... More »
NEW YORK U.S. business conditions are the strongest since the summer of 2014 as sentiment has recovered from a weak start to the year, signaling companies’ willingness to make capital expenditures, Morgan Stanley economists said on Friday. More investment in e... More »
It is only April, but some on Wall Street are already predicting a rotten 2016 for U.S. banks. Analysts say it has been the worst start to the year since the financial crisis in 2007-2008 and expect poor first-quarter results when reporting begins this week. C... More »
SAO PAULO Equity funds in Brazil are expected to post returns below the benchmark Bovespa stock index’s performance in coming months, partly as their preference for maintaining high cash holdings and heightened market volatility made them miss a recent rally. ... More »
From his seat atop the Fed’s smallest bank, in a region known for fracking, farming and ranching, Neel Kashkari wants to make sure he’s heard well beyond the northern plains. Since becoming president of the Federal Reserve Bank of Minneapolis this year, the 42... More »
Dell Inc is set to announce an agreement on Monday to sell its non-core information technology consulting division to Japan’s NTT Data Corp for $3.5 billion, people familiar with the matter said on Sunday. The move will allow U.S. computer maker Dell to trim s... More »
Playboy Enterprises [ICONAP.UL], the owner of Playboy magazine, is exploring a sale, a source familiar with the matter told Reuters, in a move that comes after the storied magazine stopped publishing nude photos of women and put up the iconic Playboy Mansion u... More »
An obscure corner of the U.S. IPO market is getting a new lease on life as more Wall Street banks and institutional investors turn to blank-check acquisition vehicles, once the domain of only a few underwriters and hedge funds, for better fortunes. These speci... More »
NEW YORK Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers. ... More »
NEW YORK iHeartMedia Inc, the largest owner of U.S. radio stations, on Wednesday secured a temporary restraining order from a state court in Texas rescinding notices of default it received from a small number of its senior creditors. The San Antonio, Texas-bas... More »
LONDON Two of the three types of hedge funds which bet heavily on a sharp devaluation of China’s yuan last year have backed off the trade, leaving only some ultra-bearish “Black Swan” investors holding long-term bets, fund managers and bankers said. Hedge fund... More »
iHeartMedia Inc has hired Moelis & Co as a financial adviser, the most significant step yet by the largest owner of U.S. radio stations to deal with its $21 billion debt pile, according to people familiar with the matter. The move comes as iHeartMedia, one of ... More »
The Financial Industry Regulatory Authority’s board of governors has approved a plan that would require brokerage firms to disclose how much they mark up the price of most bonds they sell to retail customers, the Wall Street watchdog said on Friday. FINRA’s co... More »
NEW YORK A new type of investment fund starts trading on Wall Street on Friday amid hope from backers that it could become big enough to supplant traditional mutual funds. The Eaton Vance Stock NextShares is the first so-called actively managed nontransparent ... More »
SINGAPORE Goldman Sachs’ (GS.N) senior investment banker and chairman of its Southeast Asia business Tim Leissner has left the bank, a spokesman said. Leissner helped arrange the sale of U.S. dollar bonds for Malaysian state investor 1Malaysia Development Bhd ... More »
BEIJING A new breed of small investor is riding China’s rollercoaster stock markets, looking for a quick buck and thriving on the volatility that has sent others scurrying to the exit clutching their stomachs. Last summer’s 40 percent crash and a 20 percent dr... More »
NEW YORK Ray Dalio, founder of Bridgewater Associates LP, the world’s largest hedge fund, said on Friday that a Wall Street Journal story about a dispute with his heir apparent, Greg Jensen, was overblown. The newspaper reported that Dalio and Jensen had gone ... More »
NEW YORK Colm Kelleher is a stickler for discipline, even when it comes to the office dress code. In an internal risk meeting during the summer of 2010, the then head of trading at Morgan Stanley chastised colleagues for rolling up their shirt sleeves and disp... More »
WASHINGTON U.S. President Barack Obama will propose in his upcoming budget measures to help more than 30 million Americans save for retirement, such as automatically enrolling workers in Individual Retirement Accounts and making it easier for workers to keep s... More »
Foursquare’s chief executive, Dennis Crowley, is stepping down and will be succeeded by Jeff Glueck, the company’s current chief operating officer. Foursquare, which makes apps that helps users find restaurants and stores and “check” into them, also raised $45... More »
NEW YORK Citigroup retained its market-leading position at the top of the US Collateralized Loan Obligation (CLO) arranger league table in 2015 for volume and deal count while issuance fell 20% ahead of looming new regulations. Citigroup increased its share of... More »
LOS ANGELES For everyone who has been saying interest rates can only go up, well – now is their time. But what does the Federal Reserve’s decision to raise interest rates actually mean for your wallet? Probably not much for the near-term. One small interest ra... More »
BRUSSELS EU antitrust regulators have dropped charges against 13 banks including Citigroup and Deutsche Bank for blocking exchanges from derivatives markets, but will continue their case against data company Markit and trade body ISDA. The European Commission ... More »
SAO PAULO The reliance of Brazil’s Grupo BTG Pactual SA on market funding may pose an immediate challenge for new boss Persio Arida, who sought to calm clients on Friday after its shares fell for a third straight day. The São Paulo-based investment bank tapped... More »
In the race to compete with low-cost, online algorithm-based investing services, financial advisers are constantly bombarded by sales pitches about the latest and greatest in financial technology. And they’re buying. In North America, adviser spending on digit... More »
SAO PAULO Clients stepped up withdrawals from Grupo BTG Pactual SA’s money management unit on Thursday, according to a source with knowledge of the bank’s strategy, as Latin America’s largest independent investment bank tries to contain fallout from the arrest... More »
BRASILIA A Brazilian judge on Thursday denied a request for the release of Grupo BTG Pactual SA (BBTG11.SA) top executive, Andre Esteves, who was arrested a day earlier for allegedly obstructing a massive corruption probe at state-run oil company Petrobras. Su... More »
Pfizer Inc (PFE.N) secured formal board approval on Sunday for its acquisition of Botox maker Allergan Plc (AGN.N) for more than $150 billion, a deal that will create the world’s biggest drug maker, according to people familiar with the matter. The deal, the l... More »
LONDON A bumper North American railroad bid and three other big tie-ups announced this week have taken the number of takeover deals worth $5 billion or more to a record 128 this year, according to Thomson Reuters data. Pacific Railway’s bid for rival Norfolk S... More »
LONDON U.S. investment bank Goldman Sachs tipped a higher dollar as its top trade for 2016 on Thursday, heading a list that also bet on rising U.S. inflation and long-dated Italian bonds outperforming German bonds. Goldman said big U.S. banks will outperform t... More »
NEW YORK/SAN FRANCISCO When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look int... More »
NEW YORKVerizon Communications Inc is exploring a sale of its enterprise assets which could be worth as much as $10 billion, according to people familiar with the matter, as the largest U.S. wireless carrier seeks to focus on its core business. The sale would ... More »
LONDONBanks struggled again to make money trading bonds, currencies and commodities in the third quarter, as regulatory changes squeezed liquidity and intensified the pressure to cut costs, staff and activity. Revenue and profit fell for most of the world’s ma... More »
Six big U.S. banks need to raise an additional $120 billion, most likely in long-term debt, under a rule proposed on Friday by the Federal Reserve. The requirements are aimed at ensuring that some of the biggest and most interconnected banks, which include Gol... More »
SINGAPORE Countries should not bank on oil prices remaining low when formulating their energy policies, as supplies could tighten from mid-2016 due to a drop in investment and falling U.S. output, a senior industry official said on Monday. Global oil prices LC... More »
U.S. regulators are expanding their probe into Deutsche Bank AG (DBKGn.DE)(DB.N) as a money laundering investigation of a Moscow unit has widened into possible sanctions violations, the Financial Times reported, citing sources. The U.S. Justice Department and ... More »
ZURICH/LONDON When Tidjane Thiam unveils his plans for Credit Suisse on Wednesday the Swiss bank’s new chief executive will likely rest his case on three Cs: capital, cuts and charm. Thiam will show his hand after taking the reins at Zurich-based Credit Suisse... More »
NEW YORK Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. ... More »
EMC Corp, the data storage company that is preparing to unveil an agreement to be acquired by personal computer maker Dell Inc [DI.UL] as early as Monday, is also planning to seek out other suitors, according to people familiar with the matter. EMC has asked f... More »
NEW YORK The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention this week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citig... More »
NEW YORK The financial sector is expected to be a bright spot for U.S. earnings growth in the third quarter, but options traders are playing it safe by snapping up protection against any surprises. Market volatility tends to rise during earnings season, and wi... More »
The U.S. Supreme Court’s June decision to legalize same-sex marriage did not eliminate the unique financial planning needs of lesbian, gay, bisexual and transgender (LGBT) clients. For years, same-sex couples in domestic partnerships needed financial advisers ... More »
NEW YORK/WASHINGTON U.S. Democratic presidential hopeful Hillary Clinton on Thursday called for the breakup of large banks that take excessive risks as part of a sweeping plan to curb what she says are Wall Street abuses. Under the proposal, large financial fi... More »
TORONTO Royal Bank of Canada led a rise in the value of Canadian equity issues for the first nine months of 2015, overcoming a slowdown in the third quarter due to increased choppiness in equity markets. Equity financings rose to C$36 billion ($27.23 billion) ... More »
Now that the U.S. Federal Reserve has held back again on interest rates, advisers are taking advantage of attractive financing options before that window begins to close. Mortgaging property when rates are low is well-known advice. But unprecedented transparen... More »
JPMorgan Chase & Co is set to pay almost a third of a $1.86 billion settlement to resolve claims that a dozen big banks conspired to limit competition in the credit-default swaps market, Bloomberg reported. JPMorgan is paying $595 million, Bloomberg said, citi... More »
ZURICH The Swiss competition regulator has opened an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of manipulation probes. Switzerland’s WEKO watchdog said its investigatio... More »
OSAKA U.S. cable company Comcast Corp said on Monday it has agreed to buy a 51 percent stake in Osaka-based theme park operator USJ Co for $1.5 billion. Comcast said in a statement Goldman Sachs Group Inc, Seoul-based private equity firm MBK Partners and other... More »
SYDNEY A decision by Australia’s biggest tech company, Atlassian, to pursue a $3 billion listing in the United States is a blow to Australia’s ambitions to make technology a driver of the economy, a tech executive said on Monday. Atlassian’s defection comes ju... More »
OSAKA U.S. cable company Comcast Corp said on Monday it has agreed to acquire a majority stake in Osaka-based Universal Studios Japan for $1.5 billion, part of an acceleration of its global theme park strategy. Comcast, which owns Universal Studios through its... More »
NEW YORK For U.S. banks’ bond trading desks, the Federal Reserve just made a bad quarter even worse, accentuating a longer-term decline in what was once their most lucrative business, executives, analysts and traders told Reuters. Bond trading volume is likely... More »
NEW YORK In its latest push to broaden its allure among millennials, Goldman Sachs Group Inc rolled out a series of quick-hit recruiting ads on Snapchat on Friday, becoming the first major Wall Street bank to turn to the instant-but-fleeting messaging app for ... More »
As the fall wedding season begins, advisers should make sure they have a comprehensive plan to help clients who are getting married. Advisers need to look at the big picture, like if the couple’s retirement goals align, and the nitty gritty, such as insurance ... More »
NEW YORK Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank’s plans. A lack of in... More »
TORONTO Bank of Nova Scotia, which reported a quarterly profit that beat market expectations on Friday, said bad loans in the energy sector climbed as the oil price selloff took a toll. Shares of Scotiabank, Canada’s third-largest bank, were down nearly 1 perc... More »
Charles Schwab Corp said that customer access to online accounts was restored on Friday morning, just minutes before U.S. stock markets opened for trading. Earlier, the company said access to accounts and online trading platforms were unavailable. The problem,... More »
TORONTO/OTTAWA Canadian banks are expected to begin feeling the impact of an extended downturn in the energy sector as they exercise caution with new and existing loans to companies and individuals. Investors will this week be poring over the balance sheets an... More »
NEW YORK Confidence among affluent investors was already slipping before the stock market rout in China sent U.S. markets plunging last week and on Monday, according to a monthly index calculated by Spectrem Group, a Chicago-based research company. Yet when st... More »
Comcast Corp’s NBCUniversal said on Tuesday it had invested $200 million in online publisher BuzzFeed, the latest move by the media conglomerate to tap into a younger audience. NBCUniversal invested $200 million last week in Vox Media, owner of tech-focused we... More »
Deal makers and employees at private equity firms are expected to receive the biggest bonus increases this year on Wall Street, according to a forecast by compensation consulting firm Johnson Associates. Overall, however, year-end incentive payments on Wall St... More »
Australia’s Macquarie Group (MQG.AX) is entering the U.S exchange-traded fund market making business, officials told Reuters in an interview. Market makers provide ETF issuers with an array of services, including providing seed capital and distribution. They u... More »
LOS ANGELES Parent education loans can help your child attend the college of her dreams — and sink any dreams you had of ever retiring. The grim reality is that the federal PLUS loan program allows parents to borrow far more than they can comfortably, or even ... More »
SAO PAULO HSBC Holdings Plc (HSBA.L) agreed to sell its Brazilian unit to Banco Bradesco SA (BBDC4.SA) for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe’s No. 1 bank said in a statemen... More »
NEW YORK Fund companies and brokerage firms should be able to weather a proposal by Democratic U.S. presidential candidate Hillary Clinton that would increase capital gains taxes for some investors, but some fund holders could see higher costs, managers and an... More »
