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U.S.-China Audit Deal in the Works, Though Potential for Delisting Remains
Despite a preliminary agreement that would permit U.S. officials to review audit documents of Chinese companies that trade in the States, Goldman Sachs Group Inc. analysts say a 50% chance of delisting those businesses still exists. The expectation for delisting was 95% in March...
U.S. Banks Fined for Using Unapproved Communications Tools
Big U.S. banks in the crosshairs of the federal government for using unapproved messaging tools and are facing more than $1 billion in regulatory fines following probes by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)...
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Wall Street Investors Show Some Optimism in Monthly BofA Survey
Investors remain pessimistic about stocks, but their outlook is no longer dire, according to Bank of America Corp.’s latest monthly Global Fund Manager Survey. The August poll of 284 people managing assets totaling $836 billion reported that investors are “no longer apocalyptically bearish,” thinking that inflation has peaked and interest rate jolts will soon subside...
TD Bank Makes Investment Banking Inroads with NY-based Cowen Acquisition
Canada’s Toronto-Dominion Bank (TD) will buy the New York investment bank Cowen for $1.3 billion, its Securities Group Head announced in an early-August conference call. "It's difficult to time things exactly to where the markets are. When you have a long view of the business, then really what you're looking for is — can you find a party that has complementary skills, and then you worry less about the timing," Riaz Ahmed said...
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Stock Rally Could Persist, JPMorgan Quant Says
On the heels of the busiest week of the Q2 earnings season, JPMorgan Chase & Co.’s equity quant said that U.S. stocks could continue to rally despite a decline in corporate profits. Marko Kolanovic, the quantitative analyst whose team predicted the summer rebound and has been bullish on stocks for months.
Credit Suisse Executives Leave for Other Banks
Credit Suisse senior staff have found their way to other investment banks recently, marking a draining of the troops at the beleaguered firm. Amid sinking revenues, sequential quarter losses, and rumors of more job cuts, Credit Suisse executives have departed for less turbulent waters...
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Goldman’s Quarterly Profit Drops as Deal-Making Wanes
After announcing a 48% decline in second-quarter profits, Goldman Sachs Group Inc. said it may reduce hiring and cut spending amidst a shaky financial climate that has companies shying away from deals and stock and debt offerings. Investment banking revenue dropped 41% to $2.14 billion...
Big Banks See Decline in Q2 Profits on Increased Loan Loss...
Big U.S. banks are expecting a drop in second-quarter profits, brought on by a padding of reserves for anticipated loan losses, according to Reuters. The forecast marks a turnaround from last year, when lenders reduced reserves as the economy rebounded after the height of the pandemic...
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Survey Says New Investment Bankers Face Trying Work Conditions
Junior investment bankers are dissatisfied with pay, damaged relationships, and excessive hours, according to a survey by the finance career news site Wall Street Oasis. Following the 2021 revelation by 13 Goldman Sachs first-year analysts that they had endured 100-hour work weeks, five hours of sleep per night, and increasing mental health issues...
Environmentalists Urge Deutsche Bank to Stop Financing Fossil Fuel Companies
Climate activists from South America and Africa traveled to Deutsche Bank’s Frankfurt headquarters the last week in June, calling for an end to the investment bank’s financing of fossil fuel companies...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...