Bharara, appointed to become U.S. Attorney of the Southern District of New York by former President Barack Obama in 2009, on Saturday said on Twitter he has been fired from his post. On Friday, the Trump administration asked remaining U.S. attorneys appointed by Obama to resign, which Bharara refused, resulting in his forced ouster.
Category: Financial Services
HSBC Said Close to Naming AIA’s Mark Tucker as Chairman
HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe’s largest bank takes the first step to overhaul its top management team. Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, is in discussions with the bank, according to the people who asked not to be identified because the succession process is private.
Lloyds Takes Further $426 Million Provision for U.K. PPI Claims
Lloyds Banking Group Plc will take a 350 million-pound provision for improperly sold loan insurance in the first quarter after the U.K. regulator extended a deadline for complaints. The charge is in response to the Financial Conduct Authority’s policy statement on payment protection insurance issued on March 2, and won’t impact the bank’s earnings guidance, the London-based company said in a statement on Friday.
LendingTree: Cramer’s Top Takeaways
For his “Executive Decision” segment, Cramer sat down with Doug Lebda, founder, chairman and CEO of LendingTree , a stock that’s up 17% for the year after the company reported blowout earnings two weeks ago. Lebda first responded to questions about his company’s very successful stock buyback program by saying that it was a smart decision at a smart time and he remains committed to his shareholders.
U.S. Subprime Auto Losses Reach Highest Level Since Crisis
U.S. subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings. Losses for the loans, annualized, were 9.1 percent in January from 8.5 percent in December and 7.9 percent in the first month of last year, S&P data released on Thursday show, based on car loans bundled into bonds.
Wall St Trims Gains as Jobs Data Paves Fed Path to Hike Rates
U.S. stocks were off session highs on Friday after a solid jobs report virtually sealed the deal for the Federal Reserve to raise interest rates next week, and potentially set the course for an aggressive tightening path this year. Data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists’ average estimate of 190,000.
BofA’s Top Us Ipo Banker to Join LendingTree
JD Moriarty, Bank of America’s top U.S. IPO banker, will be leaving the company for a senior job at LendingTree , a company he helped take public nearly two decades ago, according to Financial Times . The move comes as there is rising hope that the IPO market will pick up again, after a slow 2015-16.
BofA’s Top Us Ipo Banker to Join LendingTree
JD Moriarty, Bank of America’s top U.S. IPO banker, will be leaving the company for a senior job at LendingTree , a company he helped take public nearly two decades ago, according to Financial Times . The move comes as there is rising hope that the IPO market will pick up again, after a slow 2015-16.
UBS Bonus Pool Drops 17%, Restates Earnings on NCUA Settlement
UBS Group AG reduced its 2016 bonus pool and lowered Chief Executive Officer Sergio Ermotti’s pay in a year where profit plunged. The bank restated net income for the year to reflect an agreement in principle to settle a legal case.
Lukoil Offers Something Its Giant Rival Can’t: Rising Dividends
Investing in Russian oil has become a choice between cash or glory, and Lukoil PSJC looks like the richer side of the bet. Russia’s second-largest oil producer has watched as state-run rival Rosneft PJSC came to command the nation’s industry — first by winning control of Yukos’s best assets a decade ago, then the $54 billion acquisition of TNK-BP in 2013, and finally last year’s purchase of Bashneft PJSC.
Oil Inches Back From $50 Ledge as U.S. Supply Stymies OPEC Cuts
Oil halted losses after the biggest drop in more than a year as record U.S. crude stockpiles began to raise doubts about the effectiveness of OPEC-led efforts to ease a global glut. Futures gained as much as 0.9 percent in New York after losing 5.7 percent the previous three sessions and threatening to slip below $50 for the first time since December.
European Stocks Called Lower After Wall Street Declines; ECB Meeting in Focus
European stocks are expected to open lower Thursday following three consecutive session declines on Wall Street as investors await a key policy meeting from the European Central Bank. European stocks are expected to open lower Thursday following three consecutive session declines on Wall Street as investors await a key policy meeting from the European Central Bank .
U.K.’s Osborne to Reap $790,000 From 48 Days’ Work for BlackRock
Former U.K. Chancellor of the Exchequer George Osborne expects to earn 650,000 pounds from 48 days of work for BlackRock Inc., according to parliamentary filings. The Conservative politician, still a backbench lawmaker, expects to earn 162,500 pounds each quarter for 12 days’ work as an economic adviser at the BlackRock Investment Institute in London, according to the Register of Members’ Financial Interests, which details the outside earnings of U.K. legislators.
Trump SEC Pick Made Millions Representing Banks and Hedge Funds
President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.
A Wall Street advertising stunt spotlights a push to get more women on boards
State Street Global Advisors and its advertising agency, McCann New York, have put a statue of a defiant girl across from Wall Street’s Charging Bull to draw attention to its efforts to push more companies to put women on boards. Wall Street visitors and tourists will notice a new addition if they’re walking down Broadway in New York this week.
Wanted at Wells Fargo: Three New Deputies to Run Retail Bank
Wells Fargo & Co. community banking head Mary Mack is seeking three new deputies and shaking up regional leadership of the division she inherited after a bogus-account scandal.
SoftBank Talks With Trump Team About Sprint Merger
That’s not a new idea. Sprint previously tried to merge with T-Mobile , only dropping the idea when federal regulators made it clear such a move would not be allowed.
Deutsche Bank’s $8.5 Billion Stock Sale Isn’t Enough, Analyst Says
Deutsche Bank CEO John Cryan says a planned capital raise will restore confidence in the loss-plagued German lender. The analyst David Hendler at Viola Risk Advisors isn’t convinced.
Hedge Funds Gird for Stock Selloff as Valuations Rattle Nerves
U.S. stocks have piled up $1.5 trillion in market value this year, but hedge funds are bracing for tough times ahead. Based on buying and selling in 2017, managers have stopped loading up on bullish positioning.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Earnings Preivew: Adidas Must Show it Can Run Even Faster to Justify its Valuation
Expecations for the German sports goods maker are high, and factored into its share price, ahead of its Wednesday results. Adidas AG will publish its fourth quarter and full year results Wednesday, with pressure on the sportswear giant and Nike rival to deliver a something akin to a personal best in order to maintain momentum that has propelled the stock 65% higher over the past year.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Asia Stocks Rise as Markets Await U.S. Jobs Data
Markets in Asia largely recovered from a Deutsche Bank-led decline in financial stocks in the morning, as attention moved to Friday’s release of U.S. jobs data. Australia’s S&P/ASX 200 reversed early declines to trade up 0.3%, though mining stocks continue to be weighed down by softer commodity prices.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Reversal
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend a day per week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Deutsche Bank Turnaround Plan Receives Mixed Investor Review
Deutsche Bank AG Chief Executive Officer John Cryan needs to convince investors he’s finally on the right track after tearing up his own turnaround plan just 17 months into the revamp. Reaction so far to his about-face — which includes an $8.5 billion rights offering, selling part of the asset-management business and reintegrating the consumer-banking unit — has been mixed.
Analysts’ Actions — FedEx, GoPro, Garmin, HP and More
Akorn was downgraded to hold at Deutsche Bank. $24 price target. Earnings estimates were also cut, given lower expected ephedrine sales, Deutsche said.
M&A Litigation Moves Away from Delaware
Patterns of merger litigation have changed significantly in response to developments in Delaware law, four scholars find in a recent paper . Lawyers for stockholder plaintiffs have filed fewer fiduciary duty cases in Delaware since Chancellor Andre Bouchard essentially barred disclosure-only settlements last year in in a case arising from the sale of Trulia to Zillow , instead opting to file such matters in the courts or other states or bring securities law cases in federal court.
Sprint is Trying to Sell Trump on a Comcast or T-Mobile Merger –
Sprint and Softbank boss Masayoshi Son met with the Trump administration last month to sell the administration on a megamerger between Sprint and either T-Mobile or Comcast, notes the New York Times . In presentations to the Trump camp, Softbank executives made the case that “because of a lack of advanced digital investments,” the competitiveness of the United States economy was at risk.
Standard Life to Buy Aberdeen in $4.7 Billion Stock Deal
Standard Life Plc, Scotland’s largest insurer, agreed to acquire Aberdeen Asset Management Plc for about 3.8 billion pounds , a deal that would create one of Europe’s biggest fund managers. Their stock soared.
Deutsche Bank’s Cryan Has New Strategy: Reverse the Old One
Deutsche Bank AG Chief Executive Officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort flopped. Germany’s largest bank late Sunday approved measures — most crucially, plans to raise about $8.5 billion in a share sale — that effectively restart what has already been the most turbulent transformation in its recent history.
Deutsche Bank Shares Tumble In Frankfurt After $8.5 Billion Capital Raising Confirmation
Deutsche Bank stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around $8.5 billion in capital and sell parts of its asset management business. Deutsche Bank AG stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around a 8 billion in capital from shareholders and plan the partial sale of its asset management business.
Aberdeen, Standard Life Combine in $13.5 billion Asset Management Tie-up
Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a $13.5 billion all-share merger Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a A 11 billion all-share merger The deal will see Aberdeen shareholders owing around 33% of the combined group, while Standard Life shareholders will received 66.7%. The merged group will remain in Scotland, the companies said, and will have around A 660 billion in assets under management, making it the second-largest in Europe behind Allianz SE .
Standard Life’s Aberdeen Bid Marks Push Against Passive `Bogey’
Standard Life Plc’s bid to take over Aberdeen Asset Management Plc is the latest defensive move by active asset managers grappling with fee pressure from cheaper passive funds that often outperform them. The merger of Scotland’s two biggest money managers follows France’s Amundi SA agreement to buy Pioneer Investments from Italy’s UniCredit SpA in December as companies seek extra scale to boost returns.
Deutsche Bank to raise $8.5 billion to help restructure firm
European banking giant Deutsche Bank announced plans to raise at least $8.5 billion in capital and sell off a stake in its asset management business, in a move to help shore up the troubled German firm. Deutsche Bank will issue 687.5 million new shares later this month, the bank said Sunday, in an effort to take advantage of the recent run up in the bank’s stock price.
Deutsche Bank CEO Reverses Course With Overhaul to Raise Capital
Deutsche Bank AG Chief Executive Officer John Cryan is reversing course less than two years into his new strategy, announcing an overhaul that includes offering 8 billion euros in stock, selling part of the asset management business and reintegrating Postbank. “It’s a positive step forward that we take the brave step of admitting we were going in the wrong direction,” Cryan said on Sunday.
Deutsche Bank to Offer $8.5 Billion of Stock, Names Deputy CEOs
Deutsche Bank AG will offer 8 billion euros of stock, sell part of its asset management business and named two deputies to Chief Executive Officer John Cryan as Germany’s largest lender seeks to shore up capital after two consecutive years of losses. The bank said it will keep its Postbank consumer division and still aims to reduce total costs to 22 billion euros by 2018, the Frankfurt-based company said in a statement Sunday.
Deutsche Bank Plans $8.5 Billion Capital Raising, Partial Asset Management IPO
Deutsche Bank said Sunday it will raise 8.5 billion in new capital and plan the partial sale of its asset management business as it attempts to strengthen its balance sheet. Deutsche Bank said Sunday that it will raise a 8.5 billion in new capital and plan the partial sale of its asset management business as it attempts to strengthen its balance sheet following a multi-billion settlement with U.S. legal authorities.
Deutsche Bank Board to Meet on $8.5 Billion Capital Raise
Deutsche Bank AG’s supervisory board will meet Sunday to discuss a plan to raise more than 8 billion euros as Chief Executive Officer John Cryan tackles concerns about capital levels, a person familiar with the matter said. story that said the lender is planning an equity offering and the sale of part of its asset management unit after failing to find a buyer for its Postbank consumer business, which had been a key pillar of Cryan’s strategy.
Standard Life Eyes Aberdeen to Create $811 Billion Manager
Standard Life Plc, Scotland’s largest insurer, is in talks to acquire Aberdeen Asset Management Plc, creating one of Europe’s biggest fund managers overseeing 660 billion pounds . Under the terms of the potential deal, Standard Life shareholders would own 66.7 percent of the combined group, according to a joint statement on Saturday.
Standard Life, Aberdeen Said to Hold Merger Talks, Sky Reports
Standard Life Plc and Aberdeen Asset Management Plc, two of the U.K.’s largest fund managers, have been holding talks about an 11 billion-pound merger that would create one of the world’s biggest asset managers, Sky News reported on its website, without saying how it obtained the information. The merged company would manage more than 600 billion pounds and employ more than 9,000 people, with a possible annual cost savings of 200 million pounds, Sky said.