Category: Financial Services

HSBC Said to Seek Wealth Management Asset Acquisitions This Year

HSBC Holdings Plc is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans. Europe’s largest bank aims to make three or four acquisitions globally this year, with a particular focus on China, said the people, who asked not to be identified because the strategy isn’t public.

HSBC Said to Seek Wealth Management Asset Acquisitions This Year

HSBC Holdings Plc is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans. Europe’s largest bank aims to make three or four acquisitions globally this year, with a particular focus on China, said the people, who asked not to be identified because the strategy isn’t public.

General Electric: Cramer’s Top Takeaways

Jeff Immelt tells Jim Cramer GE is everything Trump’s looking for: an American company that exports goods around the globe. In his second “Executive Decision” segment, Cramer sat down with Jeff Immelt, chairman and CEO of General Electric , which delivered in-line earnings and weak revenues when it reported on Jan 20. Shares of GE are down 6.7% for the year.

SoftBank Doubles 9-Month Profit; Hails Ongoing Sprint Turnaround

SoftBank said its nine-month profit doubled from last year as the Japanese wireless carrier enjoyed boosts from its domestic broadband business and noted a turnaround at U.S. Sprint. SoftBank said its nine-month profit doubled from the same period last year as the Japanese wireless carrier enjoyed boosts from its domestic broadband business and a turnaround at is U.S. Sprint division.

SoftBank quarterly profit soars on investment empire

Japanese telecommunications, internet and solar company SoftBank Group Corp. reported Wednesday that its October-December profit soared to about 40 times what it was a year ago. Tokyo-based SoftBank’s fiscal third quarter profit totaled 91.2 billion yen up dramatically from 2.3 billion yen in 2015.

Goldman Banker Diaspora Offers New Hiring Opportunity, Bok Says

Boutique investment banks are finding more opportunities to hire from giant U.S. rivals, said Scott Bok, the chief executive officer of Greenhill & Co. European banks remain “a relatively fertile ground” for recruiting as their leaders work to cut costs amid declining revenue, Bok said Tuesday at a conference held by Credit Suisse Group AG.

Seattle to cut ties with Wells Fargo over oil pipeline

Paul Cheoketen, of the Wagner Saanich First Nations tribe, raises his arms as he ends his comments in favor of divestiture before a Seattle City Council meeting Tuesday, Feb. 7, 2017, in Seattle. The City Council is scheduled to vote on whether to … divest $3 billion in city funds from Wells Fargo over its funding of the Dakota Access Pipeline.

Brazil Airline Azul Files for U.S. Initial Public Offering

Azul SA, the Brazilian airline led by JetBlue Airways Corp. founder David Neeleman, filed for an initial public offering in the U.S., following at least two previous delays because of slumping Brazilian stocks. The Sao Paulo-based airline filed Monday for a $100 million IPO, a placeholder amount used to calculate fees that may change.

European Central Bank head Draghi says stimulus still needed

The head of the European Central Bank says that its monetary stimulus efforts are still very much needed despite the recent spike in inflation in the 19 countries that use the euro currency. Mario Draghi told members of the European Parliament ‘s economic and monetary affairs committee Monday that the uptick in annual inflation to 1.8 percent was mainly due to higher oil prices, not to fundamental price pressures in the economy from rising wages.

Deutsche Bank Purchases Ads to Apologize for – Serious Errors’

Deutsche Bank AG bought full-page ads in all major German newspapers over the weekend to apologize for “serious errors” after two years of losses that cost the lender billions of euros. Legal cases that date back many years cost the Frankfurt-based company “reputation and trust” in addition to about 5 billion euros since John Cryan took over as chief executive officer in 2015, the ad said, blaming the “misconduct of a few” employees.

The Top Stock You Should Consider for Your IRA

To be clear, there are dozens, if not hundreds of stocks that could make great IRA investments, depending on your risk tolerance and portfolio diversification. One stock in particular that I have my eye on for my own IRA right now is New York Community Bancorp — more specifically, I already own it but am considering adding to my position now that the stock has declined.

H&R Block: Cramer’s Top Takeaways

H&R Block CEO Bill Cobb tells Jim Cramer this tax preparer is focused on new initiatives, best tax service for customers. Did you miss last night’s “Mad Money” on CNBC ? If so, here are some of Jim Cramer’s top takeaways.

BofA’s Merrill to Tell Clients How They’re Paying Their Brokers

Bank of America Corp., which has said it will stop offering commission-based retirement accounts as it prepares for new regulations, also plans to more clearly disclose fees that clients pay to the firm’s 14,000 financial advisers. The Merrill Lynch business will break out fees for asset management services and products including mutual funds, alternative investments and commodities when it mails January account statements later this week.

Deutsche Bank’s Bill for Russia Trades Reaches $629 Million

Deutsche Bank AG was fined $629 million by U.K. and U.S. authorities for compliance failures that saw the bank help wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover up financial crime. The U.K. Financial Conduct Authority issued a 163 million-pound fine Tuesday, hours after New York’s Department of Financial Services fined the bank $425 million, for failures over the so-called “mirror-trades.”

Sprint Proves Critical Customer Growth Ahead of Possible Deal

Sprint Corp. garnered more wireless customers and revenue than expected last quarter, showing progress in its turnaround ahead of an expected consolidation of the industry under President Donald Trump. Sprint completed its second straight year of subscriber growth after signing up 405,000 new users in the all-important holiday shopping season, more than the 389,778 analysts were expecting.

Carlson Managers Warn Trade War Could Trigger Global Depression

President Donald Trump’s policies may have dire consequences for the U.S. and the global economy, say money managers at hedge fund firm Carlson Capital. The president’s attempts to tax imports and subsidize exports could touch off a depression, money managers Richard Maraviglia and Matt Barkoff warned in a quarterly letter to clients in the Black Diamond Thematic fund.

Deutsche Bank to pay $425M to settle New York probe

Deutsche Bank will pay $425 million to settle an investigation by a New York state regulator into a $10 billion money laundering scheme. The Department of Financial Services said Monday Deutsche also must hire an independent monitor as part of a consent order for violations of laws involving a “mirror trading” scheme.

Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425 Million

Deutsche Bank AG has taken the first step to resolve allegations that it helped wealthy Russians launder billions of dollars, reaching a deal with New York’s Department of Financial Services that requires it to pay a $425 million penalty, the regulator said. The New York settlement, approved by the bank on Monday, resolves allegations that Deutsche Bank employees used a “mirror-trading scheme” to help wealthy Russians move $10 billion out of that country from 2011 through 2014.

U.S. Airlines Tumble Amid Fear Trump Travel Ban Will Spread

U.S. airlines tumbled the most in three months as concerns mounted that President Donald Trump’s ban on travel from seven predominantly Muslim nations will lead to more restrictions on flights. Investors are fearful that the U.S. curbs will expand or be answered with retaliation by other nations, said Joe DeNardi, an analyst at Stifel Financial Corp. Trump already has signed an order to pull the U.S. out of the Trans-Pacific Partnership trade accord and said he wants to restructure a 23-year-old pact between the U.S., Mexico and Canada.

Rpt: Snapchat to Reveal Financials Within a Week

Snap, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering , sources familiar with the situation said on Friday. The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company.

Donald Trump Just Gave Wells Fargo a Break

But the tide has already begun to turn for the nation’s third biggest bank by assets, thanks in no small part to the new presidential administration. Earlier this week, the U.S. Labor Department removed a website it had created to log complaints from Wells Fargo employees who claimed to have been retaliated against by supervisors for blowing the whistle on a massive fake-account scandal that look place at the bank from at least 2011 through 2015.

Trump Win Pushes Recession Back Five Months, Says Deutsche Bank

According to Deutsche Bank AG Chief International Economist Torsten Slok, at least one important barometer shows the election of Donald Trump pushed the odds of a recession back an additional five months, to more than two years from now. Interest rates should continue to climb while expansion continues-though once things cool off, that’s when the market would expect the Fed to start loosening policy again.

Sumitomo Mitsui Hiring Barclays Private Bankers as Ties End

Sumitomo Mitsui Financial Group Inc. will hire about 20 private bankers from Barclays Plc in Japan as the two companies end a six-year alliance and the U.K. bank scales back its wealth-management business in the country. The bankers will join the lender’s brokerage unit in April, said Kouichi Shibata, a spokesman for SMBC Nikko Securities Inc. in Tokyo.

UBS Clients Pull $15 Billion in Quarter as Margins Decline

UBS Group AG said clients pulled a net 15.2 billion francs in the final three months of last year, and margins at its wealth management business declined for a third straight quarter, even as rising stock markets and higher interest rates in the U.S. lifted earnings. The bank fell as much as 3.6 percent in Zurich trading, pulling other wealth managers lower, after saying all of its money management units saw net redemptions last quarter.