Brexit and the US elections were among factors that made 2016 a stable and steady – but not record-breaking – year in real estate markets across Miami-Dade County, observers say. “It was a relatively slow year,” with some companies waiting until year’s end to make major decisions, said Marc Miller, research manager for JLL.
Category: Financial Services
Hong Kong Regulator Sues StanChart, UBS Over 2009 Timber IPO
Hong Kong’s securities regulator has filed a lawsuit against Standard Chartered Plc, UBS Group AG and audit firm KPMG LLP over an initial public offering by China Forestry Holdings Co. in 2009.
Pershing Square Pays $75,000 To Settle Pay-to-play Probe
Pershing Square Capital Management reached a $75,000 settlement with the U.S. Securities and Exchange Commission Tuesday regarding a campaign contribution made by a former employee that violated the government’s donation rules. The former employee contributed $500 to a personal friend of a sibling, who tried, unsuccessfully, to enter one of the gubernatorial primaries in Massachusetts.
Passive, Low-Cost ETFs Attract Record Inflows
Exchange traded fund providers are attracting record inflows as more investors look to low-cost, passive index-based products to track market moves. BlackRock Inc., the world’s largest asset manager and largest ETF provider, is experiencing record cash inflows, bringing in $140 billion to its iShares business last year, Bloomberg reports.
Morgan Stanley Is a ‘Very Good Situation’: More Squawk From Jim Cramer
Shares of Morgan Stanley were declining in early morning trading on Tuesday despite reporting a top and bottom line fourth quarter beat before the market open. Furthermore, the NYC-based bank posted its biggest gain in fixed-income trading, as revenue from that unit nearly tripled.
Foxconn Billionaire Said to Assuage China About U.S. Plans
Foxconn Technology Group Chairman Terry Gou has moved to reassure China’s government the Apple Inc. assembler remains committed to the country even as it expands U.S. operations when President-elect Donald Trump takes office, people familiar with the matter said. A high-ranking Chinese official recently expressed Beijing’s concerns to Gou, the people said, asking not to be identified because the conversation was private.
Deutsche Bank May Withhold 90 Percent of Bonuses, NY Post Says
Deutsche Bank AG may withhold bonuses from as many as 90 percent of its bankers and traders, the New York Post reported, citing unidentified people briefed on internal talks. Only the top 10 percent are expected to receive a bonus for 2016, and those payments may be spread out over the next five years, the newspaper said.
Fink Signals Support for Merkel Policies in German Election Year
One of Wall Street’s most influential figures, BlackRock Inc.’s Larry Fink, signaled his support for Angela Merkel as Germany’s chancellor prepares to campaign for re-election this fall, saying she has provided “moral leadership” to the world. “I sincerely hope that Germany chooses to continue its role as a leader and stabilizing force in the world,” Fink, the chairman and chief executive officer of the world’s biggest asset manager, said in a speech Monday evening at a reception hosted by Deutsche Boerse AG in Frankfurt.
Asia Banks Seeking Tech Hires Over `Rock-Star’ Bankers This Year
Financial institutions in the Asia-Pacific region will be more inclined to hire technology specialists this year than investment bankers as they enhance product offerings and upgrade their systems, according to a survey by Options Group Inc. Among regional financial-services managers, 40 percent say they expect to increase their headcount for information technology-related roles this year, according to a September-October survey conducted by the New York-based recruiter. By comparison, only 18 percent of the 380 managers surveyed intended to add jobs in investment banking, while 29 percent may do so in fixed income and equities sales and trading.
Why Investors Should Be Happy With Bank of America’s Q4 Earnings
Bank of America still has a lot of ground to make up, but its latest earnings report confirms it’s on the right track. Image source: iStock/Thinkstock.
Wells Fargo Reports a Rare Disappointing Quarter
Net income at the nation’s third biggest bank by assets fell in the fourth quarter of last year to $4.9 billion, down from $5.2 billion in the year-ago period. Wells Fargo’s downbeat earnings come amid a swell in profits at other banks.
Inauguration Week: All Eyes on Central Banks
Leading up to Donald Trump’s swearing-in ceremony on Jan. 20, the momentum on Wall Street belongs to financial services. As President-elect Donald Trump mounts the inaugural podium on Jan. 20, resurgent central banks already occupy center stage.
Inauguration Week: All Eyes on Central Banks
Leading up to Donald Trump’s swearing-in ceremony on Jan. 20, the momentum on Wall Street belongs to financial services. As President-elect Donald Trump mounts the inaugural podium on Jan. 20, resurgent central banks already occupy center stage.
How to Trade Wells Fargo, Pandora and More of the Week’s Most Active Stocks
Put down the 10-K filings and the stock screeners. It’s time to take a break from the traditional methods of generating investment ideas.
How to Trade Wells Fargo, Pandora and More of the Week’s Most Active Stocks
Put down the 10-K filings and the stock screeners. It’s time to take a break from the traditional methods of generating investment ideas.
Wells Fargo Plans to Close More Than 400 Branches Through 2018
Wells Fargo & Co. plans to close more than 400 branches in the next two years as the lender seeks to trim about $2 billion in costs by the end of 2018, Chief Financial Officer John Shrewsberry said.
Moody’s Settles Financial Crisis RMBS and CDO Ratings Allegations for Nearly $864 Million
The ratings agency’s fine is the second-largest ever paid to the federal government, after rival S&P’s similar settlement in 2015. Moody’s Investors Service and Moody’s Analytics , the credit rating and credit analysis businesses of Moody’s , will pay a fine totaling nearly $863.8 million to settle misconduct allegations regarding the company’s ratings during the buildup to the 2008 financial crisis.
Wells Fargo CFO Shrewsberry: ‘I Wouldn’t Expect a Pivot Right Now’
Wells Fargo missed on the top and bottom line for the 2016 fourth quarter as it deals with the fallout over its accounts scandal. Wells Fargo investors are going to have to be patient as the bank implements its new compensation structure that is more customer focused rather than sales focused, CFO John Shrewsberry said on CNBC’s “Closing Bell” on Friday afternoon.
Bank Earnings Boost S&P and Nasdaq, Retailers Weigh on Dow
The S&P 500 and Nasdaq were higher in late morning trading on Friday as strong earnings from large U.S. lenders bode well for the rest of the earnings season. The Dow’s gains were comparatively lesser, held back by a drop in consumer stocks after a report showed U.S. retail sales and core retail sales increased less than expected in December.
Wells Fargo profit falls after fraudulent account scandal
Wells Fargo said Friday its profit fell 5 percent in the first full quarter after regulators said that bank employees opened millions of customer accounts fraudulently to meet sales goals. The scandal has kept new customers away, with the bank reporting that new account openings plummeted last month.
Bank of America tops 4Q profit forecasts
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
Bank of America Kicks Off Bank Earnings With a Profit Beat
Bank of America said its fourth-quarter profit rose 43% as its trading desk benefited from the uncertainty caused by Donald Trump’s surprise election. Quarterly profit at the Charlotte, N.C.-based bank grew to $4.7 billion, from $3.28 billion a year earlier.
Square Inc’s Best Moves in 2016
At times, the market couldn’t tell whether the company was making a turn toward profitability or falling down a rabbit hole of losses it may never emerge from. Amid the market turmoil, Square made some solid moves that expand its capabilities for customers and will help grow revenue organically — and there’s evidence the plan is working.
Futures Rise on Hopes of Higher Earnings; Asia Mixed
Futures for U.S. markets are higher ahead of earnings season while Asia continues to feel the hangover from the Trump press conference. Futures for U.S. markets pointed higher late Thursday as investors await info on holiday retail sales and the first full day of earnings as a raft of industrial shares trot out their fourth-quarter performance.
DIARY-Top Economic Events to Feb. 22
Canadian Finance Minister Bill Morneau will meet with Canada’s leading private sector economists to gather their views on the Canadian and world economies – 1500 GMT. WASHINGTON – Federal Reserve Board Chair Janet Yellen will host a townhall meeting with educators from across the Country United States – 0000 GMT.
Why Ford Motor Company Is Giving Shareholders a Bonus
CEO Mark Fields said on Tuesday that the Blue Oval will pay a supplemental dividend to shareholders in the first quarter of 2017. Ford’s regular dividend has stood at $0.15 per share per quarter for some time now.
A Nasdaq Record Abruptly Ended on Thursday
A selloff in financials and tech stocks on Thursday dragged Wall Street lower and put an end to a record-breaking streak for the Nasdaq. The Nasdaq fell 0.29%, backing away from a run that saw the index close at records for five consecutive trading days.
3 ETFs to Buy If You Think Bank of America Beats Q4 Earnings
Bank of America is set to benefit as the Federal Reserve continues to raise interest rates. Here are three ETFs that may benefit if investors like fourth-quarter results.
Wells Fargo Still Staging a Correction
However, it looks like prices got ahead of themselves and the stock has been correcting those gains. In this one-year daily bar chart of WFC, above, we can see an upside price explosion where WFC ran from $45 to touch $58 in a few weeks.
Stock Futures Decline Ahead of Friday’s Big Bank Earnings
S&P 500 futures were down 0.3%, Dow Jones Industrial Average futures fell 0.2%, and Nasdaq futures declined 0.3%. A number of big banks including JPMorgan , Bank of America and Wells Fargo will release quarterly performances on Friday morning, heralding the kickoff to the fourth-quarter reporting season.
AT&T Keeps Getting Its Profit Estimates Slashed by One Wall Street Firm
Shares of AT&T fell by about 1% on Wednesday after the stock’s rating was downgraded to “hold” from “buy” at Deutsche Bank because of weaker margins and slower earnings growth, according to the firm’s note. Deutsche also lowered its price target on the stock to $43 from $44.
Will Goldman Sachs Raise Its Dividend in 2017?
With the highest share price among the Dow 30, Goldman is responsible for more than 8% of the value of the price-weighted index, and that gives it more power over the movements of the Dow than the six cheapest Dow stocks combined. That said, dividend investors aren’t all that happy with Goldman Sachs, because its current dividend yield is puny, resting just above the 1% mark.
Long-Short Hedge Funds Are Ditching the Shorts to Focus on Longs
What happens when you take the “short” out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG show.
Cooperman Case Poses Question of When Inside Tips Become Illicit
Regulators pursuing an insider-trading case against billionaire Leon Cooperman say he is using an “astounding theory” to justify trading on non-public information he obtained from a company insider. The U.S. Securities and Exchange Commission said Cooperman is seeking to use a “loophole” in insider-trading law that would “reward deception.”
Wells Fargo’s Post-Scandal Pay Plan Eliminates Sales Goals
Wells Fargo & Co. introduced a compensation plan for retail-bank employees that shifts the focus from sales goals to customer service after the old incentives led to a scandal over the creation of potentially millions of fraudulent accounts.
Startup funding drops in 2016
U.S. one dollar bills are arranged for a photograph in New York, U.S., on Thursday, Feb. 26, 2009. Less money flowed to Silicon Valley startups in 2016, after a period of frenzied spending the year before.
SoftBank Hires U.K. Investor to Help Manage $100 Billion Fund
The founder of a London-based investment fund that focused on what it called “constructive activism” has joined SoftBank Group Corp. to help manage its new $100 billion technology vehicle. Knight Assets & Co.
Ellen Pao returns to investing with new role at Kapor Center
On Tuesday the Oakland-based Kapor Center for Social Impact announced Pao has joined the team as a venture partner and chief diversity and inclusion officer. She started work there last week.
Goldman Promotes Elisha Wiesel to Chief Information Officer
Goldman Sachs Group Inc. named Elisha Wiesel, son of Holocaust survivor Elie Wiesel, chief information officer as the company fills roles created by the departure of President Gary Cohn for a job in the Trump administration. Wiesel, 44, currently chief risk officer of the securities division, will report to Martin Chavez, who was promoted from CIO to chief financial officer last month, the New York-based firm said Monday in a memo to staff.
SoftBank’s Son Cedes to Murdoch as Top India Home Portals Merge
Indian real-estate websites PropTiger.com and Housing.com are merging to create the country’s top portal for residential listings and property services, as Rupert Murdoch’s News Corp. boosts its investment in the growing sector while Masayoshi Son’s SoftBank Group Corp. scales back. REA Group Ltd., an Australian real-estate company controlled by News Corp., is putting $50 million into the new joint entity, while a SoftBank-owned affiliate is investing $5 million.