Reuters US Money

By Michelle Price WASHINGTON (Reuters) – U.S. banks this week welcomed a regulatory proposal to incorporate climate change risks into their daily operations, yet said they opposed prescriptive risk management and lending criteria, exposure disclosures and capital penalties. Banks pushed back on the suggestion by President Joe Biden’s administration that they should be required to …

U.S. banks urge regulators to be flexible on climate-risk rules Read More »

By Elizabeth Dilts Marshall NEW YORK (Reuters) -Bank of America Chief Executive Brian Moynihan said on Tuesday that consumer spending has continued to grow so far in February, indicating that the recovery the bank has seen in restaurant and other spending categories is ongoing. “When you look at the core spending levels of consumers, they …

Bank of America’s CEO says consumer spending levels continue to grow Read More »

PARIS (Reuters) – Wall Street bank Goldman Sachs said its Private Wealth Management division had opened up a new office in the high net-worth hub of Monaco as part of broader European expansion plans. Goldman Sachs added it had hired Arnaud Caussin, Thibaut Lambert and Serge Olive to run this new Monaco office. Last month, …

Goldman Sachs Private Wealth Management arm opens new office in Monaco Read More »

By Selena Li HONG KONG (Reuters) – China’s drive for “common prosperity” to ease inequality could be a positive catalyst for the local wealth management industry, as it leads to expansion of the middle-income group and healthy development of capital markets, according to a UBS report. The wealth management market in the world’s second-largest economy …

China’s ‘common prosperity’ drive positive for wealth management industry – UBS Read More »

By Chris Prentice WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) is probing whether financial executives may have broken the rules by tipping off hedge funds ahead of large sales of shares, known as “block trades,” according to a source with knowledge of the matter. The Wall Street Journal first reported the probe …

U.S. SEC is probing Wall Street trades in large blocks of shares Read More »

BOSTON (Reuters) -Investment firm Sachem Head Capital Management is trying to take control of US Foods Holding Corp’s board and has nominated seven directors, arguing that the food distributor’s performance has been lagging its peers. Sachem Head, which owns 8.7% of the company, called the nominations “the last option available” to protect stockholder interests after …

Sachem Head seeks control of US Foods board, nominates seven directors Read More »

LONDON (Reuters) – Investors have ramped up their underweight tech position to its largest in more than 15 years as central bank tightening remained the top risk to global markets in 2022, according to a monthly fund manager survey by BoFA Securities. Cash allocations jumped to their highest level since May 2020, according to the …

BoFA investor survey: Biggest tech underweight position since Aug 2006 Read More »

(Reuters) – South Africa’s Discovery Ltd said on Tuesday it would set up an Asia-focused health insurance technology business in partnership with Hong Kong-listed AIA Group Ltd. Discovery will own 25% of the joint venture, to be called Amplify Health, while AIA will own the rest. (Reporting by Amna Karimi in Bengaluru; Editing by Sriraj …

South Africa’s Discovery, AIA to partner for Asian insurance tech venture Read More »

By Svea Herbst-Bayliss BOSTON (Reuters) – Trian Fund Management, the activist investment firm run by Nelson Peltz, said in a regulatory filing on Monday it has slashed holdings in consumer staples giants Procter & Gamble Co and Mondelez International Inc by more than 90% each. Trian owned 237,384 shares of P&G, which makes Tide detergent …

Activist firm Trian cuts holdings in P&G, Mondelez -filing Read More »