Wall Street

Obama reportedly pulls in another $400G for speech

Barack Obama, the former president, who has been criticized for taking in $400,000 for a Wall Street-sponsored speech, has reportedly pulled in the exact same amount for another speech in New York.<p>The former president appeared at the A&E Networks advertising upfront at The Pierre Hotel in New York …

Financial Markets

Obama's $400K Paid Cantor Speech About Healthcare, Nothing Else: Spokesperson

Former President Obama’s $400,000 paid speech at Wall Street firm Cantor Fitzgerald’s health care conference shouldn’t be misconstrued, according to spokesperson Eric Schultz.<p>“As we announced months ago, President Obama will deliver speeches from time to time. Some of those speeches will be paid, …

Financial Markets

A Star Goldman Trader Goes Cold - Bloomberg

Adam Savarese was looking to make a splash in his new job as Goldman Sachs Group Inc.’s top distressed-debt trader last year, and found it in Peabody …

Financial Markets

Kentucky's pension deal offers lessons on risks, cost cuts

NEW YORK (Reuters) - When Kentucky's public pension put U.S. buyout firm KKR & Co LP in charge of its hedge fund investments in May 2015, its board expected the deal to save money and boost its returns.<p>For the Wall Street firm the deal paid off - over more than a year its unit, KKR Prisma, …

Business

Elizabeth Warren 'Troubled' Over Obama's Lucrative Wall Street Speech

The senator says money in politics is "a snake that slithers through Washington."<p>Sen. Elizabeth Warren (D-Mass.) voiced her concerns over President Barack Obama’s plans to accept $400,000 for giving a speech to Cantor Fitzgerald LP, saying money in politics is “a snake that slithers through …

Elizabeth Warren

Thiam’s tweak: Credit Suisse unveils another change of course

Thiam’s tweakCredit Suisse unveils another change of course<p>After a good first quarter, Europe’s most troubled banks are looking …

Financial Markets

Wall Street bets on the collapse of shopping malls

Eric Yip spent his childhood working in his parents' store at a shopping mall in a small New Jersey town. The family sold homewares and T-shirts from …

Financial Markets

Pressure Mounts on Barclays in More Ways Than One

The U.S. has been the bright spot for banking and markets in recent months, but recovery there isn’t helping all global banks.<p>Take UBS and Barclays, which both reported first quarter results on Friday. The Swiss group’s U.S. investment bank is smaller than it would like it to be, while its …

Banking

Is it time to sell P&G shares?

<i>Twice each week, Simply Money’s Nathan Bachrach, Ed Finke and Amy Wagner are answering your financial questions. If you, a friend, or someone in your</i> …

NYSE

Deutsche Bank Hires Citigroup's Treasurer Von Moltke as CFO - Bloomberg

Deutsche Bank AG hired Citigroup Inc. Treasurer James von Moltke to replace Marcus Schenck as chief financial officer, completing a management …

Financial Markets

Morning Agenda: ‘Afflictions of the Affluent’

Donald J. Trump repeatedly voiced concerns for ordinary working men and women during his election campaign. But the president’s tax proposal will lead to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs, economists and analysts say.<p>The estate tax, for …

Business

The man who recruited Steve Cohen's top traders is counting on another big sale

• <b>The hedge fund Folger Hill was started by Sol Kumin, one of Steve Cohen's top lieutenants. Cohen is a legendary Wall Street investor whose hedge fund firm, SAC Capital, was shut down after an insider-trading investigation.</b>• <b><br>Folger Hill launched two years ago with high hopes and big-name Wall Street</b> …

Financial Markets

Distressed-debt players rule roost in White House

They scorn bureaucratic process and cut their losses if a deal goes sour

Donald Trump

Here's Hoping ValueAct Has More Ideas for KKR - Bloomberg Gadfly

How's this for irony? KKR & Co. -- the firm whose history-making leveraged buyout of RJR Nabisco was detailed in <i>"</i>Barbarians at the Gate" -- has an …

Finance

After-hours buzz: SBUX, AMZN, INTC & more

<i>Check out which companies are making headlines after the bell on Thursday</i>:<p>Shares of Starbucks dropped more than 4 percent in extended trade on …

NYSE

Goldman hopes high rates will lure consumers to online bank

(Reuters) - Goldman Sachs Group Inc (GS.N) plans to promote its high-interest bearing deposit products in a marketing push to consumers later this year as it looks to grow its online bank, Chief Strategy Officer Stephen Scherr said in an interview on Thursday.<p>Historically known as an adviser to the …

Banking

Perth businessman jailed, fined $20k over insider trading

A Perth business executive with a "glittering career" in the oil and gas sector is sentenced to 18 months' jail and fined $20,000 for insider trading.

Corruption

Here's What Wall Street Is Saying About Trump's Tax Plan - Bloomberg

President Donald Trump released his tax plan Wednesday, and Wall Street has a few questions.<p>The one-page proposal includes cuts that would benefit …

Financial Markets

Goldman Sachs names new head of equity capital markets in Canada

Goldman Sachs Group Inc. has formally named banker Ian Taylor the head of equity capital markets (ECM) for Canada.<p>Mr. Taylor is tasked with driving engagement between Goldman’s Canadian issuer clients, its sector-focused ECM teams and its investing clients in Canada, the United States and around …

Financial Markets

Barclays Shares Decline After Surprise Drop in Trading Revenue - Bloomberg

Barclays Plc dropped the most in almost six months after it became the latest European bank to post trading results that failed to live up to the …

Markets

UBS Quarterly Profit Beats Estimates on Wealth Management Gains - Bloomberg

UBS Group AG fees from wealth management helped drive an 80 percent rise in first-quarter profit, with clients also adding billions of francs in new …

Markets

1MDB Prosecutors Said to Eye Ex-Goldman Banker's Money Moves - Bloomberg

U.S. prosecutors investigating Goldman Sachs Group Inc.’s role in raising almost $6 billion for Malaysia’s 1MDB investment fund are asking questions …

Corruption

Obama's $400,000 Wall Street Speech Is Completely In Character

Ask all the bankers he jailed for fraud.<p>The rumors are true: Former President Barack Obama will receive $400,000 to speak at a health care conference organized by the Wall Street firm Cantor Fitzgerald.<p>It should not be a surprise. This unseemly and unnecessary cash-in fits a pattern of bad behavior …

Financial Markets

Stop Bashing Obama Over Paid Wall Street Speeches

OK, so Barack Obama, less than 100 days out of the White House, has agreed – according to Fox Business, quoting sources within Cantor Fitzgerald LP – to give a speech at the firm's health-care conference later this year. For this, Obama is apparently going to be paid $400,000. The former president …

Financial Markets

Fiat Chrysler's CEO opens door to Jeep, Ram spinoff

In a single word Wednesday, Fiat Chrysler Automobiles CEO Sergio Marchionne dropped a bombshell.<p>Marchionne was asked whether the automaker's Jeep and Ram brands, either together or separately, could be spun off into a separate, standalone company.<p>"Yes," Marchionne said.<p>The surprise came in …

NYSE

A small investment bank you've probably never heard of is killing it in dealmaking

A small investment bank you've probably never heard of is killing it in dealmaking.<p>Alantra was formed in April 2016 when N+1, a Spain-based outfit, acquired the Boston-based CW Downer in order to expand into the United States and Asia. In the first quarter of 2017, the firm's American investment …

Financial Markets

The rumored detention of a Chinese exec with Kushner ties could mean upheaval for China's banking system

There's a rumor floating around Chinese social media that Wu Xiaohui, chairman of Anbang Insurance Group, has been detained by authorities in Beijing.<p>Let's note, right away, that Anbang has denied this, and told The Real Deal that business is going on as usual.<p>With that out of the way, though, it …

China

Stock indexes wobble as White House unveils tax plan

NEW YORK (AP) — Stock indexes wobbled between modest gains and losses Wednesday, as the White House unveiled broad outlines of its plan to slash tax rates but left many of the details to be determined.<p>Anticipation for a big tax cut, along with looser regulations on businesses, have been two of the …

NYSE

Trump Tax Plan Silent on Carried Interest, a Boon for the Very Rich

When the Trump administration unveiled its outline of a tax plan on Wednesday, officials trumpeted a bold promise to shave the corporate tax rate to a flat 15 percent and sharply reduce taxes for ordinary Americans.<p>But one crucial issue they left unaddressed: how the administration plans to deal …

Taxes

The Dodd-Frank Act Debate and How It Affects Small Business Owners

President Trump signed an executive order aimed at cutting the financial regulations. But what does that mean for small businesses?<p>Shortly after taking office in January, President Trump signed an executive order cutting financial regulations, a first step at dismantling aspects of the Dodd-Frank …

Small Business