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...About two-thirds of American companies are incorporated in Delaware, attracted to the small, mid-Atlantic state by its sophisticated legal system....
...That shake-up is the driving force behind 20,000 job cuts at Citi, the third-largest US bank by assets....
...This is visible, for example, in the sharp move up in bank stocks, especially higher-risk regional banks such as Fifth Third, Citizens, KeyCorp, Zions and Comerica (all up 40 per cent or more since late...
...Shares of both lenders are up about a fifth this year. HSBC trades at 1.1 times tangible book, a premium of 45 per cent to StanChart....
...That two-thirds is by value....
...Worse, despite being America’s third-largest bank by deposits, it trades on just 0.4 times book value....
...Private credit and leveraged lending markets remain vulnerable to “sharp revaluations”, the Bank of England has warned, in its latest attempt to sound alarm bells about risks building up in non-bank finance...
...The other businesses included Nuveen Securities and Fifth Third Securities. Nuveen and Baird said they were pleased to have resolved the matter....
...The England team has punched above its weight in the last two 180-nation Olympiads, finishing fifth in 2018 and gaining the individual gold medal through David Howell in 2022....
...Vantiv, which Advent had carved out of US regional lender Fifth Third Bank, merged with Worldpay two years later in a deal that then valued the combined entity at more than £22bn....
...Deposits at Fifth Third, Huntington and KeyBank, midsized lenders with roughly $200bn in assets each, fell less than 3 per cent in the third quarter....
...Sony, which is now more famous for its entertainment business and PlayStation games than the Walkman portable music player, is ranked third while semiconductor equipment maker Tokyo Electron is fifth....
...Capital One describes itself as the third largest issuer of Visa and Mastercard credit cards in the US....
...Japan’s central bank made a rare policy shift in December, seen as pointing to higher rates. The stock trades at two-thirds tangible book value....
...A version of this article was first published by Nikkei Asia on November 21. ©2023 Nikkei Inc. All rights reserved....
...In November, Rakuten sold about a fifth of its Rakuten Securities unit to Mizuho Securities. It raised ¥70bn by selling part of its stake in Rakuten Bank during the listing of the latter last month....
...By the end of that year the stock had dropped by two-thirds, and by the end of 2022 it was down another four fifths. It last traded above the IPO price in August....
...PNC Financial, Truist, Fifth Third Bancorp, M&T Bank, Huntington Bancshares, Comerica, Zions Bancorp, US Bancorp, Citizens Financial, Regions Financial and Key Corp all delivered year-on-year growth in quarterly...
...However, BlackRock’s net income still took a hit in the first quarter, dropping by a fifth year-on-year to $1.1bn....
...Here is a chart: In a limited sense, the buyback worked: the company’s share count fell by two-thirds between 2004 and the beginning of last year....
...The estimate for last year was under 800,000, less than a third of the peak....
...But the company’s real estate brokerage unit saw sales tumble by nearly a fifth, and operating profits at the unit plummeted 72 per cent from the year before as the housing market cooled and it sold fewer...
...Revenue from investment banking and capital markets fell nearly a third. Yet expenses — dominated by hefty banker compensations — have only gone down by a fifth....
...Inc and Acc, to use the three-letter acronyms often flash up on fund websites. Now, Lynn, could you have a go at explaining the difference between Inc and Acc please? Lynn Hutchinson Yes, of course....
...Third, the Covid pandemic has permanently changed the world of work....
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