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...A US hedge fund has raised $100mn to make trades based on articles by its affiliated newsroom, launching a novel experiment in funding investigative reporting as the media industry suffers a fresh round...
...Dimon’s name has for years been floated as a possible US Treasury secretary. He has long described himself as a Democrat but his views in recent years have diverged from the party....
...Goldman has seen a spate of high-profile women leave, including Beth Hammack, who was once touted as a potential chief financial officer of the bank; Dina Powell McCormick, who left to join merchant bank...
...JPMorgan Chase, Wells Fargo and Citigroup all reported first-quarter earnings on Friday and warned that the future looks a little rocky. I’m joined now by the FT’s Josh Franklin to talk about it....
...But the US has a secret weapon called Benjamin Franklin....
...The brightest spot was a blowout performance from trading....
...This was up 32 per cent from a year earlier, though well below the peak during the pandemic-era boom. Read more here....
...Profits at Wells fell 7 per cent in the first quarter from a year earlier....
...Morgan Stanley said net income in the first quarter was $3.4bn, up from $3bn a year earlier, beating analysts’ estimates for $2.7bn, according to forecasts compiled by Bloomberg....
...Investment banking fees were a bright spot, increasing by a higher than expected 16 per cent as the markets for initial public offerings started to reopen after a two-year downturn....
...Joshua Franklin It’s really been a case of the haves and the have-nots in US banks over the last 12 months or so. The haves have been a pretty small number....
...Teresa Ribera: Yesterday [Tuesday December 12] at 9pm or 10pm. And [even then] it was a maybe, because we still needed to be reassured and we weren’t reassured until we saw the final text this morning....
...Franklin Templeton was incentivised to realise the assets and reduce the discount by earning a fee of 1.75 per cent on returns of capital....
...So I think this is gonna be a long path to get this deal done. Marc FilippinoJosh Franklin is the FT’s US banking editor. Thanks, Josh. Joshua FranklinThanks, Marc....
...Nicholas Cullinan has been appointed the new director of the British Museum, which has been battling to restore its reputation since it emerged last year that about 2,000 artefacts had been stolen over a...
...The largest US bank by assets reported first-quarter net income of $13.4bn, up from $12.6bn a year earlier and more than analysts had expected....
...Beyond the obvious and well-documented challenges of being a very traditional active asset manager in a world that mostly loves alternatives and passive funds, Franklin also has a rep for being a bit old-fashioned...
...Three more US regulators have opened investigations into how Morgan Stanley’s wealth management division handles potentially risky clients, according to a person familiar with the matter....
...A 100 per cent allowance on business capital spending for three years....
...Two decades, he said, had “taken a toll”....
...Amadeus: Shares in the Spanish travel technology company fell 5 per cent after it said on Wednesday that a “spike in cancellations” linked to Middle East tensions helped shave about 6 percentage points off...
...products which still earn a decent return....
...Abrdn: Shares in the UK asset manager rose 5 per cent after it posted a pre-tax loss of £6mn for 2023, down from a loss of £612mn in 2022....
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