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Litigation provisions related to the 1MDB scandal removed more than $1bn from the bank’s bottom line. At its heart is Jho Low, a 38-year-old Malaysian financier accused of masterminding an extraordinary looting of the fund. Goldman helped 1MDB raise $6.5bn in a series of bond issues in 2012 and 2013, much of which was ultimately stolen.
Former Walmart Inc. chief executive David Glass, who owned the Kansas City Royals for nearly two decades before selling the franchise last fall, died last week of complications from pneumonia. The Glass family said the businessman died Jan. 9. Glass began negotiations early last year to sell the Royals, who reached the World Series twice under his ownership and won the title in 2015.
Investor sentiment mixed on banks' Q4 earnings, with the major players displaying top-line strength aided by higher fee income and loan growth, partly muted by margin pressure and elevated expenses.
Top Wall Street banks suffered a $558m drop in fees from advising on mergers and acquisitions in 2019, as a fall in overall dealmaking and lucrative cross-border transactions ate into their revenues. Bank of America, Citi, Goldman Sachs, JPMorgan Chase and Morgan Stanley generated $10.28bn in advisory revenues last year, down 5 per cent from the $10.84bn they reported the previous year, disclosures this week from the five banks showed.
The drinks are still flowing at Le Bernardin and The Grill in Manhattan, but the bankers spending lavishly there may soon notice that their wallets are not being refilled as rapidly as their glasses. Bonus pools are expected to be lower at some of Wall Street’s top banks after merger and acquisition advisory fees dropped $558m last year, several top dealmakers tell DD.
Amazon (AMZN) is likely to gain momentum among third-party sellers, who were forced to shift to pricier delivery services during the peak holiday season, by removing ban on FedEx's ground network.
With most blue-chip companies' earnings scheduled over the coming weeks and sentiments being mixed, investors should closely monitor the movement of the Dow ETF.
The Zacks Analyst Blog Highlights: Beyond Meat, UBS, Walmart, Restaurant Brands International and Conagra Brands
Kroger's (KR) Restock program and initiatives to expand in the grocery space look impressive. This is likely to improve identical supermarket sales.
Indian e-commerce space gets pepped up with the growing initiatives of overseas companies like Amazon (AMZN), Walmart (WMT) among others.
Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo, Bank of America, Citigroup and Goldman Sachs