Citi's heated earnings call — JPMorgan, BlackRock execs chime in on M&A — Morgan Stanley's credit trading booms
The earnings train continues on with Goldman Sachs, Bank of America, and Wells Fargo checking in today.Tune in on Tuesday, October 27 at 12:00 pm ET for a virtual event sponsored by Salesforce, looking at how Professional Services firms are navigating and driving growth during the COVID-19 era. Register here.
It's a chance for analysts to ask why a certain number wasn't higher or lower, or what *insert some obscure regulation* will mean for the future of the bank's balance sheet.That was not the case, however, during Citi's third-quarter earnings call on Tuesday. Citigroup CEO Mike Corbat and chief financial officer Mark Mason had to field a barrage of pointed questions from analysts. That included asking about the status of Corbat's succession plan, steps the bank took prior to the $400 million fine it faced from regulators, and Citi's strategy for cleaning up its risk, compliance, and infrastructure issues.
Reed Alexander has the full rundown from what was a memorable earnings call.78659438
Speaking of earnings, Rebecca Ungarino has a great wrap up of comments made on JPMorgan and BlackRock's earnings calls about consolidation in wealth- and asset-management industries. It's the latest chapter in what has been an interesting time for money managers. Click here for the full story.
Good deals in pandemic-hit companies are proving hard to find. Here's how big investors that raised billions to pounce on corporate distress are changing up their playbooks.
Casey Sullivan and Alex Morrell with a really nice story looking into investors' push to get into deals for struggling and distressed companies. While there is plenty of money raised for such transactions, the market is tight. Read all about the current status quo.
The pandemic has created a do-or-die moment for smaller banks. Here's how fintechs are playing a key role in these firms staying relevant.78659443
A Morgan Stanley credit desk has reaped nearly $1 billion thanks to a surge in corporate borrowing and bond-portfolio tradingNice scoop here from Alex Morrell. Morgan Stanley's credit trading has been absolutely booming this year. Find out who's leading the charge, and what has worked so well. Read the whole story here.
How 4 top law firms are making lucrative side bets on their own clients by taking VC-like stakes in names like Snowflake and PelotonThey invest in you, too. Nice piece by Jack Newsham on lawyers taking stakes in their clients. Check out the story here.
Odd lots:This real-estate influencer just closed on nearly $500 million in property deals with apartment developer LYND. Here's how it fits into a plan to create 100,000 millionaires of color by 2030. (BI) Joe Biden Keeps Everyone Guessing On Wall Street Regulation (WSJ)
- Compound Interest Waiver Scheme applies to everyone but provides limited relief — Here’s everything you need to know
- Best budget truly wireless earbuds in India
- India is the most attractive emerging market for clean energy investment, says Prime Minister Modi
- Tata Motors may report loss for yet another quarter led by weak JLR sales, commercial vehicles’ pain
- Supreme Court jumps in for Amazon and Flipkart after Karnataka High Court remains mum on investigation against their anti-competitive practices for over 200 days