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BAC-PRA
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UPDATE 3-Blackstone to buy restaurant chain Tropical Smoothie
Blackstone agrees to buy restaurant chain Tropical Smoothie Cafe in a deal valued at $2 billion. The Atlanta-based company operates over 1,400 locations in 44 states. The company began operating as a single location on a beach in Destin, Florida. Blackstone did not disclose terms of the deal.
Reuters · 1d ago
BUZZ-Gold miners to see higher precious metal prices boosting results after Q1
Gold miners expected to report first-quarter results April 24 onwards. World's biggest gold miner Newmont NEM.N reporting on Thursday. Analysts expect jump in gold prices to reflect in earnings from Q2 onwards. Gold miners to see higher precious metal prices boosting results after Q1.
Reuters · 1d ago
LIVE MARKETS-BofA clients focus in on financials
BofA Securities equity and quant strategist Jill Carey Hall says clients sold U.S. Equities last week. She says financials saw their biggest weekly inflow since August 2019. Hall says BofA clients bought stocks in seven of the 11 S&P 500 sectors. In a report on equity client flows, bofa clients focus in on financials.
Reuters · 1d ago
UPDATE 2-Goldman Sachs, BofA shareholders reject proposals for CEO-chair split
Goldman Sachs, BofA shareholders reject proposals for CEO-chair split. Proxy advisers had urged shareholders to support the moves to strip CEO and chairman roles. Both banks bucked pressure from influential proxy advisers to bolster corporate governance. Goldman Sachs, Bank of America shareholders vote against proposals to divide CEO and chair roles.
Reuters · 1d ago
UPDATE 1-Goldman Sachs taps BofA bankers for India dealmaking roles, sources say
Goldman Sachs taps BofA bankers for India dealmaking roles, sources say. India is the world's second busiest IPO market this year after the United States. Both hires have previously worked at Bank of America BAC.N. Goldman earned $16 million in investment banking fees in the region in first quarter of 2024.
Reuters · 1d ago
Bank of America shareholders reject proposal to split CEO, chair roles
Bank of America shareholders reject proposal to split CEO, chair roles. Proxy advisers had recommend investors vote for the bank to separate the positions. The proposal was backed by 31% of shareholders at the company's virtual annual meeting. All of BofA's management proposals were approved.
Reuters · 1d ago
GOLDMAN HIRES SUNIL KHAITAN AS INDIA HEAD OF FINANCING, KAMNA SAHNI AS INDIA HEAD OF M&A-SOURCES
Reuters · 1d ago
UPDATE 1-Big banks face probe over NDAs in swaps, clearing businesses, Bloomberg reports
Commodity Futures Trading Commission asks banks for NDAs in swaps, clearing businesses, Bloomberg reports. CFTC wants to see if banks are preventing would-be whistleblowers from speaking out, report says. JPMorgan Chase, Bank of America and Citigroup among banks facing probe.
Reuters · 2d ago
What to Watch in the Day Ahead - Wednesday, April 24
Meta Platforms' revenue is expected to grow 26% as AI investments drive higher engagement at Instagram. Boeing expected to report a much higher cash burn and its first revenue fall in seven quarters. AT&T expected to post weak subscriber additions in the first quarter. Census Bureau to report orders for durable goods rose 2.5% in March.
Reuters · 2d ago
MEDIA-Big banks face probe over non-disclosure agreements in swaps, clearing businesses- Bloomberg News
Reuters · 2d ago
PREVIEW-Goldman and BofA face renewed calls to split CEO, chairman's roles
Goldman Sachs and Bank of America face renewed calls to split CEO, chairman's roles. Proxy advisers recommend investors vote for the banks to separate their CEO and chairman roles. After the 2008 financial crisis, investors seeking to improve risk oversight mounted efforts to split the roles. Goldman and BofA contend that their lead independent board directors provide sufficient oversight.
Reuters · 2d ago
Golden Goose's net revenues up 12% in first quarter
Italy's Golden Goose's revenues up 12% in first quarter. Luxury sneaker maker's sales in the direct-to-consumer channel grew 20%. Group preparing for a likely initial public offering in Milan in 2024. Former Gucci CEO Marco Bizzarri appointed to board of Golden Goose.
Reuters · 2d ago
US business equipment borrowings fell 7% in March, ELFA says
US business equipment borrowings fell 7% in March, Equipment Leasing and Finance Association says. Companies signed up for loans, leases and lines of credit worth $9.3 billion in March. Equipment and software investment should pick up in the latter part of the year, ELFA says.
Reuters · 3d ago
EXCLUSIVE-Galp seeks to sell stake in Namibia oilfield after discovery, sources say
Portuguese oil company Galp seeks to sell stake in Namibia oilfield after discovery, sources say. Galp's Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent. Sources say Galp is offering to sell half of its stake in the exploration block.
Reuters · 3d ago
BREAKINGVIEWS-Private credit paints a new scream for banks
Sotheby’s Financial Services has successfully priced $700 million of bonds backed by loans made against wealthy patrons’ art collections. Private credit providers are trying to compete with traditional lenders. The deal is an example of how a rebounding securitization market could help banks compete. Offbeat assets are a growing share of private credit.
Reuters · 3d ago
UPDATE 3-Travel firm Viking aims for up to $10.8 bln valuation in US IPO
Travel firm Viking Holdings aims for up to $10.8 bln valuation in US IPO in the United States. The company is targeting a range between $21 and $25 per share in the IPO. Viking joins a slew of companies looking to take advantage of a rebound in the capital market.
Reuters · 3d ago
ANALYSIS-US consumers on lower incomes face loan stress while banks pull back
US consumers on lower incomes face loan stress while banks pull back. Bank of America's charge-offs rose to $1.5 billion in first quarter from $807 million a year earlier. Household finances for those earning less than $45,000 are deteriorating. Banks are becoming more cautious about lending to consumers on higher incomes.
Reuters · 3d ago
HEDGE FLOW-Hedge fund borrowing hits five-year peak, Goldman Sachs says
Hedge fund borrowing hits five-year peak, Goldman Sachs says. Gross leverage, or total borrowing, reached 270% in the week to April 19, bank says. Hedge funds ramped up trading to take advantage of first sharp dip in U.S. And European stocks this year.
Reuters · 3d ago
ANALYSIS-Souring China dreams force Western financial firms to cut costs
Western financial firms have sharply cut China-focused jobs or have shelved expansion plans. Growing doubts grow about China's economic recovery and lacklustre asset generation. A growing list of Western financial firms are cutting costs in China. The souring of the China allure for Western firms is forcing them to cut costs in the country.
Reuters · 3d ago
Bank of America defeats 'Erica' virtual-assistant trademark case on appeal
Bank of America defeats 'Erica' virtual-assistant trademark case on appeal. A U.S. Appeals court says the bank does violate the rights of a website creator who owned an earlier "Erica" trademark. Erik Underwood failed to show that he actually used his trademark in commerce, the court says. BofA received a federal "EricA" trademark in 2018.
Reuters · 6d ago
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About BAC-PRA
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.