This is the time when ‘accidents’ like Enron have happened — this JPMorgan quant says yields have peaked and prefers bonds over stocks

The old expression is when the tide goes out, you get to see who’s swimming naked. In financial markets, the tide is going out when central banks are raising interest rates and growth is slowing. That is to say, right now. “WorldCom, Enron, Bear Stearns, Lehman’s, accounting irregularities etc. have all occurred when the cycle … Read more

Canadian Imperial Bank of Commerce stock falls Friday, underperforms market

Shares of Canadian Imperial Bank of Commerce CM, -0.02% slide 0.02% to C$60.46 Friday, in what proved to be an otherwise all-around favorable trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE, +0.01% rising 0.01% to 18,444.22. This was the stock’s second consecutive day of losses. Canadian Imperial Bank of Commerce closed … Read more

Bank of America clients are buying the dip in US stocks, shifting from cyclicals to defensive

In light of the recent US stock market losses, Bank of America (BofA) saw more buying of equities among its clients during last week’s selloff, and there was a shift in who was buying and what they were buying. According to Jill Carey Hall, the equity and quant strategist at BofA Global Research, the bank’s … Read more

Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps

WASHINGTON—Eleven of the world’s largest banks and brokerages will collectively pay $1.8 billion in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, regulators said Tuesday. The fines, which many of the banks had already disclosed to shareholders, underscore the market regulators’ stern approach to civil enforcement. Fines … Read more

UK Market Turmoil Ripples Into Home Loans

LONDON—Some British banks paused new mortgage lending Tuesday, the latest fallout from market turbulence fueled by the new government’s plans for sweeping tax cuts and energy subsidies. At least six mortgage lenders stopped offering some loans, or briefly halted lending to home buyers altogether, according to UK Finance, an industry trade group. HSBC Holdings HSBC … Read more

Global bonds are in the first bear market in 76 years based on two centuries of data, says Deutsche Bank

It’s been a terrible year for financial markets and perhaps even more so when you weigh 2022 against more than two centuries of data. Global bonds are now in their first bear market in 76 years, after having dropped 20% from their peaks, according to Deutsche Bank research dating back to 1786. The last time … Read more

HSBC trims UK investment bankers as layoffs pick up pace

HSBC has trimmed front-line staff from its investment bank in the UK, as a dealmaking slump this year is seen to prompt a fresh round of layoffs across the sector. The UK lender, which is in the midst of an ongoing cost-cutting exercise unveiled in February 2020, has axed a handful of roles within its … Read more

Credit Suisse set to roll out new retention bonuses for UK dealmakers

Credit Suisse is set to extend retention bonuses to a select band of senior dealmakers in London in a bid to stem defections as it embarks on a fresh cost-cutting programme. The Swiss bank will pay dealmakers in Europe and the UK additional bonuses in the coming weeks, according to people familiar with the matter, … Read more

Credit Suisse draws up plans to split investment bank in three

Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more

Berkshire Made Big Bets on Citi, HP, and Paramount Stock. They Look Like Losers.

Text size Warren Buffett, CEO of Berkshire Hathaway, said his company often buys equities before a market hits bottom. AFP via Getty Images When asked about Berkshire Hathaway ‘s investment success at the company’s annual meeting in April, CEO Warren Buffett said Berkshire is often early. He pointed to the company’s large equity purchases in … Read more