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S&P 500 Earnings Dashboard 24Q4 | February. 12, 2025 Click here to view the full report. Please note: if you use our earnings data, please source "LSEG I/B/E/S".   S&P 500 Aggregate ... Find Out More
Breakingviews: Super Bowl mania – media’s defensive line versus AI   Robots are no match for American football. The chorus of revolutionary promises about artificial intelligence might lead one to believe that no ... Find Out More
STOXX 600 Earnings Outlook 24Q4 | Feb. 11, 2025 Download the full report here. Please note: if you use our earnings data, please source "LSEG I/B/E/S". Find out more about our estimates with ... Find Out More
Concentrating on the US Market Using Lipper Leaders to analyse the best-performing funds in the IA North America sector.   Everyone loves the US market. Gainsayers have ... Find Out More
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Breakingviews: Wall Street titans may find a fly in the champagne

Wall Street’s investment banking titans closed 2024 on a high. Goldman Sachs and Morgan Stanley will most likely announce strong revenue growth in full-year results due Tuesday and Wednesday respectively, as an M&A uptick kept their dealmakers busy. But there’s a hitch: bond-market chaos could slow everything down. Wracked by rising interest rates, a bleak 2022 sliced Goldman’s net earnings roughly in half year-over-year. The slide continued in 2023, and the recovery is only now showing. Analysts expect both Goldman CEO David Solomon and Morgan Stanley boss Ted Pick to turn in a roughly 12% year-over-year bump in net revenue for all of 2024,
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Breakingviews
Jan 15, 2025
posted by Breakingviews

Breakingviews: Rubber meets road for divergent buyout-shop models

Buyout barons have been plowing disparate furrows, and the harvest is upon them. Third-quarter results from Apollo Global Management, Blackstone, Carlyle and KKR reveal their approaches are paying off in different ways. A presidential victory for business-friendly Donald Trump adds to the exuberance. For those who sowed with insurance, however, there are reaping challenges. Trump’s return to the White House, with his predilection for demanding lower interest rates, augurs an end to a long slowdown in transactions. The share prices for the private equity and credit foursome, with nearly $3 trillion of combined assets under management, jumped immediately following the election. The reaction compounds the benefits
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Breakingviews
Nov 11, 2024
posted by Breakingviews

Breakingviews: Robinhood finds riskier ways to take from the rich

Legendary outlaw Robin Hood stole from the rich; his modern-day namesake, Robinhood Markets, wants them to give willingly. Having recovered from a long slump, the $18 billion online brokerage led by Vlad Tenev wants to be considered a peer to the world’s financial titans. This strategy involves fresh risk. Robinhood’s market valuation collapsed after an exuberant 2021 initial public offering that rode the coattails of at-home traders during the pandemic. Rising interest rates, and the return of buying and selling stocks and cryptocurrencies, have powered a roughly 60% pickup in the stock price this year. Robinhood’s interest revenue, for example, has
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Breakingviews
Aug 23, 2024
posted by Breakingviews

Breakingviews: Ether ETFs spotlight crypto’s big ask for Trump

Republican presidential nominee Donald Trump once professed himself “not a fan” of bitcoin; now, he says he will end the U.S. government’s “anti-crypto crusade.” Digital currencies have indeed strained against regulators wary of a speculative free-for-all. Those restraints loom over the debut of new funds tied to ether, the second-largest cryptocurrency, which are held back from offering certain sweeteners. If Trump wins in November, loosening limitations on these crypto-for-the-masses products from Fidelity, BlackRock and their ilk seems an obvious target. The giants of exchange-traded funds, which command trillions of investor dollars, already brought bitcoin closer to the adults’ table of finance by
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Breakingviews
Jul 31, 2024
posted by Breakingviews

Breakingviews: Wall Street places reluctant bet on Trump

The idea of Jamie Dimon running for president has become something of a meme in the financial world. The JPMorgan CEO says he doesn’t want the job – or at least, not if it requires an election. Yet financial pundits like hedge fund manager Bill Ackman still occasionally attempt to coax Dimon out of his shell, misty-eyed over the idea of one of their own in the White House. President Joe Biden’s recent poor debate performance has revived the fever dream. The question isn’t whether Dimon might run – he almost certainly will not – but why anyone would want him to. And the
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Breakingviews
Jul 12, 2024
posted by Breakingviews

Breakingviews: Even smooth bank stress-test results fray nerves

The annual stress tests that banks undergo are supposed to soothe nerves. This year they’ll probably jangle them. The 31 large U.S. lenders put through their paces by the Federal Reserve sailed through, showing capital levels that remained sound even under theoretical spikes in unemployment, plunging real estate prices, and market routs. The near-$300 billion of capital they hold that’s surplus to the required amount must be burning a hole in their pockets. This year’s test resembled last year’s, but with some tweaks. Interest rates started higher and fell faster. Stock and bond prices declined more dramatically. In total, the banks,
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Breakingviews
Jul 1, 2024
posted by Breakingviews

Breakingviews: Big banks win with FDIC head’s resignation

Martin Gruenberg just gave big U.S. banks a gift. The head of the Federal Deposit Insurance Corporation, and an architect of new, yet-to-be-implemented capital buffer rules, said he would step down from his post. Democrats hope to squeeze through a proposal while the FDIC’s chair remains on the job. A speedier resignation would put Republicans in charge; they want the rules to die. Either way, the likes of JPMorgan and Bank of America win. It’s not clear how long Gruenberg, who didn’t give a firm date for his final day, can last. His planned resignation follows a Wall Street Journal investigation,
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Breakingviews
May 22, 2024
posted by Breakingviews

Breakingviews: Blackstone’s cash pile will buy only so much time

Blackstone is grappling with a peculiar sort of funding mismatch. The investment shop managing more than $1 trillion says market ructions present acquisition and lending opportunities, but it is also selling less. Moreover, the growing likelihood that interest rates stay higher for longer threatens deal activity. If the dynamic persists, it will sharpen the divide between fund backers focused on profit and public shareholders benefiting from capital deployment. The firm led by Steve Schwarzman has accumulated an impressive war-chest. Even as the U.S. Federal Reserve made borrowing costs pricier, Blackstone kept raising cash to invest, surpassing $200 billion. It more than
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Breakingviews
Apr 19, 2024
posted by Breakingviews

Breakingviews: A year on, SVB’s killer is still at large

Death came for Silicon Valley Bank the way it almost always does for doomed banks: by depositors fearful of losing their money rushing for the door. But that mortal moment, which unfolded a year ago this week, was the culmination of a process that started long before. The killer – a disjointed system that is supposed to oversee, save or wind up U.S. banks but in practice struggles to do any of the three – is still at large. With the benefit of hindsight, California-based SVB Financial was a compendium of problems in the making. It had grown extremely quickly by
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Breakingviews
Mar 8, 2024
posted by Breakingviews

Breakingviews: Banks’ hot new trade could burn others, for once

Big U.S. banks claim overzealous regulation puts them in handcuffs. So in response, they’re embracing a hot new trade that turns them into balance-sheet Houdinis. It’s called the synthetic risk transfer and is a riff on pre-crisis financial engineering wheezes. The danger to banks themselves is minimal, though as lenders get more creative with their use, investors will need to read the fine print. These acts of financial escapology, already used by firms including Morgan Stanley, JPMorgan and Banco Santander, are gaining popularity because banks are caught in an ever-tighter bind. Lending fundamentally involves accepting risks, and regulators want banks
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Breakingviews
Mar 1, 2024
posted by Breakingviews

Breakingviews: Capital One will struggle to cash in M&A rewards

The appeal of credit cards is making a purchase now and settling up the bill later. Capital One Financial’s $80 billion merger with rival Discover Financial Services offers a similar benefit. The deal perks will be huge, if and when they can be redeemed. Combined, the two companies would be the biggest U.S. plastic purveyor, with $250 billion of the country’s $1.3 trillion credit-card debts, overtaking JPMorgan’s $211 billion at the end of 2023. Yet customers of the bank led by Jamie Dimon spend more, giving Capital One CEO Rich Fairbank a plausible argument that the deal increases competition rather than squashing
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Breakingviews
Feb 21, 2024
posted by Breakingviews

Breakingviews: Goldman’s new durability message cuts two ways

Instead of emphasizing change, David Solomon is now touting consistency. The Goldman Sachs chief executive laid out a new way of thinking about revenue on Tuesday, alongside the Wall Street investment bank’s $1.9 billion in earnings for the fourth quarter. It’s a reasonable approach, but one where arch-rival Morgan Stanley is doing even better. When Solomon moved into the corner office five years ago, he set out to make Goldman’s earnings more predictable. Banking everyday customers, and not just the rich, was a big part of the strategy. It flopped, and the aftereffects are reflected in the $1.7 billion loss recorded in 2023
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Breakingviews
Jan 17, 2024
posted by Breakingviews
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