First Republic shares slid almost 33% after deposit infusion, dragging down other regional banks

People are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar Mike Segar | Reuters Shares of First Republic were under severe pressure Friday despite the beaten-down regional bank receiving aid from other financial institutions the day before. At the market close, … Read more

Goldman CEO says asset management is the new growth engine, will learn from bungled consumer effort

Goldman Sachs CEO David Solomon said Tuesday that asset management and wealth management would be the growth engine for the bank after his efforts in consumer finance went awry. “The real story of opportunity for growth for us in the coming years is around asset management and wealth management,” Solomon told CNBC’s Andrew Ross Sorkin. … Read more

‘A tsunami effect’: ETF fund manager bets on the robot boom

Artificial intelligence isn’t just a hot topic in Hollywood. While horror robot movie “M3gan” racks up millions at the winter box office, the ETF industry is seeing opportunities from the controversial technology. According to ROBO Global CIO William Studebaker, the economic benefits could be staggering. “You’re going to see a tsunami effect in terms of … Read more

Time for a change? Shifting away from this popular ETF strategy may benefit investors

With Wall Street jitters increasing over the number of interest rate hikes ahead, VettaFi’s Todd Rosenbluth sees signs of a comeback in managed fixed-income exchange-traded funds and away from passive ETF products. “It’s not clear how fast the Fed is going to slow down and how quickly that that’s going to adjust the marketplace,” the … Read more

SEC charges Do Kwon, Terraform with fraud in connection with Terra collapse

Do Kwon, co-founder and chief executive officer of Terraform Labs, in the company’s office in Seoul, South Korea, April 14, 2022. Woohae Cho | Bloomberg | Getty Images The Securities and Exchange Commission charged Terraform Labs and its CEO, Do Kwon, with fraud, alleging that they orchestrated a multibillion dollar “crypto asset securities fraud,” the … Read more

Crypto exchange Binance will suspend U.S. dollar transfers

Changpeng Zhao, billionaire and chief executive officer of Binance Holdings Ltd., speaks during a session at the Web Summit in Lisbon, Portugal, on Wednesday, Nov. 2, 2022. Zed Jameson | Bloomberg | Getty Images Binance, the world’s largest cryptocurrency exchange, will suspend U.S. dollar deposits and withdrawals, the company said Monday, without providing a reason … Read more

Amid food inflation, more shoppers turn to dollar stores for groceries

A man looks at frozen foods for sale at a Dollar Store in Alhambra, California on August 23, 2022. Frederic J. Brown | AFP | Getty Images Among all rising costs, sky-high grocery bills have been especially painful. Although the consumer price index, an inflation gauge that measures the cost of a broad basket of goods … Read more

Morgan Stanley’s Mike Wilson warns there’s a group of stocks that are riskier than growth shares

Morgan Stanley’s Mike Wilson is telling investors to avoid a popular trade tied to the economy. “Cyclicals probably are more risky now than the growth stocks,” the firm’s chief U.S. equity strategist and CIO recently told CNBC’s ” Fast Money .” “The growth stocks — a lot of them had their comeuppance last year with … Read more

Deutsche Bank smashes profit expectations in fourth quarter as higher interest rates bolster revenue

A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach | Reuter Deutsche Bank on Thursday reported its 10th straight quarter of profit, receiving a boost from higher interest rates and favorable market conditions. Deutsche Bank reported a 1.8 billion euro ($1.98 billion) net profit … Read more

Sam Bankman-Fried tried to influence witness through Signal, DOJ alleges

Former FTX chief executive Sam Bankman-Fried (C) arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023.  Ed Jones | AFP | Getty Images Federal prosecutors are attempting to bar indicted FTX co-founder Sam Bankman-Fried from using encrypted messaging software, citing efforts that may … Read more