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BI Prime Finance 2020-05-22T11:53:00Z
bankruptcy detroit

JPMorgan and Bank of America are reassigning staff to focus on troubled loans and companies amid a wave of pandemic-driven disruptions

The employee moves, including some to be able to handle an uptick in new-loan demands, shows how the largest banks are reallocating scarce resources.
BI Prime Finance 2020-05-21T14:00:38Z
Ken Griffin

Citadel just poached Two Sigma's data chief for its tech team — and it's the latest sign of how aggressively the $30 billion firm is pursuing top talent from Wall Street and Silicon Valley

Andrew Janian wore many hats at Two Sigma and was most recently in charge of all things data and the firm's large engineering team.
BI Prime Finance 2020-05-21T15:49:41Z
FILE PHOTO: People walk past a branch office of Swiss bank UBS in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann/File Photo

Wealth management giant UBS is pitching more 'blank-check' companies to rich clients and family offices — and upping retail allocations for SPAC IPOs to as much as 20%

Jeff Mortara, head of ECM origination at UBS, told Business Insider why the Swiss bank is so bullish on blank-check companies being a good investment.
Markets 2020-05-22T17:51:00Z

Dow falls 100 points amid signs of a sluggish economic recovery in China

China's government did not set an annual economic target for the nation for the first time in decades amid the coronavirus pandemic.
BI Prime Finance 2020-05-22T17:51:00Z

From virtual ice-breakers to weekly wellness surveys, PayPal's head of talent lays out what remote work will look like for interns and new hires

PayPal is hiring for full-time jobs and running summer internships remotely. Here's the payment giant's take on remote work and flexible arrangements.
Finance 2020-05-22T17:43:00Z

Power Line: Shady solar ads — Oil's swift recovery — Pro-tips for energy investing

This week in Power Line, our weekly energy newsletter, we report on misleading solar ads, explain oil's rally, and share one important investing tip.
Markets 2020-05-22T17:36:10Z

A wildly popular oil ETF has been cut off by its broker from buying futures, limiting its ability to meet its investment objective

The restrictions from RBC are impairing USO's ability to meet its investment objective, which is to track the spot price of crude oil.
Markets 2020-05-22T17:24:00Z

Moderna climbs 5% as Fauci calls its early COVID-19 vaccine data 'quite promising'

"Having looked at the data myself, it is really quite promising," Dr. Anthony Fauci said about Moderna's COVID-19 vaccine candidate.
Markets 2020-05-22T17:19:00Z

Billionaire investor Bill Ackman pitched Elon Musk to move Tesla's HQ to a Howard Hughes community. Here's why.

Ackman tweeted that Musk was a "visionary American" like Howard Hughes, and asked him to consider the developer's communities in Texas and Nevada.
Markets 2020-05-22T16:39:21Z

Hedge funds are piling into healthcare stocks at record levels, Goldman Sachs says

The rotation was primarily fueled by soaring interest in biotech names and strong crowding within hedge fund portfolios, the bank said.
Finance 2020-05-22T16:30:00Z

How growing consumer demand for tech solutions is accelerating innovation in financial services

Business Insider Intelligence has created an infographic showcasing compelling statistics from its recent fintech research.
Markets 2020-05-22T16:04:32Z

These are the 6 reasons stocks are 'divorced from reality,' according to BofA

"Government and corporate bond prices have been fixed by central banks ... Why would anyone expect stocks to price rationally?" the firm said.
BI Prime Markets 2020-05-22T15:44:30Z

Michael Gayed's fund relied on just one market signal to book a huge profit when the coronavirus crushed stocks — and his returns are still soaring. He breaks down his simple approach to crisis investing.

Fund manager Michael Gayed made two dramatic market calls in 2020, going from offense to defense and back at the right time to deliver huge returns.
Finance 2020-05-22T15:12:00Z

Misleading solar ads touting 100% free panels and fake stimulus programs spread on Facebook as the coronavirus upends door-to-door sales

As solar firms turn to online sales in the wake of the coronavirus pandemic, misleading adds are popping up on Facebook.
BI Prime Finance 2020-05-22T15:00:00Z

A smart home startup that raised $41 million from Amazon and Bain just launched an app that lets landlords and residents give remote access for deliveries, guests, and self-guided tours

SmartRent provides keyless entry, smart lights, and other software for apartment units and was launched by former Invitation Homes and Starwood Waypoint executives.
Markets 2020-05-22T14:42:57Z

Banks may not be profitable until 2025 even as major economies recover, new IMF report says

The tools banks used to boost earnings are losing their effectiveness, the IMF said, which could prompt firms to take new risks for profitability.
Finance 2020-05-22T14:08:00Z

Banks are assessing their policies as loan deferral periods are nearing their deadlines

Banks need to find a balance between pushing customers to resume payments and remaining lenient to help those most affected by the pandemic.
Markets 2020-05-22T14:05:46Z

WeWork could falter as costs spiral and social distancing hits offices, the boss of a rival real-estate group said

However, flexible leases, ready-to-go spaces, and "beer kegs and ping-pong tables" may be widely adopted, Vornado's CEO said.
BI Prime Finance 2020-05-22T13:36:16Z

How a startup that works with Toyota and Walmart is repurposing smart devices to track social distancing and contract-tracing for industrial workers

StrongArm Technologies traditionally focuses on helping large corporations keep their industrial workers safe by analyzing data from smart devices.
Finance 2020-05-22T13:20:00Z

Coalition raised $90 million as the threat of cyberattacks continues to grow

Coalition has secured $90 million, and the funding comes as cybersecurity becomes a larger, global threat to businesses of all sizes.
Markets 2020-05-22T13:12:49Z

Billionaire investor Marc Lasry says the market isn't pricing in a recession that will last 'for a while'

"It's going to be a hard couple years" as unemployment lingers and an economic rebound fails to get off the ground, Lasry said on Thursday.
Personal Finance 2020-05-22T13:08:00Z

Who has the best cheap car insurance in Texas?

USAA and State Farm offer the best cheap car insurance in Texas for drivers with good or better credit, and GEICO is best for those with poor credit.
Personal Finance 2020-05-22T13:00:00Z

Who has the best cheap car insurance in New York?

The best cheap car insurance in New York is generally through USAA for those with good or better credit, and GEICO for drivers with poor credit.
BI Prime Tech 2020-05-22T13:00:00Z

Startups are willing to do whatever it takes to keep their top engineering talent happy, including massive cuts to executive salaries

An analysis of late-stage tech companies from Thomvest Ventures found that many were in favor of slashing executives' salaries to avoid layoffs.
Finance 2020-05-22T12:57:00Z

From stay-at-home dealmaking to virtual internships, here's how Wall Street is transforming

After the remote transition, some Wall Street firms are already considering how coronavirus could permanently transform the way they work.
Personal Finance 2020-05-22T12:38:00Z

Who has the best cheap car insurance in California?

California is a big state with unique laws on how insurance is priced. The General, Wawanesa, and Progressive offer some of the best prices.
Markets 2020-05-22T12:36:30Z

Oil slips 9% as China's economic recovery looks shakier than hoped

China didn't set a target for 2020 annual growth this year, the first time in decades the country has forgone the practice.
BI Prime Markets 2020-05-22T12:20:00Z
BI Prime Finance 2020-05-22T12:08:00Z
BI Prime Finance 2020-05-22T12:06:00Z

When big-name hedge-fund managers like Cliff Asness feud with the Twitter masses, major investors notice. Here are the behaviors that could cost them billions.

"I don't hold someone's social media accounts against them" unless they're being "abusive to people online," said one hedge-fund allocator.
Markets 2020-05-22T12:05:00Z

China ditches its annual growth target for the first time as the coronavirus hammers the world's 2nd-largest economy

Chinese Premier Li Keqiang also pledged to impose controversial new national-security laws for Hong Kong and Macau through "enforcement mechanisms."
BI Prime Finance 2020-05-22T11:48:00Z

Facebook is eyeing offices in cities like Dallas, Atlanta, and Denver to act as 'hubs' to support 50% of its workers staying remote —?and it's a move that could upend Silicon Valley and NYC real estate

For years Facebook has sought to grow by adding big offices in major cities. A reversal could be a major blow to cities like NYC and San Francisco.
BI Prime Finance 2020-05-22T11:44:00Z

Read the full memo one of tech and media's biggest investment bankers just sent to his team laying out why returning to the office will be a 'complex art'

Aryeh Bourkoff, a tech, media, and telecom banker who founded LionTree Advisors, wrote to staff with his views on reopening and the post-covid world.
Finance 2020-05-22T11:00:00Z

The Future of Fintech: AI & Blockchain

In this slide deck, Business Insider Intelligence explores the opportunities and hurdles of adopting the two technologies within financial services.
News 2020-05-22T06:42:55Z

US billionaires got $434 billion richer during the pandemic, according to report

According to a new report, the roughly 600 US billionaires have seen their wealth grow from $2.948 trillion to $3.382 trillion since March 19.
Finance 2020-05-22T05:00:00Z

These are the top 5 UK financial institutions ranked by the mobile banking features consumers value most

Business Insider Intelligence's first annual UK Mobile Banking Competitive Edge Study shows 72% of all UK respondents use mobile banking.
Finance 2020-05-22T04:00:00Z

FINTECH MEGADEALS: How FIS-Worldpay, Fiserv-First Data, and Global Payments-TSYS will reshape the payments landscape

Business Insider Intelligence explores key drivers fueling consolidation in the payments space and analyzes three massive payments acquisitions.
Finance 2020-05-21T22:56:00Z

TECH COMPANIES IN FINANCIAL SERVICES: How Apple, Amazon, and Google are taking financial services by storm

Business Insider Intelligence examines how Apple, Google, and Amazon are gaining a larger foothold in the global financial services industry.
Finance 2020-05-21T22:05:00Z

These 5 factors are transforming the payments experience for both consumers and businesses

Business Insider Intelligence has created an infographic showcasing compelling statistics from its recent payments and commerce research.
BI Prime Enterprise 2020-05-21T19:39:44Z

How Oracle-rival startup Couchbase raised $105 million during a pandemic by being brutally honest with investors

This first-time CEO raised money amid a global crisis by being real with investors: In the short term, things will be rough.
Markets 2020-05-21T19:03:00Z

Treasury Secretary Mnuchin sees 'strong likelihood' that further stimulus is needed as Senate spars over new bill

While House Democrats have passed a new $3 trillion stimulus measure, Senate Republicans refuse to consider its unemployment benefit expansion.
Finance 2020-05-21T19:01:00Z

THE GLOBAL NEOBANKS REPORT: How 26 upstarts are winning customers and pivoting from hyper-growth to profitability in a $27 billion market

This report explores how the neobank market has grown rapidly, and what's in store as the industry pivots from hyper-growth to sustainability.
BI Prime Markets 2020-05-21T18:53:00Z

These 11 stocks loved by hedge funds have beaten the market during both the coronavirus collapse and its subsequent recovery, RBC says

RBC equity strategist Lori Calvasina finds that for hedge funds, the best defense today is a good offense.
Markets 2020-05-21T18:44:00Z

Bank of America lays out a bullish scenario where US stocks surge 14% over the next year

A return to 2019 fund allocations could drive $1 trillion back into stocks and send equity prices soaring, the bank's analysts said.
Markets 2020-05-21T18:10:20Z

TJX spikes 9% after reporting 'pent-up demand' from consumers as it begins to reopen its stores

Initial sales overall have been above last year's sales across all states and countries for more than 1,100 reopened stores, TJX said.
BI Prime Finance 2020-05-21T18:02:00Z

$85 billion e-commerce giant Shopify is trying to make banks irrelevant for small businesses. Its chief product officer lays out why.

Shopify is launching business bank accounts, a buy now, pay later product, and new templates for restaurants.
Markets 2020-05-21T17:56:41Z

America's largest mall is reportedly 2 months behind on a $1.4 billion loan

A filing showed that the borrower had notified the master servicer, Wells Fargo, of COVID-19 related hardships.
BI Prime Markets 2020-05-21T17:41:35Z
BI Prime Finance 2020-05-21T17:40:00Z

The founder of a $1 billion energy fund shares why buying on the dip is the wrong investment strategy in this oil price downturn

During the last oil price downturn, private investors poured billions into the oil industry but returns never materialized. This time is no different.
Markets 2020-05-21T17:12:24Z

BANK OF AMERICA: Stocks haven't been this attractive relative to bonds in 70 years, suggesting further gains are coming

The stars have aligned for more stock gains, Bank of America said. The firm said equities were the most attractively valued in decades versus bonds.
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